Mastek : Press Release (Revised)

Mastek Limited	T [phone]
#106,107 SDF-IV Seepz, Andheri (East),	F [phone]
Mumbai 400096, Maharashtra, India	W www.mastek.com

SEC/119/2021-22	January 20, 2022
Listing Department	Listing Department
BSE Limited	The National Stock Exchange of India Limited
25th Floor, Phiroze Jeejeebhoy Towers,	Exchange Plaza, C-1, Block G,
Dalal Street, Fort,	Bandra Kurla Complex,
Mumbai - 400 001.	Bandra (E), Mumbai - 400 051.
Tel No. 022- 22723121	Tel No. 022- 26598100
Fax No. 022- 22721919	Fax No. 022-26598120
SCRIP CODE: 523704	SYMBOL: MASTEK

Sub: Revised Press Release and Investor Presentation - Q3 & FY 22 - Unaudited Financial Results for the quarter ended December 31, 2021.

Ref: Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

With reference to our letter no. SEC/118/2021-22 dated January 19, 2022, we enclose herewith the revised "Press Release" and "Investors Presentation" with reference to our Unaudited Financial Results for the Quarter ended December 31, 2021.

The above information is also available on the website of the Company www.mastek.com.

Request you to take note of the above.

Thanking you.

Yours Truly,

Encl: As above

Regd. Off.: 804, 805 President House, Opp. C.N. Vidyalaya, Near Ambawadi Circle, Ambawadi, Ahmedabad - 380 006. Gujarat, India. Tel No: [phone]E-mail: [e-mail] CIN-l74140GJ1982PLC005215

Trust. Value. Velocity.

Press Release | Q3FY22

For Immediate Release

Q3FY22 revenue at Rs 551.9 crores; up by 24.6% Y-o-Y basis

• 9MFY22 operating revenue up by 29.4% Y-o-Y
• Q3FY22 PAT grew 18.7% Y-o-Y
• 12 months order backlog grew by 34.3% Y-o-Y
• Added 25 new clients in the quarter
• Recommends Interim Dividend of 140%

Mumbai, India 19th January, 2022: Mastek, a global Digital Engineering & Cloud transformation specialist, announced today its financial results for the Third quarter and Nine Months of FY2022 ended on 31st December 2021.

Commenting on the Q3Y22 results, Hiral Chandrana, Global Chief Executive Officer, Mastek,

said: "We have delivered consistent revenue and order book growth with robust performance across geographies in Q3FY22. Our account mining and integrated solutioning efforts have led to revenue growth in our strategic bets including Health and Life Sciences and our Data/ Automation & Oracle Cloud services. We had strong deal momentum which is reflected in our 12 months order backlog of US$171 mn end of December 2021. As part of our Strategic Vision 2025 that will drive accelerated growth over the next 3 years, we have onboarded 2 new global executives, one to lead Marketing & Partnerships and another for Innovation & Platforms as we continue to deliver differentiated business value for our clients across digital & cloud programs."

Arun Agarwal, Global Chief Financial Officer, Mastek, said: "Q3FY22 is another quarter where we demonstrated resilience of our business and delivered a strong financial performance. We reported operating revenue of Rs 551.9 crores, a growth of 24.6% on Y-o-Ybasis, reinforcing the strong fundamentals of our business in a seasonally week quarter. Despite industry wide challenges driven by high attrition, investment in talent retention and lateral hires, we have been able to maintain healthy operating EBITDA margin at 21.1%. I am pleased with increasing average deal size in the UK and other geographies. We are confident that our next-gencapabilities, sectoral expertise and client mining strategy are well placed to ensure the velocity at which we grow, add value to our customers and maximize value for our shareholders."

