Mumbai-based Mastek moves up the ranking following improved performance in the year ended June 2002. The company provides a range of software services and specializes in the finance, government, telecom and retail verticals. It reported standalone revenues of Rs 109.56 crore and a net profit of Rs 28.96 crore, up 33% and 111% respectively over the previous year. Mastek is ranked #27 in sales, #20 in profit, #9 in sales growth and #6 in profit growth. Mastek’s gross block grew 54% to Rs 55.11 crore, while it is ranked #27 in gross block size and #7 in gross block growth. Its ROCE at 44% was better than the 28% reported in the previous year and the company is ranked #4 in the ROCE ranking. While Mastek’s performance in the year 2002 was impressive, the company is known to report volatile performances that affect its valuations.