India's Mastek drop to over 3-week low on Q3 earnings miss

Mastek

17/01/2023 07:11

** Shares of Mastek  MAST.NS  fall as much as 3.69% to
1,666.30 rupees, lowest since Dec. 23
    ** The enterprise technology solutions provider reports Q3
net profit fell 12.8% to 641.8 mln rupees, missing mkt estimate
of 834.50 mln rupees
    ** Core profit margins contracted to 17.26% from 21.06%,
mainly as total expenses jumped
    ** "Overall organic business did not perform as expected,
impacted by furloughs and seasonality," says global CEO Hiral
Chandrana
    ** Co. approves interim dividend of 7 rupees/shr for FY2023,
the record date is fixed on Feb. 1, 2023
    ** Trading volume of 119,784 shares as of 12:33 p.m. IST, is
nearly 3x the 30-day avg
 
 ($1 = 81.7700 Indian rupees)
 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; Mobile:
+919769003463))