Zensar Technologies shares drop over 5% post quarterly result

Shares of Zensar Technologies Tuesday plunged over 5 per cent after the firm reported a 6 per cent decline in consolidated net profit for the October-December quarter.

The stock tumbled 4.93 per cent to close at Rs 221.60 on BSE. Intra-day, shares of the firm dropped 6.02 per cent to a low of Rs 219.05.

At the National Stock Exchange (NSE), Zensar settled down 5.68 per cent at Rs 220.75. During the session, it hit a low of Rs 219.80, down 6.08 per cent over the last close.

On the volume front, more than 1.7 lakh shares were traded on bourses during the day.

The mid-sized software services firm posted a consolidated net profit of Rs 56.51 crore for October-December 2018 against that of Rs 60.17 crore in the year-ago quarter.

The net profit dropped due to foreign exchange losses and lower operating margins as several of the deals won were currently in transition, Zensar Technologies Chief Executive Officer and Managing Director Sandeep Kishore said Monday.

Its revenue from operations rose 30.5 per cent to Rs 1,035.55 crore, compared with Rs 793.76 crore in the year-ago period.