Sasken Communication Technologies Ltd

BSE: 532663 | NSE: SASKEN | ISIN: INE231F01020 
Market Cap: [Rs.Cr.] 467 | Face Value: [Rs.] 10
Industry: Computers - Software - Medium / Small

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Management Discussion and Analysis Report


Management’s discussion and analysis of financial performance

The consolidated financial statements have been prepared in compliance with therequirements of the Companies Act, 1956, and Generally Accepted Accounting Principles(GAAP) in India. The management accepts responsibility for the integrity and objectivityof these consolidated financial statements, as well as for various estimates and judgmentsused in preparing the financial statements. The management’s discussion and analysisis based on the consolidated financial statements.

Company brief

Sasken is an embedded communications solutions company that helps businesses across thecommunications value chain accelerate product development life cycles. Sasken offers aunique combination of research and development consultancy, wireless software products andsoftware services, and works with Network OEMs, Semiconductor Vendors, Terminal DeviceOEMs, Operators, Auto, Consumer Electronics and retail enterprises across the world.Global Fortune 500 and Tier 1 companies in these segments are part of Sasken’scustomer profile. Established in 1989, Sasken employs 2,000+ people, operating from state- of - the - art research and development centers in Bangalore, Pune, Chennai andHyderabad in India, Kaustinen and Tampere in Finland. Sasken is also present in Beijing(China), Korea, Kanagawa (Japan), London (UK), Chicago, Dallas & Santa Clara (USA) andSeoul (South Korea).

Sasken has carved a unique position by a thorough understanding of all components ofthe communications eco - system. The value proposition that Sasken brings is its uniqueability to reduce time to market enabling OEMs to speed up their product launch. Inaddition, Sasken can help customers keep pace with constant changes due to evolution oftechnology and the resultant fragmentation, by helping customers deliver products that arecompatible and conform to current releases of both hardware and software.

In addition to being directly involved in the development of a variety of technologies,Sasken is a member of premier technology bodies and forums. Sasken quality managementsystems are certified by ISO 9001:2000, ISO 27001 and TL 9000 standard bodies.Sasken’s commitment to environment is highlighted by its ISO 14001 certification.


The headwind due to a prolonged economic recession has impacted all sectors of theindustry and the technology sector is no exception. In addition, in the technologyindustry, there is a high degree of churn which continues to disrupt the ecosystem thatserves it. The positive upshot of all this however is, competitive pressures have resultedin a stronger emphasis on maximizing returns on global engineering R&D spends. NASSCOMestimates that there has been a cumulative annual growth rate of approximately 10% onengineering R&D spends.

Business environment

The explosive growth in the adoption of smartphones and tablets is making a significantimpact in the traditional world view of computing and communications. Together, thesedevices have had a deep influence on business as well as social communication. These newera devices are expected to dwarf personal computers and are eventually substitute them inmost contexts. The telecommunications vertical is responding to two years of muted growthby investing heavily in newer and efficient technologies like LTE and adopting innovativebusiness models to combat the loss in revenue. The increase in internet / data access viasmartphones and tablets are placing enormous pressures on networks which struggle to copewith the surge in traffic. Service providers are turning to enhancing network performanceto remain competitive. These trends will make companies stretch their returns from theirR&D investments and drive them to explore partnership models.

The uptake in engineering R&D spends is predominantly from verticals likeautomotive, consumer electronics and telecommunications. In addition, a significantportion of this engineering R&D spend is expected to be outsourced to Asian economies,notably India and China. Companies are now extending their focus beyond efficiency toaddress issues such as localizing product development for emerging markets and addressingthe need to incorporate mobility and connectivity as an integral part of their productportfolios.

As the smartphone and tablet players extend their focus to serving needs of mass marketusers, a clear stratification of OEMs will result. The three - cornered race for mobileoperating systems is getting hotter with new entrants like Tizen and Firefox, who arealready seeing market traction. The domination by vertically integrated players like Appleis making those who are relying on open source systems to rethink their strategies andshift their focus toward software, which will soon be a key differentiator. Automanufacturers are today viewing the car as ‘connected’ and increasingly seekingsolutions that can enhance driver assistance, safety and passenger entertainment. Consumerelectronic device manufacturers are buoyed by the emergence of the ultra high definitionTV and the increasing appetite for seamless connectivity between all domestic appliancesand the smart phone. The nexus of forces between social, mobile, location, cloud arecontextually enriching the way we communicate. These forces are enabling players indiverse areas such as retail, healthcare and public safety, on one hand to better servicetheir customers and on the other hand to enhance their internal efficiency.

These trends largely auger well for a robust demand for engineering R&D serviceproviders, an area in which we have been specializing for over two decades now.

Growth opportunities for Sasken

The tectonic shifts in the technology sectors have resulted in companies seeking newermodels for collaborative product development. Propelled by this vortex of pressure,companies are engaging with service providers who can offer more than skill basedaugmentation to meet volume requirements. Most manufacturers have globally distributedinnovation centres which are also coming under pressure to move up on the value they bringto their head quarters. These shifts are being labeled by some industry analysts as theemergence of a demand for providers of global product development services.

We have been one of the forerunners in providing product development services due tothe robust nature of our offerings portfolio. We have a strong competency base in areasincluding Modem & Connectivity, Smart Devices & System Software, IC Design,Networks, Multimedia and Semiconductor solutions. In addition, we have made investments inbuilding capabilities to address the needs of enterprise mobility and healthcare. Theinvestments that we have made in our training engine and internal competency managementsystem ensure that we have the requisite breadth and depth of knowledge to continually addvalue to our customers.

In our endeavour to strengthen existing offerings and create newer ones, we have manyongoing asset creation programs. These efforts are further bolstered by several boot campswe run internally to foster an environment that encourages innovation. We take stock ofthese offerings and solutions by inviting both existing and prospective customers to ourbi - annual event called KenTechFest.

We have also begun the process of expanding our portfolio of offerings to address newareas like:

• Machine - to - Machine (M2M) communication

Our joint venture with IDG, ConnectM has built a scalable M2M platform which has beentested in the Indian market. This platform services the needs of telecom service providersto monitor their tower based infrastructure. Additionally, this platform has been deployedto monitor and manage the energy consumption of large enterprises. We have signed up apartnership program with Verizon nPhase and are exploring opportunities to leverage thisin the international markets.

