Mastek shares skid 4% on fall in Q4 earnings

Stock of IT solutions provider Mastek ended 4 per cent lower today after the company reported a 9 per cent decline in net profit for March quarter.
The stock fell by 3.89 per cent to end at Rs 148.40 on BSE. During the day, it tumbled 5.69 per cent to Rs 145.60.
On NSE, the scrip went down by 4 per cent to close at Rs 148.10.
On volume front, one lakh shares of the company were traded at BSE and over 4 lakh shares were changed hands at NSE during the day.
Mastek yesterday reported a 9 per cent decline in net profit at Rs 5.86 crore for the March quarter.

The company had posted a net profit of Rs 6.44 crore for the corresponding period last fiscal, it had said in a BSE filing.

Total income from operations also declined by over 54 per cent to Rs 124.25 crore for the quarter under review compared with Rs 276.11 crore a year ago.
Meanwhile, the company's Board also approved acquisition of 100 per cent stake in Cashless Technologies India Private for Rs 1 lakh and now, it will be a subsidiary of Mastek on completion of necessary formalities.
Cashless Technologies was incorporated on February 2 by Sudhakar Ram, MD and Group CEO of Mastek, and Hiren Shah, Senior Vice-President, Mastek.