Sasken net grows 78 p.c. in Q2

BANGALORE: Sasken Communication Technologies Ltd has posted a net profit of Rs 11.67 crore for the second quarter ended September 30, 2005, a growth of 78 percent compared Rs 6.55 crore posted during the corresponding quarter last year.

During the Q2, the company's revenues grew by 46.5 percent to Rs 86.39, compared to Rs 58.96 crore registered during the second quarter of 2004.

Revenues for the half-year ended September 30, 2005 stood at Rs 154.13 crore, a growth of 41.1 percent over the corresponding period last year. Profit after Tax (PAT) was Rs 16.44 crore, up 58.1 percent over the same period last year.

During the quarter, the company successfully launched a new business vertical — Service Providers; signed up and commenced billing for a large global Tier 1 customer

A gross total of 474 people were added in the Q2, taking the total employee strength to 2466 as on September 30, 2005.

Commenting on the performance, Rajiv C. Mody, Chairman and CEO, Sasken Communication Technologies Ltd, said, “Our focus on R&D outsourcing in the telecom vertical is paying off. With the aim of connecting all the dots in the telecom value chain, we have been making strategic investments in developing new offerings. This has resulted in us entering the Service Provider vertical and signing up a marquee Tier 1 global customer.”

The second quarter was also an important quarter for Sasken as they entered the capital markets through a successful Initial Public Offering (IPO), which was oversubscribed 78 times, with 5,000,000 shares being finally allotted at the upper end of the price band at Rs 260. Sasken plans to use these funds primarily towards building captive infrastructure.