Shares
of midcap IT firm Persistent Systems BSE -10.98 % dropped nearly 10 per cent
after the company said its revenues from its internet protocol (IP)-based services
may drop by $8 million. Analysts were expecting a $3-4 million fall in IP-based
revenues on account of seasonal weakness.
"We
were earlier modeling $3 million decline which is the seasonal decline in IP
business. The additional hit will take a toll on our estimates for the company.
We believe overall revenues may now decline by 3 per cent QoQ and Ebitda margin
may fall by over 350 bps on sequential basis," Motilal Oswal Securities
said in a note.
Read More:- Share Market Updates
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