Sasken Technologies slumped 9.67% to Rs 1138.70 after the company's consolidated net profit fell 19.33% to Rs 30.08 crore 2.19% increase in revenue from operations to Rs 106.27 crore in Q3 December 2021 over Q2 September 2021.
On a consolidated basis, the IT company's net profit fell 11.3% and revenue from operations fell 6.7% in Q3 December 2021 over Q2 December 2020. EBIT for Q3 FY22 stood at Rs 29.85 crore, down 8.6% sequentially and down 8.7% YoY. EBIT margins for the quarter stood at 28%."We continue to be focused on our business transformation agenda and is mindfui that such efforts take time to give dividends. The minor reduction in our revenue is in large part the consequence of our focusing on a better quality of customer engagements that are both scalable and long term. We continue to remain cautiously optimistic that the current upsurge in covid positivity will eventually decline. As a company that cares for all its stakeholders, we are doing our best to take care of our employees' wellbeing and serve our customers without any disruption," said Rajiv C Mody, chairman, managing director, and CEO of Sasken.
Revenue contribution from the top 5 customers stood at 45% and from the top 10 customers was at 65%. The company added 3 new customers during the quarter, taking the total number of active customers to 66.
Sasken Technologies is a specialist in product engineering and digital transformation providing concept-to-market, chip-to-cognition R&D services to global leaders in semiconductor, automotive, industrials, consumer electronics, enterprise devices, satcom, telecom, and transportation industries.
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