Sasken Communication Technologies slumped 12.61% to Rs 181.30 at 10:22 IST on BSE after the stock turned ex-dividend today, 23 January 2014, for a special dividend of Rs 22.50 per share for the year ending March 2014.
Meanwhile, the BSE Sensex was down 27.51 points, or 0.13%, to 21,310.16.
On BSE, so far 26,000 shares were traded in the counter, compared with an average volume of 43,066 shares in the past one quarter.
The stock hit a high of Rs 188 and a low of Rs 179.05 so far during the day. The stock hit a 52-week high of Rs 216.10 on 21 January 2014. The stock hit a 52-week low of Rs 100.60 on 4 September 2013.
The stock had outperformed the market over the past one month till 22 January 2014, rising 12.42% compared with the Sensex's 1.22% rise. The scrip had outperformed the market in past one quarter, rising 52.69% as against Sensex's 2.27% rise.
The small-cap company has an equity capital of Rs 21.47 crore. Face value per share is Rs 10.
Before turning ex-dividend, the stock offered a dividend yield of 10.85% based on the closing price of Rs 207.35 on Wednesday, 22 January 2014.
Sasken Communication Technologies' board at its meeting held on 20 January 2014, declared a special dividend of Rs 22.50 per share in celebration of the company's 25th year since incorporation. This is in addition to the special dividend of Rs 2.50 per equity share declared in October 2013, thus taking the total special dividend to Rs 25 per share. The dividend will be disbursed on and from 31 January 2014, the company said.
The company has set 25 January 2014 as the record date for the purpose of payment of special dividend.
On a consolidated basis and as per Indian GAAP, Sasken Communication Technologies' net profit fell 19.2% to Rs 11.12 crore in Q3 December 2013 over Q2 September 2013. Revenues remained flat at Rs 113.15 crore in Q3 December 2013 over Q2 September 2013. Earnings before interest, taxation, depreciation and amortization (EBITDA) rose 41.4% to Rs 13.58 crore in Q3 December 2013 over Q2 September 2013. The result was announced was made after market hours on 20 January 2014.
Revenues from software services rose 0.3% to Rs 108.27 crore in Q3 December 2013 over Q2 September 2013. Revenues from product group fell 4.4% to Rs 4.39 crore in Q3 December 2013 over Q2 September 2013.
Consolidated EBITDA margins were at 12% in Q3 December 2013. Services EBITDA margins were 15.1% in Q3 December 2013. Products EBITDA margins were at -60.7% in Q3 December 2013.
Revenue contribution from the top 5 customers stood at 40.5% and from top 10 customers at 59.8% in Q3 December 2013, Sasken Communication Technologies said. Four new customers were added during the quarter making the total of active customers to 139, the company added.
Sasken is an embedded communications solutions company, that helps businesses across the communications value chain accelerate product development life cycles. Sasken offers a unique combination of research and development consultancy, wireless software products and software services, and works with Network OEMs, Semiconductor Vendors, Terminal Device OEMs and Operators across the world. Global Fortune 500 and Tier 1 companies in these segments are part of Sasken's customer profile.
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