Mastek ends weak on decline in Q1 profit

Mastek ended at Rs 266, down 2.9% or 7.9 points, on the BSE. The stock had opened at Rs 277, and touched a low of Rs 262 during the day.

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(updated at 11.30am)

Mastek is trading weak on the BSE on account of a decline in its Q1 profits in the first quarter ended September 30, 2009.

Earlier than expected ramp-down in the BT/NHS project and non-conversion of some deals impacted the company's performance.

Mastek is trading at Rs 266, down 2.9% or 8.1 points. The stock had opened at Rs 277, and has touched a low of Rs 262 thus far.

The firm's net profit was down 35.8% at Rs 26.4 crore from Rs 41.18 crore in the corresponding quarter in the last financial year. Revenue for the quarter at Rs 191.4 crore dipped 26.8% from Rs 261.6 crore for the same quarter last year.