Shares of KPIT Technologies dropped another 4.4 percent intraday Tuesday after the software firm said dollar revenue for the fourth quarter of FY15 will be flat compared to third quarter.
Shares of KPIT Technologies dropped another 4.4 percent intraday Tuesday after the software firm said dollar revenue for the fourth quarter of FY15 will be flat compared to third quarter. The stock had shed 3 percent in previous session.
The change in guidance was mainly due to significant negative cross currency impact. According to the filing, the cross currency impact for the full year will be more than 1 percent of annual revenues.
"Thus the revenue guidance for FY15 will be met on constant currency terms but will be proportionately lower in terms of dollar reported revenue," KPIT explained.
The software firm further said while there will be margial growth in profit after tax for FY15 compared to FY14, it remained positive about growth prospects for FY15 and beyond.
At 11:55 hours IST, the scrip of KPIT Technologies was quoting at Rs 197.65, down Rs 7.60, or 3.70 percent.
Meanwhile, other IT firm Persistent Systems also cut its guidance for January-March quarter. It (on Monday) said revenue growth in dollar terms is expected to be muted in Q4FY15 due to change in the business priorities of one of large customers in the product engineering segment.
Posted by Sunil Shankar Matkar
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