Mastek is a mid sized software company with good skill sets in application development and Oracle implementation. It derives sizable revenues from UK, with UK government departments and PSUs being large clients. This is a risk factor as Brexit may impact such projects, however, the management is cognizant of this threat and has been focused on derisking through other clients. Nonetheless, client concentration is a key risk factor. We have a over weight rating due to good near term performance, strong earnings visibility and bulging cash levels particularly after sale of business by sister concern Majesco. Recent acquisition of Evosys has increased its presence in cloud offering – 26-07-2021 Price: 2672.35 Rating: Over Weight Recommendation: Buy
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