It is my pleasure to highlight the business performance of the Sasken Group for the first quarter of FY 2020-21, ending June 30, 2020.
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 Q1 Fiscal 2021. In Q1 FY 2020-21, the consolidated revenues for the Sasken Group were up over the previous quarter to ₹113.06 crores. Consolidated Earnings before Interest and Taxes for Q1 fiscal ’21 were ₹29.51 crores, an increase of 54.8% sequentially. Consolidated PAT for Q1 fiscal ‘21 was at ₹ 28.28 crores, up by 199.2% over the previous quarter. PAT margins for Q1 fiscal ’21 were 25%. Consolidated earnings per share, was ₹18.83 for the quarter. Cash and cash equivalents were approximately ₹366.98 crores as of June 30,2020.
On the people front, the headcount for the Sasken Group stood at 1,520 as of June 30, 2020. The attrition currently stands at 25.05% for trailing twelve months. We continue to take all actions under our control to attract, retain, and nurture our talent pool.
Utilization for the quarter averaged 73.9 %
We have successfully added 4 new customers during the quarter, taking the total number of active customers to 87.
We continue to navigate the challenging business environment arising from the global pandemic. Our performance in Q1 is reasonably close to our expectations, which has been revised to reflect the uncertainty seen in the market. It is likely that we will face headwinds in the second half of the year. We are closely monitoring the situation to ameliorate any negative impact.
In the industrials space, we are providing product enhancements for a manufacturer of industrial machinery. Our engagement with a market leader in the enterprise device segment has expanded to include security management and software upgrades for Android devices. In the semiconductor segment, we are augmenting existing engagements on platforms with application in the automotive and consumer electronic spheres. In addition, we have commenced work with a Japanese automotive Tier-1 providing 5G network access support for their V2X platform.
Given the volatility in the business environment, we rigorously monitor our performance on both revenue and cost fronts. We continue to monitor and manage our operational expenses, especially the largest component which is our people cost. These actions endeavour to keep our costs in in line with business needs. In addition, we have made a judicious choice to optimise space and other associated costs, as working from home is likely to be the norm in the medium term.
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