Mastek Limited: Payback Time

After a relatively flat years, FY 2004-05 was one of stupendous growth for
Mastek-a successful culmination of its strategic focus in five areas identified
during 2003-04. These focus areas included outsourcing, increasing offshore
work, large SI projects, concentrating on specific domains, and inorganic growth
through partnerships. While the 10-year £35 mn NHS contract with Syntegra, in
UK, started in January 2004 bore results, on the insurance front, Mastek bagged
Fidelity and Cuna Mutual in the US. Result: Mastek had a decent revenue spread
across clients. The offshore-onsite ratio also turned 360-degree; from 40:60 two
years back, it was 73% offshore and 27% onsite last fiscal.

Large SI projects too contributed generously-Mastek set up a dedicated ODC in
Mumbai for ePolicy Solutions, as insurance was identified as the focus domain.