Majesco, a core insurance software and consulting services firm, on Wednesday said it has reported a net loss of USD 0.8 million, or USD (0.02) per share for the fourth quarter ended March 31, 2017, compared to net loss of USD 1.5million, or USD (0.04) per share in the year ago period. Revenue for the fourth quarter ended March 31, 2017 decreased to USD 28.2 million as compared to USD 32.3million in the corresponding quarter of last year.

“The 12.7 per cent decrease during the quarter was due to a number of traditional P&C programs moving from implementation to support mode, subscription based programs with lower implementation revenues replacing them and the reprioritization of a large L&A program in September 2016,” said Majesco in a filing to BSE. Adjusted EBITDA stood at USD 1.6million (5.7% of revenue) as compared to a negative USD 0.4 million (1.3% of revenue) for the quarter ended March 31, 2016. “During Fiscal 2017, we experienced a distinct shift in preference by insurance carriers for fast, nimble and flexible engagements along with pay as you grow model as opposed to long and expensive modernization programs,” stated Ketan Mehta, CEO and Co-Founder. Meanwhile, shares of company opened at Rs 356.00 apiece, down 0.89 per cent, from previous close on BSE at 9:18 hour.

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