Mastek Ltd tanks 15% after flat September quarter results

Shares of Software company Mastek Ltd tanked nearly 15% in the Wednesday's intraday trade on the Bombay Stock Exchange (BSE) to Rs 2903.10, which is also the stocks day's low figure. The decline in stock price of the software firm comes amid flat results posted by Mastek Ltd. The software company has reported a 4% QoQ rise in the consolidated profit at Rs 72 crore for the quarter ended September 30, 2021.

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At around 11: 50 am on Wednesday, Mastek Ltd stocks were trading at Rs 2981.90, a decline of Rs 431.50 or 12.64% on BSE intraday trade.  

The stocks of this digital provider traded on 52 week high value of Rs 3666 on October 19, 2021. The shares traded at 52-week low of Rs 770.65 on October 29, 2020.  

268.37% jump in one year 

Mastek Ltd stocks grew whooping 268.37% in one year period, showed Stock Edge technical data.  

Mastek Ltd Q2FY22 results
Mastek Ltd had posted a profit of Rs 69 crore in the previous quarter ended June 30, 2021. Revenue from operations grew 3% to Rs 534 crore in the period under consideration from Rs 516 crore posted in the June quarter. Dollar revenues grew 2.5% QoQ at $7.2 crore as compared to $7.02 crore posted in the previous quarter. EBIT remained unchanged at Rs 103 crore in both quarters. Margin dropped slightly to 19.3% in Q2FY22 as compared to 20% posted in Q1FY22.

About Mastek Ltd

Mastek Ltd is a digital solutions provider. It is an enterprise digital transformation specialist that engineer's excellence for customers across 41 Countries worldwide, including UK, US, Europe, Middle East, and Asia Pacific. "It enables business outcomes for clients through differentiated digital and cloud services, which includes Digital & Application Engineering; Cloud & Enterprise Apps; Digital Commerce & Experience; Data, Automation and AI and Next Generation Managed Services. Mastek helps enterprises to navigate the IT and business landscape and stay competitive by unlocking the power of data, modernizing applications, and accelerating digital advantage for our customers," says the company's website.