Business Daily from THE HINDU group of publications
Tuesday, Oct 16, 2007
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Business Daily from THE HINDU group of publications Tuesday, Oct 16, 2007 ePaper |
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Financial Performance Corporate Results - Software Info-Tech - Financial Performance Sasken posts higher net on broad-based growth
In upbeat mood: Mr Rajiv Mody, Chairman and CEO. Our Bureau Bangalore, Oct. 15 Sasken Communication Technologies has registered a 14 per cent growth in net profit and 22 per cent rise in revenues for the September quarter (Q2 FY08) over the corresponding last year. The net profit stood at Rs 14.3 crore on a revenue of Rs 143.2 crore for the second quarter compared with a net of Rs 12.5 crore on revenues of Rs 117.5 crore in the corresponding period last year. Sequentially, the net profit and revenues were up 124 per cent and 12 per cent, respectively. The Sasken stock hit an intraday high of Rs 348.70 before closing at Rs 328.55 on Monday, a gain of 5.54 per cent, over previous close. The Chairman and CEO, Mr Rajiv Mody, attributed the company’s Q2 performance to a broad-based growth across all its business segments. Commenting on the slowdown in the US, Mr Mody said the company has not seen any negative impact. “Nothing would worry me. We are targeting a 20-25 per cent growth in dollar terms for the current financial year,” he said. Sasken registered a 12.8 per cent growth in revenues in dollar terms during the second quarter. “In spite of a rupee appreciation of 1.2 per cent over the quarter, the operating margins in our services business has improved to 20 per cent,” he said. The company added nine new customers increasing its overall active customer base to 89. Revenue contribution from the top clients declined marginally to 74 per cent. The company had a total hedge of $46 million at the end of September 2007. Sasken added a total of 476 people (net addition of 143) to increase its overall headcount to 3,656. Mr Mody said the company expects to add another 500 people in the remaining two quarters. More Stories on : Financial Performance | Software | Financial Performance
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