Mastek Limited was locked in 5% lower circuit at Rs 125.45 on the Bombay Stock Exchange for second day in a row after reporting a 71% quarter-on-quarter (qoq) drop in its consolidated net profit at Rs 6.49 crore for the first quarter ended September 2012 due to higher staff cost.
Total operational income grew 6.2% at Rs 223 crore on sequential basis. Total employee cost increased by 20% at Rs 140 crore on sequential as well as on year-on-year (yoy) basis.
EBIDTA (earnings before interest, taxes, depreciation, and amortization) margin has declined substantially to 8.11% from 14.92% on q-o-q basis.
“The EBIDTA during the quarter included impact of wage hikes undertaken by the company to the extent of 1.5% whereas the previous quarter had year end positive adjustment of 5.3% on account of incentive reversal,” Mastek said in a press release.
However, the mid-cap software services company which reported a loss of Rs 27 crore in previous year quarter has done better on y-o-y basis.
The stock opened at Rs 132 and has seen a combined 13,181 shares changing hands on the counter so far. There are pending sell orders for 21,059 shares on both the exchanges.