• mHealth

We are expanding our horizons in the mHealth arena beyond remote patient monitoring. Wehave built a tablet based solution for allowing patients to effectively learn and managethe progress of their treatment. This is enabled by capturing in real - time, variousparameters that allow the care giver greater insight into managing the patient’s wellbeing. With these initiatives, we are strengthening our ability to be a valuable partnerto healthcare service providers.

These areas provide us ample scope to broad - base our offerings, improve marketcoverage by enabling us to serve new and fast growing segments.

We believe that we are well placed to address the needs of being a partner who iscapable of providing global product development support to our customers. This confidencestems from our relentless focus in building competencies that straddle the entire productdevelopment cycle and spans the entire canvas, from silicon to solutions. Our 2,000+strong organization, marquee customers and deep rooted competencies differentiate us fromcompetition, enabling us to be a partner of choice when it comes to providing engineeringR&D services.

Delays and restrictions in awarding experimental license on the use of RF equipment forproduct testing continue to put pressures on the industry. Sasken actively collaborateswith other firms in the sector and work closely with industry bodies such as NASSCOM toaddress this issue for better stability of R&D outsourcing services.

We now provide a brief outlook in the different market segments that we operate in.

Mobility, Automotive and Consumer Electronics

The automotive industry continues to drive towards positioning the car as an integralpart of the mobile application platform. The motivation for this are many fold and includenavigation and driver assistance, emergency response and support, enhanced remotediagnostics, vehicle tracking and recovery and in - vehicle infotainment. We continue toconsolidate the early in - roads we have made by enriching the services that can bedelivered out of a vehicle’s infotainment system. We are building capabilities thatcan leverage the presence of a Wi - Fi supported device in the car and turn the same intoa wireless hub for seamless sharing of content and media by the passengers in the car. Wecontinue to see an uptake in the adoption of our in - vehicle infotainment systems as ourcustomer continues to service more global automotive brands.

We continue to focus our efforts in the Consumer Electronics (CE) space by targetingmanufacturers of Set Top Boxes (STBs), Digital TV solutions, Multimedia, Digital LivingNetwork Alliance (DLNA), Home entertainment and Android based solutions. We are workingwith a semiconductor vendor to support the development of STBs based on open platformssuch as Linux and Android.

The growing market for STBs in developing countries which are aggressively moving awayfrom analog cable based delivery systems to conditional access based digital systems,augers well for our CE practice. Building on our success in delivering wireless streamingcapability for premium speakers that are compatible with Apple’s Airplay, we havemade inroads to work with high - end headsets targeted toward professionals and audioenthusiasts. Our solution will allow streaming of high quality audio from the internet orsmartphones directly onto the headset.

Personal & Smart Devices

We have been seeing the bottoming out of the ramp downs from one of our largestcustomers, whose change in software strategy adversely impacted our business. The pace ofevolution of the Android platform provided us opportunities to offer services tosemiconductor vendors and smartphone OEMs and ensure that their products supported themost current version of the Android OS.

The proliferation of Android as a preferred operating system across a plethora ofdevices including phones, tablets, STBs and ruggedized terminals provided us opportunityto build and consolidate our leadership position in the Android ecosystem. Our portfolioof offerings in the Android space includes complete device productization, OS upgrades,connectivity and integration of third party components. Our hardware capabilities continueto be one of our differentiators, particularly our expertise in RF design and testing. Wehave been working with developers of RF reference designs for the LTE platform to supportproduct testing and RF tuning prior to manufacture.

Capitalizing on our investments in building competencies around the Windows 8 OS, wetake pride in supporting one of the world’s largest semiconductor manufacturers inachieving Windows 8 based hardware certification from Microsoft and thereby helping themmake an entry into the fast growing market for tablets based on the Windows 8 OS.Currently our engagements in the Windows 8 arena are with semiconductors and this upstreampartnership will help us address the needs of Windows 8 based smartphone and tablet OEMs.

In the area of ruggedized devices that address specific verticals such as civildefense, logistics and retail, we are providing services to help manufacturers migrate toopen platforms like Android. In the smartphone space, our expertise in power managementand memory optimization has helped OEMs deliver the promise of n+1 software upgrades onexisting hardware platforms resulting in better battery life, without compromise onfunctionality.

Networks, Satellite and Government

We have a deep understanding of radio access networks from GSM and its evolutionincluding GPRS and EDGE, 3G and LTE. We are engaged in providing services to a vendor ofLTE based pico base stations. Our customer’s market traction in Korea which is one ofthe leading adopters of these technologies augers well for us as many market analystsforecast greater global deployment of these pico base stations. The width of our knowledgeon access technologies has given us an opportunity to examine tail markets for 2G and 2.5Gbased networks with manufacturers focused on 4G who need to achieve backwardcompatibility.

We are engaged with a Japanese smart device OEM in providing services to enable RichCommunication Suite - enhanced (RCS - e). RCS - e addresses the operator’s need tofight revenue loss resulting from Over the Top (OTT) services by helping themdifferentiate their service offerings. The exciting features that RCS - e enables includeinstant messaging, chat, file / video sharing and transfer, across any device or network,with anyone.

We continue to build on the services we provide to manufacturers of Terrestrial TrunkedRadio (TETRA) standard based terminals used in the civil defense market and continue toexplore opportunities to services other elements of the TETRA service delivery ecosystem.

We have successfully bagged a large follow - on contract from Inmarsat to furtherenhance the ISatPhonepro that we built. We are now entrusted with providingboth hardware and software enhancements. These efforts will result in the introduction ofnew features such as integration of GPS, enhanced user interface and a complete makeoverof the RF performance of the phone. This follow - on project is testimony to the uniqueabilities that Sasken offers to its customers in the area of full product realization.

Semiconductor and Silicon Platforms

Traditionally, we have strongly focused on semiconductor and silicon platforms arena.This has enabled us to engage very early in the product development lifecycle assemiconductor manufacturers lead efforts to bring products to market. Our strengthsinclude the ability to offer full chip design services including RTL enhancements, digitalimplementation, verification, analog design, layout and physical design.

The breadth of our service offering includes the support we provide for semiconductorvendors to be able to support the latest version of Android to enable them to gain bettertraction with their customers, providing analog design services in the area ofverification and layout, enhancing security features on technologies like near fieldcommunications (NFC) fast becoming the standard for high volume, low value transactions.Additionally, we provide mission critical field testing services that pose both logisticsand technical challenges as the scope of these projects typically span 30 countries overmultiple geographies.

