Things do not seem to be going too well for Mastek. The stock opened weaker to go down to an intra day low at Rs.145.60, down almost 6%.

The company’s performance for Q4FY16 was very disappointing. The operating income was at Rs.124 crore, down 10% in rupee terms and a drop of 6.4% in constant currency terms. Total income came in 9% lower at Rs.141 crore. Its EBITDA was at 4 crore, up from Rs.3.6 crore in Q3. Margins improved from 2.6% to 3.1%.

The improvement in net profit at Rs.6 crore, up by an unbelievable 642% was only on account of the increase in other income mainly due to realization of gains on Mutual Funds Investments and reversal of Tax provision for earlier year of Rs.4.75 crore.