Mastek Ltd has posted a sharp drop in its consolidated net profit at Rs 4.09 crore (Rs 40.9 million) for the second quarter ended December 2003 as against Rs 16.26 crore (Rs 162.6 million) in the same period in 2002.

The consolidated total revenues for the reporting quarter were also down at Rs 95.52 crore (Rs 955.2 million) compared to Rs 97.43 crore (Rs 974.3 million) in October-December 2002, the company informed the Bombay Stock Exchange on Monday.

On stand alone basis, the IT company's net profit and revenues for the second quarter stood at Rs 1.01 crore (Rs 10.1 million) [Rs 15.75 crore (Rs 157.5 million) for the same period last year] and Rs 27.09 crore (Rs 270.9 million) [Rs 38.86 crore (Rs 388.6 million)], it said.