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Kaynes Technology India's Consolidated Profit Rises in Fiscal Q1; Shares Plummet 16%

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Kaynes Technology India's (NSE:KAYNES, BOM:543664) consolidated profit fell to 912.2 million Indian rupees in the fiscal fourth quarter from 1.16 billion rupees a year ago, according to a Wednesday filing to the Indian stock exchanges by the IT solutions company.

The company's shares plunged 16% in early trade on Thursday.

Earnings per share in the quarter ended March 31 contracted to 13.23 rupees from 17.99 rupees a year earlier.

Revenue from operations in fiscal Q4, however, increased to 12.4 billion rupees from 9.84 billion rupees a year ago.

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