Mastek tanks 15% after poor performance in Sept quarter

New Delhi: Shares of Mastek tanked as much as 15 per cent on Wednesday after muted performance in September 2021 quarter.

The IT software player reported a 42 per cent rise in net profit to Rs 72.29 crore in the quarter ended September 30, 2021 as against Rs 50.95 crore during the corresponding quarter of the previous fiscal.

Following the update, the scrip tanked 15 per cent to Rs 2,903.10 on Wednesday, but the scrip marginally recovered to Rs 3,024.40 at 10 am. BSE Sensex was trading 43.46 points or 0.07 higher at 61,759.51 at the same time.

The company clocked a revenue of Rs 533.93 crore in the quarter ended September 2021, 30 per cent higher than the revenue of Rs 409.74 crore during the September 2020 quarter.

Shares of Mastek have soared as much as 275 per cent in the last one year, whereas the gains in 2021 so far have been 170 per cent.

In the September 2021 quarter, the company's dollar revenue increased 2.6 per cent quarter-on-quarter (QoQ) to $72 million (up 3.9 per cent in constant currency) while rupee revenue increased 3.4 per cent QoQ at Rs 533 crore.

Net profit during the quarter also remained flat on a QoQ basis. Deal wins stood at $ 155.5 million, about 2 per cent lower than the June quarter.