Sasken Technologies surges 13% on strong Q2 results

The stock trading at its 52-week high has outperformed the market by gaining 29% in past two months against 3% rise in the S&P BSE Sensex.

Sasken Technologies surged 13% to Rs 595 on the BSE after the company reported a strong 55% year-on-year jump in its consolidated net profit at Rs 18.77 crore in September 2017 quarter (Q2FY18). The company had profit of Rs 12.12 crore in the same quarter year ago (Q2FY17).

Revenue from operations grew 6% at Rs 125 crore against Rs 118 crore in the corresponding quarter of previous fiscal. On sequential basis, net profit and operational revenues increased by 8.5% and 6.2%, respectively.

EBITDA (earnings before interest, tax, depreciation and amortization) margins improved to 15% in Q2FY18 from 9.2% in Q2FY17.

The company added 8 new customers during the quarter taking the total number of active customers to 126.

“Sasken has signed on a significant new deal in the Satellite segment. We are confident that our strengthened product engineering and digital transformation suite of services will help us expand our market reach and deepen the longstanding partnership we have with marquee customers,” Rajiv C Mody, Chairman, Managing Director & CEO, Sasken Technologies said.

The board has declared an interim dividend of Rs 2.50 per equity share of Rs 10 each (25%).

The stock trading at its 52-week high value has outperformed the market by gaining 29% in past two months. On comparison, the S&P BSE Sensex was up 3% during the same period.

At 10:10 AM; it was trading 8% higher at Rs 574 against 0.17% decline in the benchmark index. The trading volumes on the counter more than doubled with a combined 328,466 shares changed hands on the BSE and NSE so far.