Q1FY22 beat our estimates on all fronts; Further, the quarter witnessed a rise in order backlog (up 54% y-o-y), robust deal pipeline, aggressive employee additions, new logo additions, and better cash conversion. 

UK public sector vertical to maintain growth momentum given strong client mining and new logo additions, while UK private sector vertical’s growth would recover given cross-sell opportunities and new leadership. 

Mastek is expected to clock an earnings CAGR of 24% over FY2021-FY2024E, led by strong growth in the UK public sector, strong deal wins, new logo additions, investments in capabilities, and traction for digital and cloud technologies.