KPIT slumps on sequential decline in Q3 net profit

The company reported sequential decline in consolidated revenue and net profit for the three months ended December.

Shares of KPIT Technologies slumped 12% to Rs 161 after sequential decline in consolidated revenue and net profit for the three months ended December 2013.

The company reported revenue of Rs 678 crore for the third quarter ended December 2013, down 3.5% compared with Rs 703 crore for the previous quarter ended September 2013. Net profit for the quarter slipped 8.92% to Rs 60.78 crore from Rs 66.73 crore in the September quarter, KPIT said in a release.

US dollar revenue for the December quarter also declined marginally by 2.3% to $109.66 million, the release said.

The stock opened at Rs 172 and touched a low of Rs 157.40 on the BSE so far. OVer 2.3 million shares were traded on both the stock exchanges so far.