Sasken Communication Technologies lost 2.28% to Rs 201.80 at 10:26 IST on BSE, with the stock extending Monday's 7.81% slide triggered by the company reporting weak quarterly earnings on sequential basis.
Meanwhile, the S&P BSE Sensex was down 109.70 points or 0.48% at 22,521.91.
On BSE, so far 15,000 shares were traded in the counter as against average daily volume of 1.09 lakh shares in the past two weeks.
The stock hit a high of Rs 209.65 and a low of Rs 199.65 so far during the day.
Shares of Sasken Communication Technologies (Sasken) have declined 9.91% in two trading sessions from Rs 224 on 25 April 2014, after the company after market hours on 25 April 2014 reported weak Q4 March 2014 earnings on sequential basis. The stock had tumbled 7.81% to settle at Rs 206.50 on Monday, 28 April 2014.
Sasken's consolidated net profit declined 18.4% to Rs 9.07 crore on 2.8% growth in revenue to Rs 116.32 crore in Q4 March 2014 over Q3 December 2013. EBITDA (earnings before interest, taxation, depreciation and amortization) declined 13.7% to Rs 11.74 crore in Q4 March 2014 over Q3 December 2013.
Sasken's consolidated net profit rose 29.2% to Rs 9.07 crore on 2.6% growth in revenue to Rs 116.32 crore in Q4 March 2014 over Q4 March 2013. EBITDA declined 6.7% to Rs 11.74 crore in Q4 March 2014 over Q4 March 2013.
The company added 4 new customers during the quarter making the total of active customers to 133.
Sasken's consolidated net profit surged 61.1% to Rs 51.47 crore on 3.5% decline in revenue to Rs 458.03 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013). EBITDA rose 27.4% to Rs 53.39 crore in FY 2014 over FY 2013.
Sasken said it has reorganized its business unit structure to better align with the market. It will now focus on two key business segments, Communication & Devices and IT Services and four practices consisting of ErND practice, Testing Practice, Applications and Data Services Practice and the Infrastructure Practice.
Sasken Communication Technologies' board of directors at its meeting held on Friday, 25 April 2014, declared interim dividend of Rs 3 per share and final dividend of Rs 1.50 per share for FY 2014, subject to the approval of shareholders at the Annual General Meeting.
Sasken is a global leader in providing embedded R&D services, comprehensive testing services, IT infrastructure services and application development & data services to device OEMs, network OEMs, semiconductor vendors, operators and retail & insurance enterprises across the world
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