_________________________________________________________________________________

2 of 7

For Immediate Release

Review of the Consolidated Financial Performance for Quarter ended 31st December 2021:

	Figures in $mn			Q3FY22			Q2FY22			Q-o-Q Growth			Q3FY21			Y-o-Y Growth
	Revenue from Operations			73.6		72.0				3.7% (CC)			60.1				20.9% (CC)
		Figures in Rs Crores			Q3FY22			Q2FY22			Q-o-Q Growth			Q3FY21			Y-o-Y Growth
		Total Income		557.7			541.6				3.0%				446.8				24.8%
	Revenue from Operations	551.9		533.9			3.4%			442.9			24.6%
		Operating EBITDA		116.2			112.8				3.0%				103.9				11.9%
	% of Op. Income	21.1%		21.1%				(7) bps		23.5%				(239) bps
		Total EBITDA		122.0			120.5				1.2%				107.8				13.2%
	% of Total Income	21.9%		22.3%				(38) bps		24.1%				(225) bps
		Net Profit		83.5			81.5				2.4%				70.3				18.7%
	Net Profit %	15.0%		15.1%				(9) bps		15.7%				(77) bps
		EPS (Rs) - Diluted*		24.2			26.9								22.2

• Full quarter impact of 4,235,294 equity shares of Mastek Limited issued in September 2021, as part consideration of Evosys acquisition.

	Figures in Rs Crores			9MFY22			9MFY21			Y-o-Y Growth
	Total Income			1,620.5			1,263.3			28.3%
Revenue from Operations	1,602.3		1,238.7		29.4%
	Operating EBITDA			341.8			258.5			32.2%
% of Op. Income	21.3%		20.9%			46 bps
	Total EBITDA			360.0			283.2			27.1%
% of Total Income	22.2%		22.4%			(20) bps
	Net Profit			245.2			176.0			39.3%
Net Profit %	15.1%		13.9%			120 bps
	EPS (Rs) - Diluted			77.4			58.1

Operating highlights:

• New accounts added during the quarter:The Company added 25 new clients in Q3FY22. Total active clients during Q3FY22 was 421 as compared to 447 in Q2FY22.
• 12 months Order Backlog:12 months order backlog was Rs 1,271.3 crores ($171.0 mn) as on 31st December, 2021 as compared to Rs 1,154.3 crores ($155.5 mn) in Q2FY22, reflecting a growth of 10.1 % in rupee terms and 9.9% in constant currency terms on Q-o-Q

_________________________________________________________________________________

3 of 7

For Immediate Release

basis and Rs 946.7 crores ($129.6 mn) in Q3FY21, reflecting a growth of 34.3% in rupee terms and 33.7% in constant currency terms on Y-o-Y basis.

• Employees:As on 31st December, 2021, the company had a total of 4,785 employees, of which 3,581 employees were based offshore in India while the rest were at various onsite locations. Employee count at the end of 30th September 2021 was 4,510.
• Dividend:The Board of Directors have recommended an interim dividend of 140% (Rs 7 per equity share) at the meeting held on 19th January, 2022.
• Cash Balance:The total cash, cash equivalents and fair value of Mutual Funds stood at Rs 932.3 crores as on 31st December, 2021 as compared to Rs 943.9 crores at the end of

30th September 2021. This is after discharging part purchase consideration of Rs 28.8 crores to CCPS holders of Trans American Information Systems Private Limited and payment of final dividend for FY21 amounting to Rs 26.7 crores during the quarter. Net Cash balance (after adjusting for debts) stood at Rs 715.4 crores as on 31st December, 2021 as compared to Rs 719.1 crores at the end of 30th September, 2021.

• Key wins for the quarter:During the quarter, we continued to experience momentum in winning deals as illustrated below:
• • Mastek's largest deal win under Data & Automation in Healthcare. It is a major 4 year contract with NHS, wherein Mastek will design, develop & operate national IT & data services that will support clinicians at work, help patient get the best care, and use of data to improve health of citizens. The program intends to drive data intelligence to ensure patient safety at national level for the use of medical devices and implants.
  • Mastek won a multi-million dollar, integrated solution deal for a Marketing & Sales Agency with 20,000 employees serving Retail/ Consumer clients. Mastek will transform the customer's value chain from front to back-office applications with Oracle Lead to Cash cloud solutions, Salesforce CPQ and various other bespoke API & Microservices.
  • Mastek will develop key applications for Army personnel to enable usage of enterprise systems Anytime Anywhere. Further, Mastek has won a re-bid for multi-year flagship
    'Identity and Access Management Service' which will be delivering department's vision of 'a single identity for all' & will help in mitigating security risks and improve productivity.
  • Mastek would transform the Core Banking Platform, for one its UK based BFSI client's, using AI, Analytics, AWS & Microservices, increase DevSepOps adoption & reduce time

_________________________________________________________________________________

4 of 7