Opportunities are forthcoming in this segment due to the insatiable appetite formobility, better social network experience and improved quality of experience whileconsuming multimedia content. These drivers have pushed the demands on chipset vendors tooffer energy and cost efficient solutions by splitting competition tasks in a manner thatensures optimal utilization of the underlying hardware. We have been able to work with theconstraints of limited battery capacity that devices such as smartphones and tablets haveby optimizing the design of the software we deliver.

Mirroring the observations of industry analysts, we see much of the work in thesemiconductor and silicon platform area coming from segments such as automotive, consumerelectronics and wireless devices such as smartphones and tablets. As the products launchedby firms in the above mentioned sectors get past the early adopters and start addressingmass market requirements, we see opportunities emerging from challengers who positionthemselves to service such market opportunities. Further, new entrants in the mobile OSssuch as Tizen and Firefox will provide new opportunities for us as a number of device OEMshave committed to launching products based on these newer OSs.

Service Providers and Independent Software Vendors

We continue to explore ways in which we can leverage competencies we have in workingwith semiconductor vendors, OEMs producing smart devices and manufacturers of network gearto serve telecommunication service providers. Our efforts in serving telecommunicationservice providers so far have been in the area of network engineering support which weprovide through our subsidiary Sasken Network Engineering Ltd.

We recently commenced an engagement to provide audio solutions to offer superior voicecommunications in demanding environments such as trading stations for one of UK’slargest telecommunication service provider. We have worked with a leading Android basedhandset OEM to offer RCS - e services to meet the requirements of a large Europeanwireless service provider. Additionally, our field testing and country adaptation serviceshave allowed semiconductor OEMs and their partner OEMs to better address and servicecarrier specific requirements.

We have made a small but significant entry in addressing the needs of independentsoftware vendors who are emerging as pivotal constituents of the communications ecosystem.We are providing services to the global leader in building financial solutions bysupporting them in the development and testing of financial service solutions. This willenable their end users to experience seamless access to online banking solutions on theirsmart devices.

Sasken has over the last 25 years garnered an enviable set of marquee customers to whomit provides world class, cutting - edge solutions across the product developmentlifecycle, making us a leader in the mobile technology space. We continue to makeappropriate investments in further enhancing our technology capability and the skill andexpertise of our talent pool.

Financial results for the Year Ended March 31, 2013

• Consolidated revenues for FY 2013 were 347,483.08 lakhs, a decrease of 8.7%,from 351,995.83 lakhs in FY 2012.

• Software Services revenues, Network Engineering Services revenues, SoftwareProduct revenues and Automotive, Utilities and Industrial revenues net off inter segmentalrevenues were 341,344.79 lakhs, 33,177.15 lakhs, 32,744.37 lakhs and 3226.77 lakhsrespectively, for FY 2013.

• The revenue mix amongst Software Services, Network Engineering Services,Software Products and Automotive, Utilities and Industrial revenues changed to 87:7:6:0 inFY 2013 from 84:7:8:1 in FY 2012.

• Cost of Revenues decreased to 335,631.96 lakhs which was 75.0% of revenues in FY2013 as against 336,523.29 lakhs which was 70.2% of revenues in FY 2012.

• Gross profit margin, for FY 2013 was 25.0% as against 29.8% in FY 2012. Inabsolute terms, gross profit after research and development expenses were 311,851.10 lakhsin FY 2013 as against 315,472.54 lakhs in FY 2012.

• Selling, General and administration costs have decreased to 37,659.84 lakhs -16.1% of revenues in FY 2013 from 37,822.95 lakhs - 15.0% of revenue in FY 2012.

• Consolidated EBITDA was 34,191.33 lakhs in FY 2013, a reduction of 33,458.25lakhs from 37,649.59 lakhs in FY 2012. EBITDA margins were at 8.8% for FY 2013 as against14.7% for FY 2012.

• Other Income for FY 2013 was 31,764.33 lakhs (including exchange gains of3469.73 lakhs) - 3.7% of revenues, as compared to 32,640.99 lakhs (including exchangegains of 3949.17 lakhs) - 5.1% of revenues for FY 2012.

• Consolidated Profit Before Tax (PBT) saw a drop of 50.3%, to 33,972.87 lakhs inFY 2013 from 37,994.79 lakhs in FY 2012. In absolute terms, the PBT decreased by 34,021.92lakhs in FY 2013.

• Consolidated Profit After Tax (PAT) has decreased by 50.1%, to 33,195.93 lakhsin FY 2013 from 36,400.80 lakhs in FY 2012. In absolute terms, the PAT decreased by33,204.87 lakhs in FY 2013. The PAT margins for FY 2013 were 6.7% as against 12.3% in FY2012.

• Consolidated basic Earnings per Share (EPS) for FY 2013 was 313.26 (324.82 in FY2012) and diluted EPS for FY 2013 was 313.11 (324.44 in FY 2012).

• Cash and cash equivalents (including investments in mutual funds and termdeposits with banks) stood at 314,898.23 lakhs as at March 31, 2013 as compared to318,448.26 lakhs as at March 31, 2012.

• DSO days (excluding unbilled revenues) is 73 days as at March 31, 2013 (73 daysas at March 31, 2012).

• The Board of Directors has recommended a final dividend of 45%. An interimdividend of 25% was paid during the year taking the overall dividend for the year to 70%,same as that declared in FY 2012.

Results of Operations

Particulars Year Ended March 31, 2013 Year Ended March 31, 2012 Increase / Decrease
(In 3 lakhs)


(In 3 lakhs)


Revenue from Operations 47,483.08




Employee Benefits Expense 32,431.63




Inventory Related Expenses (9.00)




Other Expenses 10,869.12




Total Expenditure 43,291.75




Profit before Interest, Taxes, Depreciation and Amortization 4,191.33




Interest & Borrowing Expenses 41.34




Depreciation and Amortization Expense 1,941.45




Other Income 1,764.33




Profit before Taxes 3,972.87




Income Tax Expense 776.94




(Including deferred tax benefit and MAT credit entitlement)
Net profit for the year 3,195.93





Revenue from Operations

We derive revenues from software services, product and technology licensing, andinstallation and commissioning services. Revenue from time and material service contractsis recognized as the services are provided. Revenue from fixed price service contracts andcustomized products or technology developments is recognized based on the proportionatecompletion method, determined based on the achievement and acceptance of the milestone,provided collection is probable. Revenue from maintenance contracts is recognized ratablyover the term of the maintenance arrangement. Licensing revenue is recognized when theproduct or technology is delivered and accepted. Revenue from royalty is recognized on anaccrual basis based on customer confirmation of shipment volumes, provided collection isprobable.

