Mastek shares soar 14% on robust Q2 net profit

Mastek reported consolidated net profit of Rs 7.65 crore for the second quarter ended September 30, 2016, clocking growth of 187.59% year-on-year (yoy) and 113.68% quarter-on-quarter (qoq). 

Abhishek Singh, Group CFO, Mastek said,"The financial performance was in line with our expectations. The margin improvement initiatives started in prior quarters have started to yield result. While we expect topline to be under pressure due to adverse movement in GBP, we expect the profitability momentum to continue in H2 FY17."

However, total income from operations of Rs 125.87 crore this Q2FY17, declined by 4.32% yoy and 3.22% qoq. 

Operating profit (EBITDA) recorded 27.77% qoq rise this quarter to Rs 13.80 crore. While it's operating profit margin improved by 267 basis points to 10.7%. 

Following the Q2 announcement, shares of Mastek soared nearly 14% on BSE, trading at Rs 151.05 per share at 2.41 pm.