Business Daily from THE HINDU group of publications
Friday, Oct 17, 2008
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Business Daily from THE HINDU group of publications Friday, Oct 17, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate Results
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Software Forex losses weigh on Sasken Q2 net
Our Bureau Bangalore, Oct. 16 Foreign exchange losses of Rs 13.8 crore impacted Sasken Communication Technologies Ltd’s profit growth for the quarter-ended September 2008, even as the company decided to foreclose its buy-back. Sasken’s net profit declined 28 per cent to Rs 10.37 crore for the September 2008 quarter, compared with Rs 14.33 crore in corresponding quarter last fiscal. Revenues grew 23 per cent to Rs 176 crore (Rs 143 crore). “We have already crossed the minimum threshold of 4 lakh shares by buying back about 9.4 lakh shares. So we have decided to close the buy-back on October 24. This should help us preserve liquidity in the current turbulent market conditions,” said Ms Neeta Revankar, Chief Financial Officer, Sasken. The Sasken scrip shed 4 per cent on the Bombay Stock Exchange to close at Rs 94.10 in a weak market. The company had Rs 81 crore in cash and cash equivalents as of September-end. Sasken has about $70 million in hedges, its net receivables for 12- month period. Sasken added 11 new clients during the quarter increasing its overall client base to 96, while royalties accounted for a third of product revenues. Challenging environment“The products business showed robust growth and kept up the momentum that was generated in the previous quarters, but the overall market environment for our services business remains challenging,” said Mr Rajiv Mody, Chief Executive Officer. “The company is cautious in the near term,” he added. The operating margins expanded to 23.5 per cent in the September quarter from 21.8 per cent in the previous quarter. The overall margins were aided by improving margins at its services and products business. Sasken bucks slowdown; profit up 115% in Q1 More Stories on : Software | Forex
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