It is my pleasure to highlight the business performance of the Sasken Group for the third quarter of FY 2019 - 20, ending December 31, 2019.
We must point out that certain statements made here or those we make subsequently in response to your queries concerning our future growth prospects are forward-looking statements. Please read the Safe Harbor clause in the second slide of our presentation for full details
Let me begin by walking you through our financials for Q3 Fiscal 2020. In Q3 FY 2019-20, the consolidated revenues for the Sasken Group were down over the previous quarter to ₹119.01 crores. Consolidated Earnings before Interest and Tax for Q3 fiscal ‘20 were ₹21.30 crores, an increase of 47.5% sequentially. Consolidated PAT for Q3 fiscal ‘20 was at ₹23.45 crores, up by 3.1% over the previous quarter. PAT margins for Q3 fiscal ’20 were 19.7%. Consolidated earnings per share, was ₹14.83 for the quarter. Cash and cash equivalents were approximately ₹414.75 crores as of Dec 31, 2019.
On the people front, the headcount for the Sasken Group stood at 1,628 as of December 31, 2019. The annualized attrition rate stands at 24.3%.The utilization during Q3 FY 20 across the Sasken group was 74.1%. We continue to onboard and train new graduate engineers, specifically in competencies that are criticial to our delivery needs. We have refreshed our training calendar and have launched numerous training programs covering both the behavioural and technical needs of our talent pool.
We have successfully added 4 new customers during the quarter, taking the total number of active customers to 91.
In the product engineering space, our offerings addressing products built using the Android ecosystem are finding resonance in the market. We are seeing an increased need for our security management expertise and solutions to help product manufacturers seamlessly manage upgrades to the latest version of the Android platform. In the modem and network space we have seen growth in business especially from customers who are working in the areas of 4G & 5G. A leading semiconductor vendor has enlisted us as a critical partner in their solutions targeting “Automotive Cockpit Platform and Wireless Solutions.” We are revaming our offerings addressing the Industrial segment to cater to the needs of small and medium size factories trying to digitize their production and assembly lines.
There is continued traction for our offerings in Digital platforms, Data Analytics, Mobility and IoT from our customers. We had recent wins for these offerings and as a case in point, we are helping one of our Industrial customers in modernizing the application suite used in the paper and pulp industry. In addition, in the last quarter we paid significant attention to strengthening our offerings in DevOps and Digital Testing.
My team and I are grateful for the trust reposed in us and wish to assure you of our commitment to do our best for all stakeholders.
Rajiv C Mody
Chairman, Managing Director, and CEO
Sasken Technologies Limited