Sasken Technologies Tuesday said its consolidated net profit grew 5.7 per cent to Rs 27.45 crore in the March 2019 quarter and announced a buyback programme of up to Rs 170 crore.
The company, which had posted a net profit of Rs 25.98 crore in the March 2018 quarter, said it would buy back 19.98 lakh shares from shareholders at Rs 850 apiece.
Its revenue from operations increased by 5.3 per cent to Rs 135.54 crore in the reported quarter from Rs 128.73 crore in the fourth quarter of 2017-18, Sasken said in a regulatory filing.
On the buyback, the company said the "board has unanimously approved the proposal to buy back up to 19,98,678 fully paid-up equity shares...at a price not exceeding Rs 850 per equity share...for a total consideration not exceeding Rs 16,988.76 lakh".
Sasken added that it has formed a committee to oversee and implement the buyback programme. The public announcement setting out the process, timelines and other requisite details will be released in due course, it added.
Promoters held 45.16 per cent stake in the company, while public shareholding was at 54.46 per cent and Sasken Employees Welfare Trust had 0.38 per cent holding as on April 18, 2019.
IT firms like Infosys (Rs 8,260 crore), Wipro (Rs 10,500 crore) and Tech Mahindra (Rs 1,956 crore) have used the buyback route this year to return surplus cash on books to shareholders.
For 2018-19, Sasken's net profit was higher by 9.7 per cent to Rs 90.42 crore, while revenue from operations increased marginally to Rs 504.31 crore as against the previous fiscal.
At the end of the March 2019 quarter, Sasken had 1,833 employees and annualised attrition stood at 30.3 per cent.
The board has also recommended a final dividend of Rs 7.50 per equity share for the year ended March 2019, subject to shareholder approval.
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