 "KPIT Technologies tanks 20% on weak Q4 results")
Shares of KPIT Technologies is locked in lower circuit of 20% at Rs 124, also its 52-week low on the NSE, after reporting a 23% quarter on quarter decline in its consolidated net profit at Rs 50.31 crore for the quarter ended March 2015 (Q4). The IT consulting & services firm had profit of Rs 65.33 crore in December 2014 quarter.
Net revenues declined by 2.2% at Rs 762 crore on sequential basis. EBITDA margins stood at 5.26% against 13.84% in previous quarter.
The company said macro-economic circumstances like significant cross currency movements and turmoil in the Energy vertical due to lower oil prices, coupled with periodical revenue fluctuations in a few top customers and the overall sluggishness in the ERP area, impacted negatively.
Till 0949 hours, a combined 2.14 million shares changed hands and there were pending sell orders for 2.88 million shares on the NSE and BSE.
Net revenues declined by 2.2% at Rs 762 crore on sequential basis. EBITDA margins stood at 5.26% against 13.84% in previous quarter.
The company said macro-economic circumstances like significant cross currency movements and turmoil in the Energy vertical due to lower oil prices, coupled with periodical revenue fluctuations in a few top customers and the overall sluggishness in the ERP area, impacted negatively.
Till 0949 hours, a combined 2.14 million shares changed hands and there were pending sell orders for 2.88 million shares on the NSE and BSE.
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