Sasken Technologies tumbled 8.81% to Rs 406 after consolidated net profit fell 59.7% to Rs 9.45 crore on a 5.2% decline in revenues to Rs 112.85 crore in Q4 March 2020 over Q3 December 2019.
PAT margins for Q4 March 2020 stood at 8.4% as against 19.7% in Q3 December 2019. The profit before tax (PBT) contracted 51.68% to Rs 16.22 crore in Q4 March 2020 from Rs 33.57 crore in Q3 December 2019.
Rajiv C Mody, chairman, managing director & CEO, Sasken Technologies remarked: "We have seen some headwinds in the closing quarter of this financial year, which we believe are a highly localized occurrence. These developments have resulted in a reduction in our revenues, but we have been able to manage our costs and hence post better margins. The more significant concern remains the uncertainty in the wake of the COVID-19 pandemic. We have been successful in implementing business continuity measures while ensuring the safety of all employees. We are likely to face pressures both on account of volume growth and rates. A hyper-conservative sentiment is prevailing in the macro-environment and causing these shifts. We continue maintaining active dialogues with our customers to mitigate possible risks and keep it business as usual."
The IT services provider's consolidated net profit fell 12.8% to Rs 78.83 crore on 2.4% decline in revenues to Rs 492.22 crore in the year ended March 2020 (FY20) over the year ended March 2019 (FY19). PAT margins stood at 16.1% in FY20 as against 17.9% in FY19.
PBT stood at Rs 111.96 crore in FY20, up by 1.2% from Rs 110.54 crore in FY19.
Sasken Technologies designs and develops product lifecycle management software solutions. The company offers product engineering and digital transformation services to semiconductor, smart devices and wearables, automotive, public safety, telecom, and other industries. It serves customers globally.
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