Zensar Technologies shares traded near a 52-week low on Friday after the company reported a weak September quarter after EBITDA margins contracted for the seventh quarter. During the quarter, Zensar’s margins fell 280 basis points to 8.5% in the single digits. The salary hike in the quarter impacted the company’s profit margins.

The company’s profit margin has more than halved since the third quarter of fiscal 2021 when it stood at 19.65%. Zensar’s dollar-denominated revenue fell 0.6% from June, while net profit fell by a quarter. Constant-currency revenue growth of 1.6% also lagged peers.

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Management said the company’s high-tech, manufacturing and consumer services businesses were weak due to the subdued macroeconomic environment. Together, these three businesses contributed nearly 70% of total revenue. On a positive note, the company’s deal value rose almost 14% from the June quarter to $141.8 million. Zensar Technologies shares fell 1.5% to Rs 218.50. Shares are down nearly 60% this year.