Sasken Communication drops after poor Q3 earnings

Sasken Communication Technologies fell 4.14% to Rs 245.20 at 9:49 IST on BSE after consolidated net profit fell 82.5% to Rs 16.14 crore on 0.8% decline in revenues to Rs 107.28 crore in Q3 December 2014 over Q2 September 2014.

The Q3 result was announced after market hours yesterday, 19 January 2015.

Meanwhile, the S&P BSE Sensex was up 141.68 points or 0.5% at 28,403.69.

On BSE, so far 37,000 shares were traded in the counter as against average daily volume of 46,000 shares in the past two weeks.

The stock hit a high of Rs 256 and a low of Rs 240.40 so far during the day.

Sasken Communication Technologies' consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) fell 35.5% to Rs 6.32 crore in Q3 December 2014 over Q2 September 2014. Software services revenues fell 0.1% to Rs 104.03 crore in Q3 December 2014 over Q2 September 2014.

Sasken Communication Technologies said that the board of directors of the company at its meeting held on 19 January 2015, declared payment of interim dividend of Rs 2.50 per share.

Sasken provides Engineering R&D and Productized IT services to global tier 1 customers in the Communications & Devices, Retail, Insurance and Independent Software space.

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