Tech Mahindra tumbles over 16% as net skids

Shares of Tech Mahindra today slumped over 16 per cent after the company reported a 23.15 per cent fall in net profit for the March quarter.
The stock dropped 16.44 per cent to Rs 550.10 on BSE.
On NSE, it declined 13.42 per cent to Rs 554.30.
The country's fifth-largest software exporter Tech Mahindra yesterday announced the drop in net profit at Rs 472 crore due to currency headwinds, poor performance of recent acquisitions and a slowdown in large telecom clients.
The company had posted a net profit of Rs 614.21 crore in the same quarter last fiscal.
The company's pre-tax margin also saw a big 5 percentage point decline to 15.2 per cent over the December quarter.

Chief Financial Officer Milind Kulkarni said the poor show by LCC acquired last fiscal has hurt the margin by 1.40 per cent and rupee appreciation shaved 0.90 per cent off the bottom line.
The company's revenues, however, grew 20.9 per cent to Rs 6,116.79 crore in the reported quarter from Rs 5,058.11 crore in the March quarter of 2014.