KPIT Technologies Ltd shares declined as much as 3.84 percent on Thursday as of 1:03 PM, January 29, following the company’s December quarter results. Net profit for the December quarter declined 21 percent on a sequential basis to ₹133 crore, compared with ₹169 crore in the September quarter.
The company said profitability during the quarter was impacted by a one time expense of ₹59.7 crore related to the new labour code. KPIT Technologies said that adjusted for the one time impact, profitability would have been higher on a quarter on quarter basis.
Revenue for the quarter increased 1.9 percent sequentially to ₹1,617 crore. Earnings Before Interest and Tax declined 4.5 percent from the previous quarter to ₹234 crore, compared with ₹246 crore reported in the September quarter. EBIT margin for the quarter narrowed by 100 basis points to 14.5 percent from 15.5 percent in the preceding quarter.
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