The stock of IT solutions provider Mastek today fell by almost 6 per cent after the company reported a 9 per cent decline in net profit for the March quarter.
On BSE, the stock plunged 5.69 per cent to Rs 145.60, while on NSE, it lost 5.92 per cent to Rs 145.20.
Mastek yesterday reported a 9 per cent decline in net profit at Rs 5.86 crore for the March quarter.
The company had posted a net profit of Rs 6.44 crore for the corresponding period last fiscal, it had said in a BSE filing.
Total income from operations also declined by over 54 per cent to Rs 124.25 crore for the quarter under review compared with Rs 276.11 crore a year ago.
The company's board also approved acquisition of 100 per cent stake in Cashless Technologies India Private for Rs 1 lakh and now, it will be a subsidiary of Mastek on completion of necessary formalities.
Cashless Technologies was incorporated on February 2, 2016, by Sudhakar Ram, MD and Group CEO of Mastek, and Hiren Shah, Senior Vice-President, Mastek.
