Mastek Ltd.http://www.mastek.com

Growth by Vendor Size (US $M)

IT Services, Products & Tech Services

-500

0

500

1000

1500

2000

2500

3000

3500

Tier 1 (AboveRs. 1000crore)

Tier 2 (250-1000 crores)

Tier 3 (100-250 crores)

Tier 4 (50-100crores)

SMEs (BelowRs. 50 crore)

MNCBackends

2001-02 2002-03 Growth

26%26%

-5%-5%

-4%-4% 19%19%

31%31%

4%4%

30%

While Tier 1 companies and MNC backends have registered good growth, SMEs have also registered 19% growth

Mastek

Profits

Margin at net level were under pressure as,

Gross Margins dropped by 1% to 45%*

S,G & A increased by 4% to 32%*

Profits grew by 21%

* Subject to audit

Revenue Vs. Profit

2537 2611

2926

3802

299

79

417 505

13%

14%

3%

12%

0

500

1000

1500

2000

2500

3000

3500

4000

2000 2001 2002 2003

0

2

4

6

8

10

12

14

16

Revenue Profit Net Margins (%)

Rs. Million

%

Operating Cashflows

528

322

523

463

0

100

200

300

400

500

600

2000 2001 2002 2003

Operating Cashflows

Rs.

Million

Highlights

Strategic outsourcing relationship with F 500 Software major

Preferred vendorship with system integrator in Telecom space

Large Virtual Sourcing Contract with existing Insurance major

Large Web based State Government project

Completion of Congestion Charging project

Initiation of three partnership

Maintenance Revenue

30%

25%23%22%23%

0

5

10

15

20

25

30

35

Jun '02 Sep '02 Dec '02 Mar '03 Jun '03

% share of Revenue

Financial Services

33%30%

33%

26%26%

0

5

10

15

20

25

30

35

Jun '02 Sep '02 Dec '02 Mar '03 Jun '03

% share of Revenue

Investments

Investments 98%

Increase in cash & cash equivalents

5%Others

(3%)

Total Operating Cashflows - Rs. 463 Million

Orders

Order from existing

customer

24%

Partnership

18%

Order Backlog

35%

Order from new

customer

23%

Guidance for 2004

Consolidated Revenue

Rs.460 crores

40% in First Half

60% in Second Half

Net Profit Rs. 35 crores Less than

20% in First Half

More than 80% in Second Half

Operations Overview

How will we make sales happen

How will we deliver predictably

Distribution of Organic Revenues for 2003-2004

All Figures in USD Million

Opening Backlog

New Business

in Existing Accounts

Revenue from New Accounts

Total Projected Revenue

Revenue (US$M)

35.1 23.3 22.6 81

Percentage

43% 29% 28% 100%

Increase in Mastek Sales Force during 2002-2003

Region As on 30th June 2002

As on 1st July 2003

US Sales 10 18

Account Managers 2 2

UK Sales 11 11

Account Managers 7 14

ROW Sales 12 13

Account Managers 1 2

Total Sales 32 42

Account Managers

11 18

Practice Line

E Elixir – Java based framework for Life Insurance

Channel Management solution – 8 sites across 5

countries

To be leveraged in the UK and US this year

Delivery Predictability

People

Process

Technology

Low Existing Resource Leverage

5 - 10 Yrs37%

3 - 5 Yrs21%

0 - 3 Yrs18%

10 + yrs24%

Recruitment cell from 7 to 18

Processes & Technology

CMM 5 Processes

ePMO

SAP

Masteknet

Proven ability to scale in projects like LCC

Approach to Strategic Partnerships

Leverage World class Delivery capabilities

Expand our reach to market

Strengthen our Value Proposition through partnership with companies having complimentary skills.

JV with Deloitte Consulting

Kicked off in October 2001

First Year Revenue of 5 M

Second Year Revenue of 15M

Current Head count 320 persons

F100 Marquee end - Customers

Alliance with Carreker Corp.

Carreker Corp is NASDAQ listed, $150M company specializing in payments infrastructure technology solutions and services to banks. 70 of top 100 US banks are their customers.

Two entities : Carretek LLC in US with 51% ownership by Carreker Corp and

49% ownership by Mastek – for Marketing activities Mastek Carreker Pvt. Ltd in India with 51% ownership by Mastek

and 49% by Carreker Corp. – for Execution activities

Offers IT as well as BPO services to Carreker’s banking customers

Has independent operating team headed by CEO. Would leverage client relationships and sales force of Carreker and delivery capabilities of Mastek

Partnerships with 2 other IT services companies

Each has Revenue base of $ 400 M plus in IT services

Sales force of 50 plus persons and 20 plus sales offices in US

These companies see interest in offshore amongst their customer base.

Created joint teams to work together

Thank YouThank You

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