Latest News | Sasken Q2 Net Profit Up 2.4 Pc to Rs 23.27 Cr

New Delhi, Oct 21 (PTI) Sasken Technologies on Wednesday reported a 2.4 per cent increase in consolidated net profit to Rs 23.27 crore for the September 2020 quarter.

The technology services firm had posted a net profit of Rs 22.74 crore in the year-ago period, Sasken said in a regulatory filing.

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Its revenue from operations declined by 14.7 per cent to Rs 107.2 crore in the reported quarter from Rs 125.7 crore in the second quarter of 2019-20, it added.

"The uncertainty and volatility caused by the COVID-19 pandemic is still playing out. Consequently, many segments which we focus on have slowed their decision making and curtailed their spends," Sasken Technologies Chairman, Managing Director and CEO Rajiv C Mody said.

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He added that for the second half of the year, the company maintains a cautiously optimistic business outlook.

"This confidence comes in part due to our constant efforts to align our strategy in line with our customers' emergent needs...We are confident of tiding over this situation and hope to emerge stronger once this pandemic dissipates," he said.

Mody noted that the company sees continued softness in demand from the automotive segment.

"Other segments such as industrial, satellite communication, consumer electronics and semiconductors are slowly showing signs of growth," he added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)