KPIT Technologies is top loser

Yesterday, post market hours, KPIT Technologies gave a very muted picture of its earnings for Q2 for current year. The company said, “At the beginning of the financial year, the company had stated revenues to be flattish in the first 2 quarters of the year. The company is going through internal changes in structure as well as external changes in the business environment. The company's traditional revenues from ERP implementations are affected more than anticipated earlier, whereas there is good traction in the newer areas of cloud and digital technologies.”

The company went on to say that it expects a drop in revenues of around 4% in quarter 1 with a consequent drop in profitability. It anticipates the revenue and profit to be flattish in Q2 over Q1 levels.

The company has already given a muted guidance for Q2 when numbers for Q1 are yet to be given.

The stock has been the biggest loser on the BSE since the morning, slipping over 14% to Rs.157.65. Its 52-week low is at Rs.96.