Geometric tanks on weak Q4 earnings
Q4 consolidated net profit down 42% at Rs 11 crore against Rs 19 crore in a year ago quarter.
Geometric has tanked 8% to Rs 88 on reporting sharp 42% quarter-on-quarter (qoq) drop in its consolidated net profit at Rs 11 crore for the quarter ended March (Q4) following a fall in revenues from a large customer. IT consulting and software firm had a profit of Rs 19 crore in December quarter.
The company’s consolidated revenues during the quarter under review declined 1.6% to Rs 247 crore, compared with Rs 251 crore in the previous quarter. Revenues for the quarter included operating revenue of $2.81 million from the acquired company, 3cap Technologies, GmbH.
“This year, we faced the challenge in that one of our large customers had to contend with difficult market conditions. This contributed to a setback which I believe is temporary,” says Manu Parpia, managing director & CEO, Geometric.
The stock opened at Rs 94 and hit a low of Rs 86.50 on NSE. A combined 399,084 shares have changed hands on the counter till 1439 hours on NSE and BSE.
The company’s consolidated revenues during the quarter under review declined 1.6% to Rs 247 crore, compared with Rs 251 crore in the previous quarter. Revenues for the quarter included operating revenue of $2.81 million from the acquired company, 3cap Technologies, GmbH.
“This year, we faced the challenge in that one of our large customers had to contend with difficult market conditions. This contributed to a setback which I believe is temporary,” says Manu Parpia, managing director & CEO, Geometric.
The stock opened at Rs 94 and hit a low of Rs 86.50 on NSE. A combined 399,084 shares have changed hands on the counter till 1439 hours on NSE and BSE.