DecompleXify AI to Transform Industries
"Despite macroeconomic challenges, Mastek achieved double-digit
growth in FY24, outpacing many peers.
Our focus on delivering impactful business outcomes has driven this
robust performance."
Ashank Desai, Chairman
Dear Stakeholders,
Over the past few years, we have observed a shift in perceptions of AI
empathy—from a technology once feared for its potential catastrophic risks to a
powerful versatile tool, much like the internet. This shift reflects a broader innovation
continuum, marked by evolving models, diverse use cases and expanding infrastructure
shaping AI adoption.
Despite macroeconomic challenges, Mastek achieved double-digit growth
in FY24, outpacing many peers.
Our focus on delivering impactful business outcomes has driven this
robust performance.
We are preparing for AI-driven future with iConniX, leveraging
state-of-the-art artificial intelligence technologies to empower organisations to thrive
in this digital era. With over 120 AI assets, four AI platforms and meticulously developed
solution blueprints, iConniX is set to revolutionise business models and drive innovation
across industries.
We continue to build and manage critical UK government infrastructure,
enhance US healthcare experiences, and drive global business transformation through cloud
technologies. Integrating BizAnalytica has bolstered our data engineering and
modernisation services, essential for maximising AI potential. Collaborations with
Salesforce, Oracle Cloud, AWS, Microsoft and Snowflake, along with strategic partnerships
with Microsoft and NVIDIA, position us to leverage cutting-edge technologies. Our
proactive approach turns industry disruptions into opportunities, positioning us as
leaders in AI and technology.
The Critical Question:
How Do We DecompleXify AI?
AThe answer to this is essential as we navigate the multifaceted
landscape of artificial intelligence. AI presents numerous opportunities and challenges.
But our focus lies in identifying the right problems to solve with AI, understanding the
complexities involved, aligning outcomes with the business strategy, and ensuring that AI
serves as a strategic enabler rather than a blanket solution.
To effectively decomplexify AI and harness its potential, we approach
it through a structured process:
Stage 1: Solving Solvable Problems: The initial step involves
identifying and addressing solvable business challenges using AI. This process requires a
keen understanding of the problem landscape and prioritising challenges based on their
impact and feasibility while ensuring the foundation is cleansed and transformed data. One
of the use cases in which we are involved is to create an information exchange paradigm
powered by an LLM and integrated into Oracle Digital Assistant while enhancing
collaboration across multiple teams.
Stage 2: Leveraging AI Tools and Partnerships:
AI encompasses a range of tools and technologies, and Mastek?s
iConniX boasts a rich assortment of over 120 AI assets, 4 AI platforms, and solution
blueprints. Strategic partnerships play a crucial role in accessing these tools and
ensuring that the chosen solutions align with specific customer needs, adhere to the
ethical guidelines of AI, and comply with industry regulations and standards.
Stage 3: Building a Skilled Workforce: The foundation of AI success is
a skilled workforce with interdisciplinary teams that combine expertise from different
fields. Employees need to develop competencies in navigating biases, making data-driven
decisions, and achieving positive outcomes.
At Mastek, while 80% of the employees have been upskilled in GenAI
capabilities, we are committed to attracting top talent, nurturing internal expertise, and
inspiring a culture of continuous learning.
Stage 4: Ensuring Quality and Testing: The development of AI solutions
must ensure robust co-existence with existing enterprise systems for seamless data flow
and interoperability leveraging integration technologies.
They must undergo rigorous testing and validation processes to ensure
reliability, accuracy, and optimal performance. Our focus on quality assurance and
customer- centricity has driven successful implementations and longterm value for our
clients and partners. Even an internal adoption of solutions across departments in Mastek,
led to the boosting of productivity by an estimated 20%-30%.
Stage 5: Customer-Centric Engagement: Throughout the AI lifecycle,
maintaining a customer-centric approach is paramount. We prioritise customer comfort and
engagement throughout the AI lifecycle while designing human-centric user-friendly
interfaces, offering support, insights, and transparency to build trust, increase usage
and drive meaningful outcomes. One of Mastek's solutions for a bank, has improved customer
experience in the branch and contact centres by providing a single intelligent customer
view across channels.
Driving Impactful Growth Through Strategic Focus Areas
We are strategically positioned to drive impactful growth through
investments and partnerships in four key areas: Public Sector in the UK, Global
Healthcare, Account Mining and Data and AI.
Public Sector in the UK
Our UK public sector business is expanding in immigration, borders,
asylum, public protection, higher education, and biometrics, with new ventures in
government digital services and defense. Our strong performance over the past decade
highlight our success in UK secure government services. The Labour government's focus on
automation and collaboration positions us well for future growth.
Our strengths in UK central government have also secured two new
frameworks in Financial Services, paving the way for further growth.
Healthcare in the US and Globally
In the US, our healthcare business is growing rapidly with providers,
senior living, payers and BlueCross BlueShield organisations. With the US healthcare
market nearing $5 trillion, we we capitalise on opportunities to enhance efficiency from
front to back office. AI and Generative AI are applied to benefit verification, claims
processing, patient experience, customer service and clinical documentation.
