Mastek Shares Jump 3.4% After Announcing Strategic Alliance with Netail
Mastek, a leading technology company that specializes in building bespoke digital solutions for clients across various industries such as Government, Health, Retail, and Financial Services, has announced a strategic partnership with Netail, an AI-driven retail technology provider.
According to the company filing, Mastek’s digital commerce and data analytics expertise combined with Netail’s cutting-edge AI technology that powers key decisions across assortment, pricing, and customer engagement will create a synergized retail solution. The collaboration will empower online retailers with personalized merchandising, a better understanding of consumer behavior, efficient user experience, flexible assortment strategy, and real-time market visibility.
Netail’s advanced technology helps retailers attract and retain digital consumers by auto-identifying competitors, tracking assortments, and optimizing prices in real-time, resulting in increased traffic, profits, and revenue.
“With e-Commerce retailers facing challenges due to dramatic changes in consumer behavior and the inadequacy of conventional marketing to influence purchase decisions, the partnership with Netail will empower our retail clients to drive AI-led digital transformation, understand the market from the consumer perspective, and strategize for increased ROI without compromising on brand value,” said Raman Sapra, President & Global Chief Growth Officer at Mastek.
Despite Mastek’s net profit declining by 20% YoY to Rs 67 crore and its EBITDA decreasing by 2.2% YoY to Rs 114 crore during Q3FY23, the company’s revenue from operations grew by 19.3% to Rs 659 crore compared to Rs 552 crore in the same period last year.
Although the share price of Mastek has declined 40 percent in the last one year and 10 percent in the last six months, the announcement of the strategic alliance with Netail has boosted investor confidence. At 10.09 a.m, the scrip was trading 2.55 percent higher on the NSE at Rs 1,677.15 apiece.
Mastek’s comprehensive range of services includes IT consulting, development, management outsourcing, testing, and data warehousing. The company also provides agile consulting, legacy modernization, cloud solutions, and e-commerce services, among others. Mastek’s strategic partnership with Netail highlights the company’s commitment to delivering cutting-edge technology solutions to its clients and expanding its reach across various industries.
Established in 1982, Mastek is a provider of vertically-focused enterprise technology solutions. Having its presence in IT industry for almost 4 decades, Mastek Ltd has evolved from an IT solutions provider to Digital transformation partner.
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