Mastek has dipped 7% to Rs 187 on National Stock Exchange after reporting a consolidated net profit at Rs 9 lakh for the quarter ended June 30, 2014. The mid-sized IT Company had profit of Rs 11 crore in March quarter.
The operating revenue too decrease 1.3% to Rs 221 crore on sequential basis, while margin decline to 4.1% from 7.8% in previous quarter.
Mastek said the drop in the operating revenue and EBITDA is directly related to the reassessment of project timelines of a North American client resulting in the restatement of revenues of the extent of Rs 10 crore.
The stock opened at Rs 202 and touched a high of Rs 208 on NSE before announcements of June quarter results. A combined 864,000 shares changed hands on the counter so far on NSE and BSE.
The operating revenue too decrease 1.3% to Rs 221 crore on sequential basis, while margin decline to 4.1% from 7.8% in previous quarter.
Mastek said the drop in the operating revenue and EBITDA is directly related to the reassessment of project timelines of a North American client resulting in the restatement of revenues of the extent of Rs 10 crore.
The stock opened at Rs 202 and touched a high of Rs 208 on NSE before announcements of June quarter results. A combined 864,000 shares changed hands on the counter so far on NSE and BSE.