In all cases, revenue is recognized only when no further vendor obligations remain, upto the stage of revenue recognized and collection is probable. Revenue related to postcontract customer support is recognized ratably over the support period.

In FY 2013, we witnessed a phenomenal amount of churn on account of the rapid changesin technology and the strategic changes made by two of our large customers. While onecustomer completely re - vectored its software strategy, another exited the wirelessspace. We were able to mitigate the impact of decline in revenues from both thesecustomers and the significant project ramp downs that ensued. We have managed to minimizethe impact of the revenue decline by adding new customers, focusing and creating newofferings. We have put forth our best efforts to ensure that our margins do not contractand have taken all measures within our control to return to growth in the coming fiscal.

In FY 2013, in INR terms, services revenue contributed 93.7% of the overall revenues.For FY 2013, services revenue was at 344,511.94 lakhs as against 347,495.99 lakhs in FY2012, lower by 6.3%.

The services revenue by project type is as follows:

In %
Particulars FY 2013 FY 2012
Time and Material 77.5 76.6
Fixed Price 22.5 23.4
Total 100.0 100.0

We continue to focus on increasing share of ownership projects to meet customerexpectations and to protect margins.

Services revenue (including Network Engineering segment) derived from servicesperformed in development centers in India are categorized as offshore revenues andrevenues from other locations are categorized as onsite revenues. The offshore onsite mixof revenues was as follows:

In %
Particulars FY 2013 FY 2012
Onsite 31.8 28.5
Offshore 68.2 71.5
Total 100.0 100.0

In FY 2013, in INR terms, software product revenue contributed 5.8% of the overallrevenues. For FY 2013, software product revenue was at Rs 2,744.37 lakhs as against33,948.95 lakhs in FY 2012, lower by 30.5%.

Details of software product revenue were as follows:

In %
Particulars FY 2013 FY 2012
License fees 32.3 20.2
Royalties 63.1 75.8
Customization 4.6 4.0
Total 100.0 100.0

Backed by credible evidence, we believe that one of our non-Indian licensees hasbreached its obligations, inter alia, to report shipment and royalty numbers and to payfor the same. The said licensee has claimed non-usage of licensed IPR, while it continuesto use the same. As the said licensee has not reported shipment numbers to us, we have notrecognized any revenue stream from royalties due from the licensee, in our financialstatements, from July 2012. We have initiated arbitration proceedings against the saidlicensee, for non-payment of royalties owed to us under an agreement, and other breaches.

The licensee, which is a US-listed company, is reported to have more than 50% marketshare in the TD-SCDMA Baseband chip market in China; and is reported to have sold over 40million units in 2012. Based on leading market analysts’ reports, the overall marketis expected to grow to around 160 million units, and the estimate of past and futureroyalty payments, under current terms of agreement is estimated to be USD 55 million. Weare pursuing the arbitration proceeding vigorously to realize our dues.

Employee benefits expenses

Employee benefits expenses include salaries which have fixed and variable components,contribution to social security funds such as provident fund, superannuation fund,gratuity fund and other statutory schemes. It also includes expenses incurred on Employeestock compensation costs, staff welfare, recruitment and relocation.

The total employee costs for FY 2013 were 332,431.63 lakhs compared to 333,281.38 lakhsin FY 2012 lower by 3849.75 lakhs. In percentage terms, the cost in FY 2013 is lower thanFY 2012 by 2.6%.

The employee benefits cost has been lower in the current year as compared to previousyear on account of lower head count. We had taken a conscious decision to rationalize ourhiring efforts over the last 6 months. This was on account of the bench that was createddue to ramp downs from large customers. Managing the hiring process and otherinterventions has helped us improve our utilization. As a result, the employee strength atthe end of FY 2013 was at 2,291 lower by 735 employees as compared to FY 2012. We willclosely monitor the demand, utilization levels, and appropriately accelerate hiring toensure we are able to service all business requirements.

Employee stock option compensation cost (net) for the current year has been lower thanlast year on account of lower amortization rate and lapse of stock options.

Inventory related expenses

Inventory related expenses include increase or decrease of work in progress,consumption of components and raw materials and purchase of traded goods.

Inventory related expenses are lower as compared to FY 2012. In FY 2012 inventory costswere higher on account of higher consumption of raw material by ConnectM TechnologySolutions Pvt. Ltd. (ConnectM), a Joint Venture Company, during the rollout of theirsolutions to the customer.

Other expenses

Other expenses for FY 2013 were 310,869.12 lakhs as against 310,590.25 lakhs for FY2012 - an increase of 3278.87 lakhs.

Though there has been increase in facility costs due to annual cost escalations,rationalization of facilities has resulted in overall reduction of facility cost in thecurrent year as compared to last year. Overall the costs have been lower than the lastyear on account of change in size of operations and constant efforts exercised to driveefficiency in all spending. Summary of other expenses is as below:

Amount in Rs lakhs
Particulars FY 2013 FY 2012
Facility costs 3,800.92 3,850.83
Outsourcing & Consultancy costs 2,795.22 2,865.65
Travel Costs 2,287.75 1,698.32
Communication & IT costs 775.00 838.57
Training Costs 261.19 269.86
Other Costs 949.04 1,067.03
Total 10,869.12 10,590.26

Interest & Borrowing expenses

The interest expense is due to interest on secured long term borrowing from SVB FinanceIndia Pvt. Ltd taken by ConnectM.

Depreciation and amortization expense

Depreciation and amortization charge has decreased to 31,941.45 lakhs in FY 2013 from32,235.43 lakhs in FY 2012. The depreciation has been lower as certain assets includingintangible assets have reached the end of useful life.

Other Income

Other Income comprises Interest earned on Fixed Deposits, Dividend on Mutual Fundsincluding FMPS, Gain on sale of Investments, profit on sale of fixed assets, write back ofunclaimed balances and provisions, exchange gains and other miscellaneous receipts.

