Mastek

Another surprise is Mumbai-based Mastek, which moves up from #40 to #8. The

company made it to the Top 10 financial club on the basis of its performance in

the year ended June 2000. Mastek reported revenues of Rs 92.90 crore and net

profit of Rs 29.43 crore during the period, up by 67% and 253%, respectively.

The company operates on a subsidiary model and has been ranked at #4 in ROCE, #8

in profit growth and #13 in gross block growth. Mastek provides services in the

areas of customer relationship management (CRM) and e-commerce. It has taken up

sizable facilities in Millennium Park, Navi Mumbai, which should enable it to

grow at above-industry rates. Of late, however, the performance has not been up

to the mark, with its North America operations taking a beating. Mastek reported

poor third quarter results, with profits falling 99% to just Rs 3 lakh. The

company is pulling up its socks, but should still slip in the rankings due to

the lackluster performance in the year 2001, which ends in the month of June.