 "Mastek tanks over 15% post Q2 results")
Shares of Mastek has tanked 18% to Rs 144 on the BSE after the company has reported a 39% quarter-on-quarter (QoQ) decline in its consolidated net profit at Rs 2.7 crore for the second quarter ended September 2015 (Q2). The information technology (IT) software products company had profit of Rs 4.4 crore in March 2015 (Q1) quarter.
Operating revenue dipped 1.3% at Rs 132 crore on QoQ basis. In constant currency terms operating revenue declined 3.3% on sequential basis, Mastek said in a statement.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) margins declined to 6.5% in Q2FY16 as compared to 11.9% in Q1FY16.
“This quarter had a revenue drop and impact on profits as two major programmes got completed and new accounts were in early stage of ramp up. However, with 11 clients and an uplift in order backlog, we except better revenue and profitability in the second half,” Sudhakar Ram, managing director & group CEO Mastek said.
At 02:50 pm, the stock was down 17.4% at Rs 145 on the BSE. A 4.25 million shares changed hands so far against an average sub one million shares that were traded daily in past two weeks on the BSE and NSE.
Operating revenue dipped 1.3% at Rs 132 crore on QoQ basis. In constant currency terms operating revenue declined 3.3% on sequential basis, Mastek said in a statement.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) margins declined to 6.5% in Q2FY16 as compared to 11.9% in Q1FY16.
“This quarter had a revenue drop and impact on profits as two major programmes got completed and new accounts were in early stage of ramp up. However, with 11 clients and an uplift in order backlog, we except better revenue and profitability in the second half,” Sudhakar Ram, managing director & group CEO Mastek said.
At 02:50 pm, the stock was down 17.4% at Rs 145 on the BSE. A 4.25 million shares changed hands so far against an average sub one million shares that were traded daily in past two weeks on the BSE and NSE.