Other income amounted to 31,764.33 lakhs in FY 2013, a decrease of 3876.66 lakhs overthe other income in FY 2012 amounting to Rs 2,640.99 lakhs.

The Company had initiated a buy-back program in the year, as a result there has been achurn in the Investment Portfolio with a view to maintain liquidity. Returns from ourcurrent investments in Mutual Funds in FY 2013 have been 3927.66 lakhs, lower by 377.41lakhs as compared to FY 2012.

We manage our foreign exchange exposures in line with our hedging policy which aims toensure that foreign exchange exposures on revenue and Balance Sheet accounts, are properlymonitored and, are limited to acceptable levels. We use a combination of foreign exchangeforward contracts and foreign exchange options to hedge our exposure to movements inforeign exchange rates. We do not take foreign exchange forward contracts and foreignexchange options for trading or speculation purposes. The Company has adopted theprinciples of hedge accounting as defined in Accounting Standard 30 (AS 30)‘Financial Instruments: Recognition and Measurement’ for forward exchangecontract.

On the back of the volatile exchange rates in FY 2013, net exchange gains, were lowerby 3479.44 lakhs as compared to FY 2012.

Income tax expenses

The tax charges vary depending on the mix of onsite revenues, offshore revenues,country of operations, nature of the transaction and revenues generated from units whichenjoy a tax holiday.

The group’s operations are conducted through Software Technology Parks("STPs") and Special Economic Zones ("SEZs"). Income from STPs was taxexempt only till March 31, 2011. Income from SEZs is fully tax exempt for the first 5years, 50% exempt for the next 5 years and 50% exempt for another 5 years subject tofulfilling certain conditions. The tax exempt income of the Company attributable to exportoperations of units situated in STPs / SEZs is subject to Minimum Alternate Tax (MAT). AnyMAT paid for a year is available for set - off against tax liability for ten subsequentyears.

The income tax expense was 3776.94 lakhs in FY 2013, a decrease of 3817.05 lakhs ascompared to the tax expense of 31,593.99 lakhs in FY 2012. As a percentage of revenues,the income tax expense was 1.6% for FY 2013, while the income tax for FY 2012 was 3.1% ofrevenues. The tax charges are lower in the current year, due to lower profits. Theeffective tax rate for FY 2013 for the group is 19.6% as compared to 19.9% in FY 2012.

Profit after taxation

Consolidated profit margin after taxation decreased to 6.7% in FY 2013 from 12.3% in FY2012.

Segment Results

YTD FY13 YTD FY12 Increase/ Decrese
(In Rs lakhs) (In Rs lakhs) (%)
Revenues 47,483.08 51,995.83 -8.7
Services 44,511.94 47,495.98 -6.3
Products 2,744.37 3,948.95 -30.5
Automotive, Utilities and Industrial 226.77 550.90 -58.8
EBITDA 4,191.33 7,649.59 -45.2
Services 3,057.56 6,218.11 -50.8
Products 1,285.08 1,695.75 -24.2
Automotive, Utilities and Industrial (151.38) (264.27) 42.7
EBITDA % 8.9% 14.7% -
Services 6.9% 13.1% -
Products 46.8% 42.9% -
Automotive, Utilities and Industrial -66.8% -48.0% -

EBITDA margins from Services business, in the current year, were 6.9% as against 13.1%in FY 2012. The decrease in margins in FY 2013 was due to significant churn in the revenuevolumes combined with decline in the utilization. Actions taken during the second half ofthe year, interventions in the hiring process and other measures has helped us improve ourutilization from 66.9% in Q1 FY 13 to 69.5% in Q4 FY 13.

EBITDA margins from Software products, in the current year, increased to 46.8% from42.9% in FY 2012. Product revenues are generally not predictable and significantlydependent on shipment volumes of devices of our customers.

Financial Position

Particulars As at March 31, 2013 As at March 31, 2012
(In Rs lakhs) (%) (In Rs lakhs) (%)
1. Shareholders’ Funds
(i) Share Capital 2,095.99 4.2 2,601.13 4.7
(ii) Reserves and Surplus 39,830.73 79.0 43,332.69 77.6
2. Share application money pending allotment 30.16 0.1 13.26 0.0
3. Non - Current Liabilities
(i) Long Term Borrowings 92.58 0.2 231.45 0.4
(ii) Long Term Provisions 706.26 1.3 248.54 0.5
4. Current Liabilities and Provisions
(i) Trade Payables 2,792.48 5.5 3,282.91 5.9
(ii) Other Current Liabilities 1,409.87 2.8 1,897.36 3.4
(iii) Short Term Provisions 3,491.02 6.9 4,208.55 7.5
Total 50,449.09 100.0 55,815.89 100.0


Particulars As at March 31, 2013 As at March 31, 2012
(In Rs lakhs) (%) (In Rs lakhs) (%)
1. Non - Current Assets
(i) Net Fixed Assets incl. Capital Work - in - Progress 12,290.65 24.4 13,564.06 24.3
(ii) Non Current Investments 2,307.75 4.6 1,907.63 3.4
(iii) Deferred Tax Assets (net) 1,088.91 2.2 1,007.20 1.8
(iv) Long Term Loans and Advances 5,789.69 11.5 5,303.21 9.5
(v) Other Non Current Assets 166.16 0.3 493.35 0.9
2. Current Assets
(i) Current Investments 11,606.50 23.0 14,761.96 26.5
(ii) Inventories 345.42 0.6 288.26 0.5
(iii) Trade Receivables 9,023.67 17.9 10,196.76 18.3
(iv) Cash and Bank Balances 3,291.73 6.5 3,686.30 6.6
(v) Short Term Loans and Advances 1,874.20 3.7 1,908.35 3.4
(vi) Other Current Assets 2,664.41 5.3 2,698.81 4.8
Total 50,449.09 100.0 55,815.89 100.0

Equity and Liabilities Share Capital

Our authorized share capital is 35,000.00 lakhs comprising of 500 lakh equity shares offace value of 310 each. The number of shares outstanding, as on March 31, 2013 were2,09,59,876 and these are fully paid up. The Issued, subscribed and paid up capital as onMarch 31, 2013 stood at 32,095.99 lakhs, lower by 3505.14 lakhs as compared to March 31,2012.

