Hiral Chandrana, the Global CEO of Mastek, in an interview with CNBC-TV18, expressed his optimism regarding the company's growth prospects, despite the challenges faced by the industry. Chandrana firmly believes that Mastek is well-positioned to surpass the industry average and achieve remarkable growth in the fiscal year 2024.

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While he anticipates the industry to experience growth in the high-single digits during this period, he confidently asserts that Mastek's growth rate will outpace the industry.

Chandrana stated, "While some players in the industry are projecting a more subdued forecast for the year, we have laid a strong foundation for an overall industry-leading growth in FY24. Our pipeline and the momentum of deals going into the year have been exceptionally positive, fueling our optimism for the remainder of the year."

Although Chandrana maintains a cautious optimism at the beginning of FY24, considering the decision-making delays prevalent in the industry, he emphasized that Mastek possesses a solid foundation for achieving substantial growth during this fiscal year. With a margin aspiration in the high teens, the company aims to not only drive expansion but also achieve profitability along the way.

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“The high teens is still what we want to maintain from an outlook perspective, we don't guide as you know, but we feel comfortable in the range that we are in. We feel this is the right kind of level. Over a period of time, we do want to get closer to that 19-20 percent range, but this 18 percent range is a is a comfortable range for us,” Chandrana added.

The UK market, in particular, has witnessed deals ranging from $10-25 million in the past, indicating substantial opportunities for Mastek.

Mastek's presence in the US and the Middle East has also yielded positive results, with deals falling in the range of $5-10 million. To further bolster its growth strategy, the company is placing significant emphasis on client account mining.

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