It is my pleasure to highlight the business performance of the Sasken Group for the third quarter of FY 2020-21, ending December 31, 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 Q3 Fiscal 2021. In Q3 FY 2020-21, the consolidated revenues for the Sasken Group were up over the previous quarter to ₹113.89 crores. Consolidated Earnings before Interest and Taxes for Q3 fiscal ’21 were ₹32.68 crores, an increase of 34.5% sequentially. Consolidated PAT for Q3 fiscal ‘21 was at ₹ 33.90 crores, up by 45.6% over the previous quarter. PAT margins for Q3 fiscal ’21 were 29.7%. Consolidated earnings per share, was ₹22.57 for the quarter. Cash and cash equivalents were approximately ₹446.25 crores as of December 31, 2020.
We take pride in our talent pool that has consistently delivered high impact customer and business outcomes in an environment that was fraught with constant change and disruption. The headcount for the Sasken Group stood at 1,444 as of December 31, 2020. The attrition currently stands at 23.1% for trailing twelve months. In this global war for talent, Sasken remains deeply invested in attracting and nurturing talent with both width & depth of technology expertise.
We will provide compensation revision for certain bands effective January 2021. These revisions will increase our wage bill and hence lead to impact our EBIT in the coming quarter.
Utilization for the quarter averaged 82%
We have successfully added 4 new customers during the quarter, taking the total number of active customers to 79.
In the third quarter of the financial year, we continue pursue our journey of moving from ‘project led’ to ‘sustainable long-terms engagements’. We remain optimistic about the recovery from the current uncertainty as customers are beginning to ramp up spend to remain competitive as the world copes with and plans for post pandemic growth.
Despite the current global economic climate, we continue to win business from both existing and new customers. In the automotive segment we are beginning to see greater traction with Tier-1s and OEMs as they commence planning for next-gen product launches. The motivation for investment in product engineering services remains in the spheres of 5G, autonomous driving, safety, and in-vehicle infotainment systems. Your Company maintains its position as an Android powerhouse and has won business to provide product engineering services to both the existing portfolio and new-to-market products of market leaders in the enterprise device segment.
In the Digital arena, we are exploring new markets by bringing novel solutions such as ‘Automated Insight to Action’ and ‘Smart Product’ development thereby enabling customers to layer revenue generating propositions for their customer base. We also started a new engagement in the Digital web application space with a global tech giant.
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