As per the approval of the shareholders of the Company on April 23, 2012 through postalballot, by a special resolution, the Company offered to buy - back its equity shares offace value of 310/- each, up to a maximum amount of 38,648 lakhs at a maximum price of3180/- per share from open market. After completion of regulatory formalities the Companycommenced the buy - back on May 21, 2012. The Company has, during the year ended March 31,2013, bought back 51,41,975 equity shares at an average price of 3125.07 per share,utilizing a sum of 36,431.00 lakhs (excluding brokerage and otherwise). The Company hasextinguished 50,52,325 shares as on March 31, 2013, and the remaining 89,650 shares onApril 06, 2013. Subsequent to the year - end, another 1,35,903 shares were bought back, atan average price of 3143.96 utilizing a sum of 3195.65 lakhs (excluding brokerage andother applicable taxes), before closure of the buy - back scheme by efflux of time onApril 22, 2013. The Company has extinguished 92,928 shares as of April 18, 2013 andsubmitted the application for extinguishment for the remaining 42,975 shares.

Reserves and Surplus

Reserves and Surplus as at March 31, 2013 was 339,830.73 lakhs as against 343,332.69lakhs as at March 31, 2012, decrease of 33,501.96 lakhs. This decrease is due to thefollowing movements:

1. On account of buy-back of shares, 3514.19 lakhs has been credited to CapitalRedemption Reserve towards the face value of 51,41,975 shares of 310/ - each by way ofappropriation against General Reserve.

2. During FY 2013, securities premium was utilized to the extent of 35,916.80 lakhs,for the purpose of buy-back of shares. Also securities premium increased by 357.99 lakhson issue of shares on exercise of options by employees.

3. The employee stock option outstanding (net of deferred compensation cost) stood at3482.57 lakhs as at March 31, 2013. During FY 2013, the Company issued 50,000 options,which have a vesting period of ranging from one year to three years, at an averageexercise price of 3123.00 per share. Further, during the year while 1,18,200 options wereexercised, 3,98,942 options have been lapsed. During the buy - back period 3,50,850 stockoptions were due for exercise. The Compensation committee in its meeting dated April 16,2012, has extended the exercise period of those stock options in line with clause 4.7 ofESOP 2006 Scheme up to three months from the date of closure of buy - back.

4. Decrease in General Reserve of 399.57 lakhs at the end of FY 2013, is due toappropriation to Capital Redemption Reserve on shares bought back offset by transfer fromProfit and Loss account.

5. Closing balance of hedging reserve as at March 31, 2013 showed a gain of 3216.75lakhs as against a loss of 3604.20 lakhs as at March 31, 2012. This is in conformity withthe principles laid down in Accounting Standard 30 (AS 30) ‘Financial Instruments:Recognition and Measurement’ for forward exchange contracts that are not covered byAS 11 ‘The effects of changes in foreign exchange rates’.

6. Increase in Profit & Loss account balance by 31,006.40 lakhs due to profit forthe year as reduced by appropriations towards dividend and transfer to General Reserve.The balance retained in the Profit and Loss Account as at March 31, 2013 was 328,977.27lakhs (March 31, 2012: 327,970.87 lakhs) after providing the interim dividend of 3601.11lakhs , proposed final dividend of 3939.61 lakhs and dividend tax of 3257.21 lakhs.

Share Application Money pending allotment

Share application money of 330.16 lakhs as on March 31, 2013 represents applicationmoney received from option holders pursuant to the ESOP Plan. Due to the ongoing buy-backprogram allotment is pending; the exercise price is lying in Share Application MoneyAccount.

Long Term Borrowings

Long term borrowings of 392.58 lakhs as on March 31, 2013 represents Sasken’sproportionate share (46.29%) in loan taken by ConnectM which are payable beyond twelvemonths from the date of the Balance Sheet. ConnectM has taken a secured loan from SVBIndia Finance Pvt. Ltd at a simple interest of 14% p.a. interest being payable every monthalong with the repayment of monthly instalment of principal. The loan is secured by afirst charge on all the existing and future, fixed and current assets of ConnectM and anegative lien on intellectual property of ConnectM.

Long Term Provisions

Long term provisions include provision for long term employee benefit obligations,warranty, onerous contract and provision for mark - to - market losses on derivativecontracts which are not expected to be settled within twelve months from the Balance Sheetdate. In respect of these provisions, the Company has unconditional right to defersettlement beyond twelve months from Balance Sheet date and the provisions are consideredto be non - current.

Long term provisions made, representing 1.3% of the Balance Sheet, were at 3706.26lakhs as at March 31, 2013, as against 3248.54 lakhs as at March 31, 2012. The increase ismainly on account of the higher provisions towards long term employee benefits. Theinterest rates in Europe have depreciated during the year as a result, as per actuarialvaluation, additional provision for pension was required. During the FY 2013, two newemployee benefit schemes based on service period have been introduced and accordinglynecessary provisions for the same have been created.

Trade Payables

Trade payables includes amount due on account of goods purchased or services receivedin the normal course of business.

As at March 31, 2013, Trade payables representing 5.5% of the Balance Sheet, were at32,792.48 lakhs, as against 33,282.91 lakhs as at March 31, 2012. The reduction in thetrade payables is mainly on account of change in size of operations.

Other Current Liabilities

Other current liabilities include current maturities of long term borrowings, Interestaccrued but not due on borrowings, deferred revenues, advance received from customers,unpaid dividend, capital creditors and statutory liabilities. Current maturities of longterm borrowings represent principal and interest amounts due on borrowings which are to besettled within twelve months from the Balance Sheet date. Deferred revenues consistprimarily of advance customer billings on fixed price contracts for related costs are yetto be incurred. Advance received from customers represents amount received from customersfor the delivery of services in future. Unpaid dividend represents dividend paid, but notencashed by shareholders and is represented by bank balance of the equivalent amount.Capital creditors include amounts due on account of goods purchased or services receivedin the nature of capital expenditure. Statutory liabilities include withholding tax andsocial security costs payable to statutory authorities in various countries we operate in.

Other current liabilities constituting 2.8% of the Balance Sheet, as at March 31, 2013were at 31,409.87 lakhs, as against 31,897.36 lakhs as at March 31, 2012. The decline incurrent liabilities is mainly on account of reduction of deferred revenues, capitalcreditors and statutory liabilities.

