BSE:523704 | NSE:MASTEKEQ | 58888:mstk | IND:IT Consulting & Software - Small Cap | ISIN code:INE759A01021 | SECT:IT Software
Vice chairman and managing director’s message
It is my privilege to present to you the Annual Report of Mastek for the year ended 31 March, 2019. This year, we have crossed another milestone in our journey, and achieved yet another year of consistent and industry leading performance.
When considering recent developments, there is no doubt that the current technological revolution will significantly disrupt companies and industries globally. At the current pace of innovation, employee models and customer expectations are changing rapidly, and organisations must put themselves in a position to take advantage of these opportunities. Keeping this in mind, at Mastek, we have positioned ourselves aggressively and strategically to further differentiate the Company in the new digital world, helping the enterprises who engage with us to disrupt rather than be disrupted. Through Vision 2020, we are delivering solutions that enable organisations to adapt to the evolving technological landscape.
At Mastek, we understand the momentum of digital transformation and the need to provide our clients with a great experience, no matter where or how they interact with us. We recognise the importance of being fully aligned with an enterprise’s goals and strategies, and the absolute necessity to move quickly to anticipate and support an end-user’s needs.
Our delivery performance on digital programs remains the mainstay of Mastek’s capability, and we have proven our expertise in being able to deliver by executing large and complex transformational projects.
Delivering on Vision 2020
Our consistent financial and operational performance reflect the successful execution of our growth strategy. Under the leadership of our Group CEO John Owen and his Vision 2020, we have systematically transformed Mastek from a traditional IT services company, into a global leader in Enterprise Digital Transformation. This clarity has brought welcomed stability and enabled us to respond faster to the dynamic and fluid business requirements that drive the digital agenda. With renewed confidence, direction and belief, we have remained steadfast in the quest to achieve our vision and believe in our ability to successfully place ourselves against any competitor in the Enterprise Digital Transformation industry.
On the financial front, we continue to deliver consecutive quarter-on-quarter revenue and profit growth, and our financial performance is now predictable and accretive. Similarly, on the operational front, we have streamlined and integrated all our resources to efficiently implement our strategies. Going ahead, we are in the process of leveraging our balance sheet assets to enable us to support our inorganic growth strategy. Strategically we must continue to diversify our customer base, our revenue base and continue to invest in developing our technical competencies. The market for digital will continue to expand and fragment so Mastek must continue to evolve to allow its natural assets of speed, empowerment and agility to bring better outcomes for our customers.
Opportunities for Mastek
As the demand for digital transformations in major global economies continues to increase, our presence in the UK, US and India enables us to support a strong foothold in these high growth markets. Our two primary markets, the UK and US, witnessed some headwinds during the year. However, even though this slightly dampened our business, we were able to maintain the overall group growth momentum.
With regards to the US market, we are still nascent in this region and are in the process of resetting our business strategy along with the management team. Through this exercise we expect to fuel growth in the US. Our business from the UK market remained predictable despite uncertainties around Brexit. With our diversified, risk optimized business model, we are successfully enhancing our client footprint across sectors. Moreover, amongst our key geographies, we are creating a talent pool of skilled labour through various initiatives such as the UK Graduate Program, the Deep Blue Project in Mumbai colleges, and Charity Hackathons.
Throughout the years, with our high standards of corporate governance, we have empowered an effective, entrepreneurial and prudent management team that has helped drive the long-term success of our Company. Our Board values accountability, fairness, and transparency in our relationships with all stakeholders, and we are committed to inculcating the same ethical culture across the organisation. We also strongly value business sustainability and have actively worked towards incorporating more environmentally favourable practices into our daily operations. We have contributed to society with our small but noticeable steps of reducing our water usage, energy consumption, food waste and e-waste.
Every idea we have, every service we develop, and every technological innovation is synchronised towards the goal of enabling digital transformation, without compromising on our core values. Our capabilities, our strategies and our financial strengths have been our guiding force throughout the year. With great leadership and an empowered workforce,
I am confident in our ability to execute the next phase of our growth.
I would like to thank our investors, our customers, our people, and our society, who have always trusted and supported us in endeavours dedicated to Mastek’s success. Let’s all look forward to a FY 2019-20 full of opportunity.
Vice chairman and managing director
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