34. Mascot Systems: Impressive Debut

This was the first full financial year for Bangalore-based Mascot Systems in its current avatar. This erstwhile delivery arm of iGATE Capital was spun off as an independent software solutions and services company, and by the end of the fiscal, it had revenues of Rs 340

crore, up a whopping 376% from the previous year’s Rs 72 crore. Net profits also grew manifold, though operating margins fell from 21% to 16%.

During fiscal 2000-01, Mascot launched its finance, banking and insurance practices, which contributed 29% of revenues in the fiscal under consideration. The biggest revenue earner, however, was manufacturing, which contributed 41% to the

topline. About 19% revenues come from the services vertical. The company’s strengths lay in application management outsourcing, which delivered 32%. E-business solutions brought in another 26%, while customized and Web-enabled solutions made up for 17%. Mascot’s development model was tilted towards on-site development, which accounted for 82% of software export revenues. The US contributed 66%, while Japan had a 11% share.