Moneycontrol Bureau
Shares of Persistent Systems fell more than 5 percent to hit a 52-week low of Rs 765 after the company disappointed with its Q4 forecast.
In a filing to the exchange, the software services exporter 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.
Margins will see some pressure due to ongoing investments in research & development and sales and marketing, it added.
In an interview with CNBC-TV18, Anand Deshpande, CMD & CEO of the company also said it won't meet FY15 guidance of 15 percent. However, he remained optimistic about long term prospects.
The mid-tier IT firm's Q3FY15 consolidated dollar revenues grew 4.2 percent sequentially to USD 79.5 million -- a growth of 13.7 percent year-on-year.
At 10:21 hours IST, the scrip of Persistent Systems was quoting at Rs 781, down Rs 24.95, or 3.10 percent on the BSE.
Posted by Sunil Shankar Matkar
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