Sasken Tech tumbles 4% after Q1 revenue declines

The company’s EBITDA stood at Rs 31 crore in the quarter under review, marking a 42 percent jump from Rs 21 crore in the corresponding quarter last year. Its employee cost also increased 20 percent to Rs 75 crore YoY

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Sasken Technologies Limited shares fell 4 percent to Rs 956 at about 11:50 am on July 27, following a year-on-year (YoY) decline in revenues for the June quarter. Around 46,000 shares changed hands on the NSE, compared to the one-month average of 37,000 shares.

The company reported a net profit of Rs 25 crore for the quarter, up nearly 70 percent YoY. However, revenue from operations declined 2.8 percent to Rs 98.5 crore in June 2023 from Rs 101 crore in the same quarter last year.

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The company’s earnings before interest, tax, depreciation and amortisation (EBITDA) stood at Rs 31 crore in the quarter under review, marking a 42 percent jump from Rs 21 crore in the corresponding quarter last year. Its employee cost also increased 20 percent to Rs 75 crore YoY.

Furthermore, the Banglore-based company announced on July 26 that Sanjay Shah has resigned as a non-executive independent director of the company. “Resignation was due to personal reasons. There are no other material reasons for resignation,” the company said in a disclosure to the exchanges.

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