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Sasken Tech tumbles after poor Q1 results

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Sasken Technologies fell 5.69% to Rs 588 at 10:08 IST on BSE after the company's consolidated net profit fell 15.56% to Rs 23.18 crore on a 0.65% decline in net sales to Rs 134.66 crore in Q1 July 2019 over Q4 March 2019.

The announcement was made after market hours yesterday, 18 July 2019.

Meanwhile, S&P BSE Sensex was down 208.25 points or 0.54% at 38,689.21.

On BSE, 1,273 shares were traded in Sasken Technologies counter, compared to a 2-week average of 916 shares. The share price hit an intraday high of Rs 618 and an intraday low of Rs 582.80. It hit a 52-week high of Rs 1,049.95 on 11 September 2018 and a 52-week low of Rs 571.45 on 15 February 2019.

Consolidated EBITDA rose 0.8% at Rs 24.64 crore in Q1 June 2019 over Q4 March 2019. EBITDA margins stood at 18.3% in Q1 June 2019 compared with 18% in Q4 March 2019. Software services revenues fell 0.7% at Rs 134.65 crore in Q1 June 2019 over Q4 March 2019.

Rajiv C Mody, chairman, managing director and CEO of Sasken Technologies, said "We have successfully added 10 new customers during the quarter taking the total number of active customers to 98. We anticipate headwinds and tough times ahead, and are confident of putting in place measures including prudent cost management to tide over the period of transformation. As signaled in the previous quarter, the strategic business shift of one of our customers has resulted in their exit from the 5G modem space and has impacted our business with them."

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, smart devices & wearables, enterprise grade devices, SatCom and transportation industries.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, July 19 2019. 11:09 IST