KPIT Technologies is having a bad run today morning, a consequence of a bad Q4. The stock hit a new 52-week low, which was also its 20% lower circuit at Rs.124.05. Volumes are up over two times.

The stock has been slammed down to pulp after it posted a set of disappointing Q4FY15 numbers. An IT consulting and product engineering solutions and services provider, its consolidated net profit came in at Rs.50 crore, down 23% (QoQ). This fall would have been much higher but for the huge tax write back of Rs.36 crore. But for this, net profit would have been Rs.14 crore. Rupee revenue for the quarter was down 2% (QoQ) at Rs.763 crore.

The company had given a dollar revenue guidance for FY15 at $ 498 Million to $ 506 Million and it closed the year lower with $489 million. The overall impact of cross currency fluctuations was around $ 6 million. The company’s initial PAT guidance for the year was at Rs.294 crore, which was revised lower by 10% during the year, which comes to around Rs.265 crore. It closed the year with PAT of Rs.237 crore.