Mastek Ltd Layoffs in February 2009

Mastek had experienced a demand slowdown last quarter and has led to an excess bench buildup of around 425 professionals, a majority of them are trainees.

In order to maintain its profitability, it is creating a ‘virtual bench’, where an employee could remain for up to 12 months and would be given a monthly allowance.

On constant currency basis, total income for quarter at Rs 261 cr (compared to guidance of Rs 265-270 cr)

Excluding foreign exchange losses, PAT for quarter at Rs 43 cr (compared to guidance of Rs 43-44 cr)