Tata Tech‘s share price was tanking on Monday morning as brokerages were unimpressed by the company’s results for the March quarter.

What Happened: The Tata Group company reported a consolidated net profit of ₹157 crore for the quarter ended March, marking a decline of approximately 27% from the ₹216 crore recorded in the same quarter last year. Revenue from operations stood at ₹1,301.05 crore, reflecting a decrease of around 7.7% from the ₹1,402 crore reported in the corresponding quarter of the previous year.

Analyst Reactions: JP Morgan maintained its “underweight” rating for the stock with a target price of ₹800. The brokerage said that the company revenue in the March quarter beat its estimates and margins were in line. The analysts expect margins to sustain for the year ending March 2025.

See Also: How To Check Amkay IPO Allotment Status

Kotak Securities maintained its “sell” rating for the stock with a price target of ₹700. The brokerage said that the company’s revenue and margins for the quarter were in line with its estimates. The brokerage mentioned that it remains cautious as the company’s valuations remain expensive.

BofA Securities, on the other hand, maintained its “buy” rating on the stock with a price target of ₹1,250. The analysts said that the tailwinds in the ER&D (Engineering Research & Development) industry and the FY25 outlook will drive the stock.

Price Action: Tata Tech’s share price was down 3.94% to trade at ₹1,043.95 shortly after market open on Monday.

Read Next: Titan Shares Tank 4% As Q4-Print Disappoints Brokerages