IT Solutions company Mastek has reported 88 per cent dip in consolidated net profit for the quarter ended June 30, 2014.
Net profit went down to Rs 85 lakh as against Rs 7.1 crore reported in the corresponding year ago quarter. Revenue for the quarter was down slightly at Rs 221 crore (Rs 222.3 crore).
In a statement, the company said that its numbers were impacted by ‘reassessment of project timelines of a North American client resulting in the restatement of revenues to the extent of Rs 10 crore’, Mastek said in a statement.
Reacting to the development, the Mastek scrip was down by 2.01 per cent to close at Rs 197.4 on the BSE today.