Globally, we are securing marquee healthcare accounts in the Middle
East and Australia, leveraging Oracle Cloud, Microsoft and ServiceNow platforms. Renewed
engagement with NHS departments in the UK, including arm?s length bodies, signals
strong future growth. Digitising the healthcare value chain remains a key global priority.
Account Mining
We focus on nurturing and expanding our top 30 accounts, which
contribute about 57% of our total revenue.
Our clients include well-known Fortune 500 companies, underscoring our
industry prominence. We are pleased to report improved customer satisfaction, as shown in
the recent CSAT survey results.
With the right client partner and delivery teams, we are advancing our
roadmap for these accounts.
Our differentiated solutions are accelerating AI adoption and use of
intelligent enterprise platforms like Oracle Cloud, Salesforce and AWS. We are enhancing
partnerships with CXOs, cross-selling services, and implementing our account mining
playbook to strengthen relationships.
As we drive growth, you may expect to see more accounts exceeding $5M,
$10M, and $25M in our portfolio.
Data and AI
As businesses plan future AI investments, revamping their data
foundation is crucial. The need for a unified data platform, seamless cloud migration, and
modernised data landscapes to support large-scale AI use cases highlights our strategic
advantage. Our expertise in Snowflake, Databricks, AWS data cloud and Microsoft Azure
OpenAI addresses these evolving client needs.
The modern data stack supports large-scale data transactions for
scaling AI applications, including vector databases and LLM fine-tuning. Our investment in
Lightbeam IP, within the iConniX portfolio, enhances workload optimisation. Lightbeam
focuses on data factory management and cloud economics, essential for companies
transitioning to the cloud and innovating with AI.
"We continue to receive recognition from Gartner, Everest and ISG
for our work in Generative AI, Oracle Cloud, Salesforce, Microsoft, NVIDIA, reflecting our
global strength. We are honored to be certified as a Great Place to Work in India, the UK,
the US, and KSA for FY24."
Commitment to a Sustainable Future
Mastek?s brand presence has surged with recent accolades from
Gartner, Everest, and ISG for our work in Generative AI, Oracle Cloud, Salesforce,
Microsoft and NVIDIA, reflecting our global strength. We are proud to be certified as a
Great Place to Work in India, the UK, the US and KSA for FY24, underscoring our dedication
to an exceptional workplace.
Our 5,600 team members are our greatest asset.
We recently launched a global Culture Refresh, introducing our Core
Values—VECTOR: Velocity, Empowerment, Collaboration, Trust, Ownership, and Respect.
Our focus on workplace safety and talent development has earned us a spot among
India?s Top 25 Safest Workplaces.
Our ESG strategy aligns business practices with global sustainability
goals and ethical standards. We assist clients in achieving sustainability goals through
'ESG as a Service,' optimising resource allocation and measuring the financial impact of
ESG initiatives with intelligent platforms.
Through our CSR mission, 'Informed Giving; Responsible Receiving,' we
aspire to touch one million lives by FY26, delivering significant social value in every
region we serve.
Board Changes and Leadership Transition
I am pleased to inform you that Ms. Marilyn Jones, an Independent
Director, and Mr. Umang Nahata, the New Shareholders? Nominee Director
(Non-Executive), have joined the Board of the Company during the year under review. Their
extensive experience and expertise will be help greatly to drive our strategic objectives
forward.
I would like to extend my sincere gratitude to Ms. Priti Rao, who has
resigned from the Board this year. We extend our sincere gratitude for her contributions
and wish her the utmost success in future endeavours.
We also welcome Mr. Umang Nahata as Interim Group CEO and extend our
sincere gratitude to Mr. Hiral Chandrana who has resigned from his role as the Group
CEO. Mr. Chandrana?s leadership and vision have been instrumental
in guiding the Company during his tenure.
As the Interim Group CEO, Umang Nahata is committed to ensuring
seamless continuity and steering Mastek towards its growth objectives. He is poised to
lead Mastek through this transition period, supported by a dedicated team, until the
appointment of a new Group CEO.
We welcome all our new members and extend a heartfelt gratitude to our
outgoing members for their valuable service and commitment.
Looking Forward
At Mastek, our goal is to rank among the top three in growth among
mid-cap IT services and achieve a significant milestone of $1B in revenue in the latter
half of this decade.
Our vision extends beyond financial success. We aim to build a robust,
sustainable company by leveraging our strengths, deepening customer relationships, and
prioritising sustainability. We are committed to enhancing our services with the latest
technological expertise to ensure our customers' success in the evolving digital
landscape.
I thank the Board for its guidance and express my heartfelt
appreciation to our shareholders, clients, partners and Mastekeers for their continued
belief in our abilities and support.
Together, I am confident Mastek will continue to innovate, lead in
growth, build a sustainable future and thrive in the coming years. Thank you for your
continued trust and partnership.
Warm regards,
Ashank Desai
Chairman