Shares in KPIT Technologies plunged as much as 14.74 per cent, their lowest since December 18, 2013, after the company's December-quarter earnings fell short of market expectations, dealers said.
KPIT's net profit for the October-December quarter grew 20.5 per cent to Rs. 60.78 crore from Rs. 52.26 crore a year ago, the company said late on Wednesday.
Revenue declined sequentially and this had a negative impact on the IT services company's major strategic business unit margins, analysts said.
"Dollar revenues were impacted by lower billing days during the quarter as well as extended furloughs at some of the company's larger customers, leading to unanticipated revenue loss," Angel Broking said in a note.
Shares in KPIT Technologies were down 13.2 per cent as of 3.03 p.m.
KPIT's net profit for the October-December quarter grew 20.5 per cent to Rs. 60.78 crore from Rs. 52.26 crore a year ago, the company said late on Wednesday.
Revenue declined sequentially and this had a negative impact on the IT services company's major strategic business unit margins, analysts said.
"Dollar revenues were impacted by lower billing days during the quarter as well as extended furloughs at some of the company's larger customers, leading to unanticipated revenue loss," Angel Broking said in a note.
Shares in KPIT Technologies were down 13.2 per cent as of 3.03 p.m.
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