Sasken Communication rallies on robust Q3 earnings

Sasken Communications Technologies has rallied 12% to Rs 135 on the back of heavy volumes after reporting robust sequential net profit growth in the third quarter due to higher other income and lower expenditure.

IT services and software firm said it has posted a consolidated net profit of Rs 10.51 crore in December 2012 quarter (Q3) against profit of Rs 0.24 crore in September 2012 quarter (Q2).

Consolidated EBIDTA or operating margins were at 11%, up 430% sequentially over the previous quarter, it added.

The company’s income from operations grew 4% to Rs 117 crore from Rs 112 crore on sequential basis. Total expenditure however, declined by 2.7% at Rs 110 crore, while other income jumped almost three-fold at Rs 5.40 crore in Q3 over the previous quarter.

 

The stock opened at Rs 121 and hit a high of Rs 138 on NSE. A combined 1.14 million shares have already changed hands on the counter so far against an average sub 50,000 shares that were traded daily in past two weeks.