Geometric has tanked 11% to Rs 87.65 after reporting a 25% year-on-year fall in consolidated net profit at Rs 15.40 crore for the quarter ended June 30, 2013 (Q1) due to unexpected softness in its industrial vertical. The mid-cap IT consulting and software firm had posted profit of Rs 20.66 crore in a year ago quarter.
The company’s consolidated revenues declined marginally to Rs 260 crore in April-June this fiscal from Rs 261 crore in the same period of 2012-13 fiscal, Geometric said in a statement.
“In anticipation of slowdown, the company deferred the salary increments of employees by a quarter and therefore the impact of salary increases will be seen in July-September (Q2) quarter,” said Manu Parpia, Managing Director and CEO of Geometric.
The stock opened at Rs 100 and hit a 52-week low of Rs 82.15 on NSE. A combined 574,700 shares changed hands on the counter so far on NSE and BSE.
The company’s consolidated revenues declined marginally to Rs 260 crore in April-June this fiscal from Rs 261 crore in the same period of 2012-13 fiscal, Geometric said in a statement.
“In anticipation of slowdown, the company deferred the salary increments of employees by a quarter and therefore the impact of salary increases will be seen in July-September (Q2) quarter,” said Manu Parpia, Managing Director and CEO of Geometric.
The stock opened at Rs 100 and hit a 52-week low of Rs 82.15 on NSE. A combined 574,700 shares changed hands on the counter so far on NSE and BSE.