The Hindu Business Line : Sasken bucks slowdown; profit up 115% in Q1

Bangalore, July 18 Sasken Communication Technologies Ltd reported a 115-per cent increase in its net profit at Rs 13.7 crore for the quarter ended June 30 over the corresponding period last fiscal.

The company also posted a higher net income, which registered a growth of seven per cent at Rs 168.1 crore for the period. The company’s net, however, saw a dip of 7 per cent quarter-of-quarter for the period.

Announcing its consolidated results, Sasken said it improved its software services revenue 25 per cent for the first quarter during financial year 2009 at Rs 139.4 crore while its product earnings grew three per cent to Rs 18.2 crore compared with Rs 8.7 crore in the corresponding quarter of last year.

Sasken shares rose 3.68 per cent at Rs 139.45 at close on Friday against Rs 134.50 on Thursday.

New customers

The company said it added five new customers during the quarter, taking its total number of clients to 86. Its overall financial performance for the period also defied the general expectation of slowdown affecting the IT companies, with its top five customers contributing an average revenue of 72 per cent, and with 83 per cent coming from the top ten customers.

The company also added 202 employees during the first quarter of 2009 with utilisation.

Mr Rajiv Mody, CEO, Sasken, said: “I am satisfied with the results given the challenging environment that we continue to face. We closed a very significant deal with a key tier-1 handset vendor in the last quarter. This deal enables us to service this vendor on their development platform.”