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Mastek jumps on major Saudi contract

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Mastek rose 2.39% to Rs 2713.60 after the company secured a major contract from Yanbu Cement Company (YCC), a prominent cement producer in Saudi Arabia.
The deal involves optimizing YCC's production line efficiency as part of the company's digital transformation journey.
YCC's collaboration with Mastek aligns with Saudi Arabia's Vision 2030 and Smart Industry 4.0 initiatives, which aim to modernize the kingdom's industries through digitalization.
This multi-tower deal follows a successful first phase where Mastek implemented various back-office and Enterprise Resource Planning (ERP) transformation programs for YCC.
The second phase of the project will focus on automating YCC's front-office operations and streamlining the lead-to-cash cycle. Mastek will leverage Oracle's Fusion Cloud technology to achieve this. This project solidifies Mastek's presence in the Middle East region.
Mastek is an IT company providing enterprise digital and cloud transformation services to the Government/ public sector, health and life science, retail and financial service sectors. The company's service offering includes, application development, Oracle suite & cloud migration, digital commerce, application support & maintenance, BI & analytics, assurance & testing and agile consulting.
The IT company's consolidated net profit jumped 19.07% to Rs 77.74 crore on 2.45% increase in revenue from operations to Rs 784.27 crore in Q3 FY24 over Q2 FY24.
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First Published: Apr 23 2024 | 3:19 PM IST

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