It is my pleasure to highlight the business performance of the Sasken Group for the first quarter of FY 2021-22, ending June 30, 2021.
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 2022. In Q1 FY 2021-22, the consolidated revenues for the Sasken Group went down by 0.74% over the previous quarter to ₹ 109.81 crores. Consolidated Earnings before Interest and Taxes for Q1 fiscal ’22 were ₹ 30.71 crores, a decrease of 9.3% sequentially. Consolidated PAT for Q1 fiscal ‘22 was at ₹ 34.00 crores, up by 16.9% over the previous quarter. PAT margins for Q1 fiscal ’22 were 31.1%. Consolidated earnings per share, was ₹22.63 for the quarter. Cash and cash equivalents were approximately ₹ 483.3 crores as of June 30,2021.
In this quarter, we experienced the brunt of the second wave and its impact. I regret to inform you that four Sasians succumbed to COVID-19 and other illnesses during this quarter. We are taking all measures to ensure our employees are constantly encouraged to safeguard themselves. As an organization we strive to support our employees in every possible way in such exigent circumstances. As part of this effort, we have arranged multiple vaccination drives across our campuses. Our primary focus has been to ensure employee well-being, maintain business continuity, and safeguard the interests of all our stakeholders.
On the people front, the headcount for the Sasken Group stood at 1,306 as of June 30, 2021. The attrition currently stands at 27% for trailing twelve months. Winning the global war for talent is a strategic priority for us at Sasken. We remain committed to the journey of transforming our business through our people.
Utilization for the quarter averaged 85.7%
We have successfully added 2 new customers during the quarter, taking the total number of active customers to 68.
The enterprise segment continues to offer us opportunities to expand. Security and upgrade of Android versions are now much needed for a wider range of smart products including tablets, set top boxes, wearables and other IoT enabled products for a smart connected living. We have expanded the scope of our engagement with one of our Japanese clients to manage their family of tablets in addition to the work we do for their smartphones.
We have expanded our portfolio of Android version and security management for another Japanese customer which has taken the shape of a multi-year engagement. As the adoption of 5G continues to see an uptick, our expertise is being sought for New Product Introduction (NPI) services to create a roadmap of devices for a leading Japanese OEM.
In the automotive area, we see business opportunities in the growing market for electric two-wheelers. Our expertise in connectivity, designing digital clusters and power management will result in growth possibilities in this burgeoning segment. We are beginning to see traction in the electric vehicle segment where we are working on charging solutions which are critical for the success of electric vehicles. We continue to see good business momentum in offering infotainment solutions for the automotive industry. As the connected car is rapidly becoming a reality, we are hopeful to see traction in the demand for what are termed as ‘inside car’ and, ‘outside car’ services such as application to vehicle, vehicle to vehicle/infrastructure services.
In semiconductors, we see continuity of our engagements on the computing side for systems based on Linux/Windows™ with requirements for enhanced security supporting enterprise applications. The traction in the semiconductor segment is largely centered around our strength in the silicon platforms, maintenance, development, testing and validation space. The intersection of Android into the automotive space continues to present new vistas of growth.
In the digital space we are focused on three vectors (a) enhancing customer experience through platform engineering and an array of responsive web/mobile applications, (b) providing the much need integration between data and analytics to move from ‘insights to intelligence’ and (c) a suite of digital automation frameworks including DevOps. These services are offered across all the verticals we serve and in addition to the transportation vertical.
We monitor and manage the volatile business environment, through timely analysis of external developments and regular dialogue with our customers and employees.
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