Shares of Latent View Analytics Ltd fell as much as 9% on May 10 after the company reported a 35% sequential drop in its net profit.

The stock was trading at Rs 343 on the BSE at 10:22 am, down 8% from its previous close, while India’s benchmark Sensex was down 0.2% at 61,616.

The company posted a net profit of Rs 342 crore in March, down 34.81% from the previous quarter. Revenue fell 3% quarter-on-quarter to Rs 141.06 crore. The EBIT margin fell to 19.77% from 27.89% in the last quarter.

During the current financial year, the company posted significant annual revenue growth of 32.10% at Rs 538.76 crore. In addition, the profit also increased by 20.01% from the previous year to Rs 155.43 crore.

Operating profitability, as measured by earnings before interest and taxes (EBIT), improved by 19.82% to Rs 136.23 crore. However, the EBIT margin fell from 33.40% in FY22 to 21.10% in FY23.

“We are pleased to report the highest full-year revenue and margin in our company history. Our revenue grew 32% year-over-year in FY23. Growth was broad-based and spanned technology, financial services and CPG. Businesses are increasingly reliant on data-driving insights to ensure precision and accuracy in decision-making, thereby maximising efficiency and capability in today’s competitive and uncertain macroeconomic environment,” said Rajan Sethuraman, CEO, LatentView Analytics

Sethuraman added, “As we move forward, we remain committed to investing in growth opportunities and expanding our capabilities.”