Short Term Provisions

Short term provisions include provision for long term employee benefit obligations,warranties, onerous contracts, provision for mark - to - market losses on derivativecontracts and provision for dividends and tax thereon which are expected to be settledwithin twelve months from the Balance Sheet date and are considered to be current.

Short term provisions represent 6.9% of the Balance Sheet, and as at March 31, 2013were at 33,491.02 lakhs as against 34,208.55 lakhs as at March 31, 2012.

In the previous year, there was provision for mark - to - market losses on derivativecontracts amounting to 3642.82 lakhs, in line with principles laid down in AccountingStandard 30 (AS 30) ‘Financial Instruments: Recognition and Measurement’ whichon settlement of the contracts is no longer required. During the year two employee benefitschemes based on service years were introduced, accordingly necessary provisions have beencreated and amounts in respect thereof expected to be settled within twelve months of theBalance Sheet date have been shown as current.


Net Fixed Assets including Capital Work-in-Progress

Net Fixed assets including Capital Work-in-Progress includes tangible and intangibleassets as reduced by accumulated depreciation / amortization, Capital Work - in - Progressand Intangible assets under development.

The Net Fixed Assets, including Capital Work-in-Progress, represents 24.4% of the totalassets. The Fixed Assets, as at March 31, 2013, were at 312,290.65 lakhs as against313,564.06 lakhs as at March 31, 2012.

Additions to Fixed Assets during the FY 2013 were 3552.73 lakhs mainly on account ofinvestments in computing equipment and software.

During the year, we deducted 31,164.40 lakhs (March 31, 2012: 33,629.93 lakhs) from thegross block on retirement of assets.

Non Current Investments

Investments are classified as current or non - current based on management intention atthe time of purchase. We have made several strategic investments aimed at procuringbusiness benefits and operation efficiencies.

The non - current investments, representing 4.6% of the total assets, were 32,307.75lakhs, as at March 31, 2013 as against 31,907.63 lakhs as at March 31, 2012. The non -current investment is primarily the investment in Omni Capital Fund LLP, a limitedliability partnership in USA. During FY 2013, further investment of US$ 0.5 millionwas made in Omni Capital Fund LLP taking the total investment as at March 31, 2013 to US $4.25 million.

Deferred Tax Assets (net)

Deferred income taxes represent 2.2% of total assets. This reflects the impact oftiming differences between taxable income and accounting income for the year and reversalof timing differences of earlier years. Deferred tax assets and deferred tax liabilitiesacross various countries of operation are not set off against each other as we do not havea legal right to do so.

The Deferred tax assets, as at March 31, 2013 were 31,088.91 lakhs as against 31,007.20lakhs as at March 31, 2012, an increase of 381.71 lakhs. The increase in deferred taxassets in FY 2013 was mainly on account of deferred tax assets recognized on employeebenefit expenses and mark to market losses which are allowed for tax purposes only onpayment basis.

Long Term Loans and Advances

Loans and advances consist of capital advance, security deposits, prepaid expenses,advance to employees, balances with Government Authorities and advance tax & MATcredit entitlement. Loans and advances which are non - current and not expected to besettled within twelve months from the Balance Sheet date has been classified as long termloans & advances. This represents 11.5% of the Balance Sheet, and as at March 31, 2013was 35,789.69 lakhs, as against 35,303.21 lakhs as at March 31, 2012 - an increase of3486.48 lakhs. The increase is primarily due to increased advance income taxes on accountof withholding taxes. The increase has been offset to some extent due to reduced securitydeposits on facilities.

Other non - current Assets

Long term trade receivables and non - current bank balances have been classified asother non - current assets. Long term trade receivables mean trade receivables which arenot due within the operating cycle of the company. Non - current bank balances includefixed deposits having an original maturity of more than 12 months irrespective of thenature and terms of fixed deposits. This represents 0.3% of the total assets, and as atMarch 31, 2013 was at 3166.16 lakhs, as against 3493.35 lakhs as at March 31, 2012 - adecrease of 3327.19 lakhs. This decrease pertains to decrease in ConnectM’s long termtrade receivables and redemption of fixed deposits with bank.

Current Investments

The investments, representing 23.0% of the total assets, were 311,606.50 lakhs, as atMarch 31, 2013 as against 314,761.96 lakhs, as at March 31, 2012.

The guiding principle of the Company’s treasury investment is safety, liquidityand return. The Company deploys its surplus funds primarily in debt mutual funds and bankfixed deposits. The breakup of current investments in mutual fund by plan type is asfollows:

Particulars As on March 31, 2013 As on March 31, 2012
Fixed Maturity Plan 6.9 50.0
Medium Term Plan 9.4 0.0
Short Term Plan 56.1 26.9
Income Plan 25.0 0.0
Liquid Plan 0.0 20.6
Ultra Short Term Plan 2.6 2.5
Total 100.0 100.0

During FY 2013 the composition of the investments has undergone change considering rateof returns on various instruments in the current market scenario and the need forliquidity during the share buy - back program.


Inventories, which are 0.6% of the total assets, represent (a) Work-in-Progress - costsrelated to project milestones that have not been met (b) Raw materials and components -costs related to stock of raw material and other components which are used as a part ofproject deliverables. The Work-in-Progress, as at March 31, 2013 was at 3285.36 lakhs, asagainst 3210.93 lakhs as at March 31, 2012. The Work-in-Progress will be charged off toProfit and Loss account as and when the related revenue is recognized, going by thematching principle of accounting. Raw materials and components, as at March 31, 2013 wasat 360.06 lakhs, as against 377.33 lakhs as at March 31, 2012.

Trade Receivables

Trade receivables, representing 17.9% of the total assets, as at March 31, 2013 were at39,023.67 lakhs as against 310,196.76 lakhs) as at March 31, 2012. We periodically reviewthe quality of receivables and make provision where necessary. Accordingly, the provisionsfor doubtful debts as at March 31, 2013 were 3218.80 lakhs - a net increase of 342.17lakhs.

Trade receivables including long term trade receivables were 73 days (March 31, 2012:73 days) in terms of days of sales outstanding (DSO) as at March 31, 2013.

