Sasken Communication reports net profit of Rs 175 cr

Sasken Communication Technologies today reported consolidated net profit of Rs 174.63 crore for the March quarter on the back of exceptional income of Rs 298.12 crore.
The net profit of the company stood at Rs 2.92 crore for the corresponding period last fiscal, it said in a BSE filing.
Net income from operations increased to Rs 119.82 crore for the reported period as against Rs 104.37 crore last year.
The company had reached a settlement in arbitration proceedings with one of its customers, wherein it received a consideration of USD 45 million (equivalent to Rs 298.12 crore) for assignment of its rights in the independently-owned IPR.

This settlement brings to an end the ongoing arbitration and terminates all ongoing obligations of the parties under the relevant agreements, Sasken had earlier said.