Dear Analyst,
It is my pleasure to highlight the business performance of the Sasken Group for the second quarter of FY 2020-21, ending September 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 Q2 Fiscal 2021. In Q2 FY 2020-21, the consolidated revenues for the Sasken Group were down over the previous quarter to ₹107.28 crores. Consolidated Earnings before Interest and Taxes for Q2 fiscal ’21 were ₹24.31 crores, an decrease of 17.6% sequentially. Consolidated PAT for Q2 fiscal ‘21 was at ₹ 23.28 crores, down by 17.7% over the previous quarter. PAT margins for Q2 fiscal ’21 were 21.6%. Consolidated earnings per share, was ₹15.50 for the quarter. Cash and cash equivalents were approximately ₹398 crores as of September 30, 2020.
People
On the people front, the headcount for the Sasken Group stood at 1,508 as of September 30, 2020. The attrition currently stands at 22.02% 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 81.7 %
Customers
We have successfully added 2 new customers during the quarter, taking the total number of active customers to 80.
Business highlights
For the second half of the financial year, we are following a cautiously optimistic outlook keeping in mind the ongoing uncertainty caused by COVID-19’s global presence. Despite this global development, the segments we work in are re-aligning their strategies and plans to operate and grow. We have also seen follow-on wins with our existing customers, who are confident in our ability to consistently deliver during these uncertain times.
We have further cemented our leadership position in the Android expertise with world-class solutions for upgrades and security management. A reputed Japanese organization has entrusted us with multiple projects for managing their Android upgrades. These devices are used by American network providers for enterprise customers. We have bagged a contract from a European railway equipment manufacturer for providing accurate digital insights to a German railway operator.
A significant win this quarter is a multi-year prestigious deal with an American multinational conglomerate. We have been entrusted to handle the security management releases for their Android devices.
Dividend:
The Board of Directors have declared an interim dividend of Rs.10 per equity share for the financial year 2020-21.
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
