Mastek Ltd.

Mastek’s wholly owned subsidiary --Mastek UK--, has signed a multi-year framework agreement for IT Services in the UK with an initial minimum commitment of GBP 8.0 millions which is expected to materially improve its revenues in the forthcoming years. The said deal will involve Mastek absorbing the transitioning cost of approximately GBP 0.4 million during the next quarter July-Sept 2011.

Mastek has reported net loss after tax of Rs 3.87 crore for the Quarter ended March 31, 2011 as compared to net profit after tax of Rs 4.49 crore for the Quarter ended March 31, 2010. Its total income for the quarter under review has declined by 1.21% at Rs 103.04 crore as compared to its total income of Rs 104.30 crore for the corresponding quarter of the previous year

Mastek is a high-end provider of vertically-focused enterprise technology solutions and platforms that unleash the optimum potential of its clients' business. Its vertical focus includes insurance (Life, Pensions and General), Government/Public Sector, and Financial Services sectors. The company has a formidable track record in these sectors as well as intellectual property and reusable frameworks.