The Hindu Business Line : Sasken’s Q4 net falls 74%

Bangalore, July 1 A one-time charge of Rs 15.19 crore relating to losses on impairment of capitalised software products impacted Sasken’s net profit for the fourth quarter ended March 2009.

The fourth quarter net profit fell 74 per cent to Rs 3.9 crore over that in the corresponding last quarter, while revenues were up seven per cent at Rs 168.3 crore.

For the year-ended March 2009, Sasken reported a 7 per cent rise in net profit at Rs 42.3 crore on revenues of Rs 697.8 crore over the previous year. Software services revenues were up 21 per cent at Rs 636 crore, while the product group revenues grew 34 per cent year-on-year to Rs 61 crore.

“The actions taken in the last two quarters to control costs have paid off and we have achieved a reasonable operating margin growth in our services business, under challenging conditions,” said Mr Rajiv Mody, Chief Executive Officer, in a statement. Consolidated operating margins stood at 23.5 per cent for the year.

Sasken added five new clients during the fourth quarter to increase its overall active customer base to 94.

Billing rates down

The Chief Financial Officer, Ms Neeta Revankar, said the billing rates were down 3 per cent during the quarter, while volumes fell 9 per cent. Sasken expects rates to fall further during the first quarter of fiscal 2010 and stabilise later.

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