Sasken Technologies slips after Q4 PAT declines 10% QoQ

Sasken Technologies declined 4.58% to Rs 891.5 after the IT company reported a 10.6% fall in consolidated net profit to Rs 26.88 crore in Q4 FY22 over Q3 FY22.

Consolidated net sales grew by 2.74% quarter on quarter but declined 1.3% on year on year on basis to Rs 109.18 crore in Q4 FY22. Profit before tax fell 9.5% quarter on quarter and 13.7% year on year to Rs 33.95 crore in Q4 FY22.

Consolidated earnings before interest and taxes stood at Rs 29.36 crore in Q4 FY22, declining 13.2% year on year and 1.6% quarter on quarter. EBIT margin for the quarter stood at 26.9% in Q4 FY22 as against 28% in Q3 FY22.

Revenue contribution from the top 5 customers stood at 40%. The IT firm added 5 new customers during the quarter, taking the total number of active customers to 65.

As of 31 March 2022, the company's headcount stood at 1,374. The attrition for trailing twelve months stood at 36%.

The IT firm posted a 12% rise in consolidated net profit to Rs 128.25 crore in financial year ended 2022 over financial year ended 2021. Net sales fell 2.5% to Rs 433.9 crore in FY22 over FY21.

Rajiv C Mody, chairman, managing director and CEO of Sasken said, When I examine our performance, we have performed credibly when it comes to maintaining our profitability despite the extraordinary circumstances that have been globally impacting businesses. While our topline hasn't grown to the extent anticipated, we believe that in fiscal FY22 sufficient progress has been made to lay the foundation for improving the scalability and continuity of our business. On customer conversations ascertain the value we provide to them. We strive to scale business engagements with our key accounts.

Furthermore, the company announced that Neeta S Revankar has resigned from the post of whole time director & chief financial officer of the company with effect from 30 June 2022.

Meanwhile, the company's board recommended a final dividend of Rs 13 per equity share for the year ended 31 March 2022.

Sasken Technologies is a specialist in product engineering and digital transformation providing concept-to-market, chip-to-cognition R&D services to global leaders in semiconductor, automotive, industrials, consumer electronics, enterprise devices, satcom, telecom, and transportation industries

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