Things do not seem to be going too well for Mastek. The company’s performance for Q4FY16 was very disappointing. The operating income was at Rs.124 crore, down 10% in rupee terms and a drop of 6.4% in constant currency terms. Total income came in 9% lower at Rs.141 crore. Its EBITDA was at 4 crore, up from Rs.3.6 crore in Q3. Margins improved from 2.6% to 3.1%.

The improvement in net profit at Rs.6 crore, up by an unbelievable 642% was only on account of the increase in other income mainly due to realization of gains on Mutual Funds Investments and reversal of Tax provision for earlier year of Rs.4.75 crore.

The company ended FY16 with a total income of Rs.544 crore, down 47% and net profit at Rs.14 crore down 22%.

The Company added 11 new clients during Q4FY16. Total client count as of 31st March, 2016 was 88 (LTM). Its 12-month order backlog was Rs 205.5 crore ($31.02mn) as on 31st March, 2016, down 2.1% QoQ in rupee terms (decrease of 2.3% QoQ in constant currency). As on 31st March, 2016, the company had a total of 1,298 employee.  Billable utilization stood at 78.5% in Q4FY16 as compared to 81.7% in Q3FY16. The total cash & cash equivalent stands at Rs 120 crore v/s Rs.110 crore (QoQ).