Stock in Infotech Enterprises slipped 2.85 per cent to Rs 163.75 a share on the Bombay Stock Exchange on Thursday, after the engineering services provider posted a 22.36 per cent fall in profits for the quarter ended March 31.

Net profit slipped a whopping 53.40 per cent to Rs 43.16 crore in the three months ended March 31, as against Rs 92.61 crore in the corresponding quarter of the previous year; even as sales increased 13.89 per cent year-on-year to settle at Rs 263.23 crore in the quarter under review.

The company suffered a decline in income in segments like telecom, aerospace, utilities and heavy transportation. Business also suffered due to a temporary work stoppage in an oil & gas business.

Work stoppage at two divisions of a semiconductor manufacturer client and at a utility customer in the United States also affected Infotech Enterprises' business.

A number of the company's American clients implemented budget cuts, which led to fall in business for Infotech Enterprises.

However, Infotech Chairman & Managing Director B. V. R. Mohan Reddy said he was confident the company would enjoy a significantly better business in the current financial year.