Cash and Bank Balances

Cash and Bank balances, representing 6.5% of the total assets, as at March 31, 2013were at 33,291.73 lakhs, as against 33,686.30 lakhs as at March 31, 2012. We maintainsufficient cash balance for operational requirements and invest surplus funds in highlyrated Mutual Fund papers and fixed deposits. We continuously review the investment mixbetween Mutual Fund and fixed deposits with a view to maximize the yields.

Amount in Rs lakhs
Particulars As at March 31, 2013 As at March 31, 2012
Cash in Hand 1.88 1.28
With Indian Banks 1,397.95 2,508.30
In Current Accounts 1,315.88 886.98
In Fixed Deposits - 1,530.05
Others 82.07 91.27
With Foreign Banks ( including Remittance in Transit) 1,891.90 1,326.72
Total 3,291.73 3,836.30
Less : Deposits with original maturity greater than 12 months shown as other non - current assets - 150.00
Cash and Bank Balances 3,291.73 3,686.30

Short Term Loans and Advances

Loans and advances consist of security deposits, prepaid expenses, advance to employeesand suppliers, balances with Government Authorities. This represents 3.7% of the BalanceSheet, and as at March 31, 2013 was 31,874.20 lakhs, as against 31,908.35 lakhs as atMarch 31, 2012 - a decrease of 334.15 lakhs. While there has been increase in securitydeposit on facilities and discount on forward covers it has been offset by realization ofbalances with Government Authorities based on a favourable judgment received and reductionin employee advances.

Other Current Assets

This represents interest accrued on fixed deposits and unbilled revenue and theseconstitute 5.3% of Balance Sheet. Unbilled revenue represents amounts recognized based onservices performed in accordance with contract terms and where invoices are yet to beraised as on the Balance Sheet date. In the current year, since all fixed deposits havematured, there is no balance on account of interest accrued.

Threats, Risks and Concerns

Business Risks

We are in a highly competitive environment as several companies vie for market share inthe attractive R&D services market. As many of our competitors are large and reputedcompanies we expect to face pressures to win business and grow our market share. As ourservices are provided by highly skilled and trained engineers, attraction and retention oftalent will remain a challenge. We face extraneous threats like currency volatility,political rhetoric against outsourcing and economic uncertainties in developed marketslike the Euro zone. Some of our customers face serious competitive challenges that maylead to erosion in their market share and margins. This may result in curtailment ofR&D spends and increased pricing pressures for us.

Protection of intellectual property

It is the prime and foremost responsibility of any company in the knowledge industry tosafeguard its own intellectual property. The management has taken the following measuresto protect its IP:

InfoSec actions

Sasken ISMS (Information Security Management System) is defined on the best practicesderived out of ISO 27001. We are compliant and certified with ISO 27001 for ourinformation security practices. This framework requires us to comply with 133 controls andensures adherence to international requirements in information security. Additionally,customer security standards are met by restriction of physical and logical access, to thecustomer’s Intellectual Property.

Filing of Patents

The Group actively encourages employees to file patents to protect its intellectualproperty. Apart from serving the purpose of protection, these patents, as and whengranted, could lead to revenues from their license, or to other benefits, by crosslicensing of these patents, in exchange for others that we may want to use.

Filing of Trademarks

Trademarks have acquired much importance to Sasken with the software market focusing onbranding of software products and services. We have also applied for registration ofcertain trademarks in USA, EU, Russia, Japan, China and India.

Protection of Confidentiality

The Group assigns much importance to the confidentiality of its software, tradesecrets, internal data, systems and processes. The Group ensures that the employees,clients, prospects, subcontractors, advisors, consultants, vendors, prospective investorswho are exposed to any of the confidential information of Sasken, are contractually boundto keep it confidential.

Contracting Process for Limitation of Liability

Each and every contract entered into by the Group, including both customer and vendorcontracts, undergoes a well - settled legal and commercial contract review process. Theprocess ensures that, the clauses, which may be imposed by the customer / vendors thatexpose the Group to risks are proportionate with the benefits accruing from the contract.The Group is also protected by insurance coverage.

Financial Risks:

Foreign Exchange Fluctuation Risk

Most of the Group revenues are derived from its global customers and are generallydenominated in US Dollars and Euros. Large portion of the delivery center of the Companyis situated in India and its expenses are in Indian Rupees. As a result, fluctuations inthe exchange rate influences the operating profits. During FY 2013, rupee continued to bevolatile and depreciated against all major currencies. The rupee depreciated by 6.3%against USD and 2.4% against Euro from March 31, 2012 till March 31, 2013. The rupeeclosed at 354.30 to a US Dollar for FY 2013.

With view to minimize the impact of exchange fluctuations, the Group periodicallyreviews its foreign exchange exposures and takes appropriate hedges through forwardcontracts and option contracts, regularly. The policy of the Group is to take hedges forrisk mitigation and not for profit maximization. The Group has preset loss limits andunhedged exposures are subject to these loss limits for the purpose of deciding the hedge.

Liquidity Risk

The Board reviews the liquidity position periodically and determines the need forinfusion of equity and debt capital into the business. The Company and its subsidiarieshave met its working capital requirements through internal cash accruals during thecurrent year. The Group has fund based and non - fund based lines of credit available, tosatisfy any working capital requirements, if required.

Internal Control Systems

The Company continues to comply with the requirements of Enterprise Risk Management(ERM), which is mandated by Clause 49 of the Listing Agreement. Apart from identifying anddocumenting ‘Entity level’ risks and controls, the exercise involves identifyingall significant (a) locations and (b) business processes, followed by (c) documenting eachof the process flows (d) creation of risk registers and (e) an assessment of controls byway of testing. The risk register captures all areas of potential financial risks andoperational risks and, the associated internal controls that are already in place or havebeen identified. Annual certification is an important procedure which ends with the CEOand CFO certification. It starts from the ‘control’ owner and then on to the‘process’ owner and upwards, leading to the CXO’s.

As part of the assessment exercise conducted, certain proposed controls identified inprevious periods have been implemented and tested for their effectiveness, and otherproposed controls are being implemented. Additionally, certain new controls have beenidentified for matters of significant importance or relevance, for implementation in thecoming periods. The Company continues to ‘capture and track’, risks andcontrols. The Company continues to do a regular assessment of the risks and controls forthe existing and new process flows. The processes followed by other subsidiary companieswould also be brought under the purview of ERM. Further, as a good corporate governancemeasure, all matters of significant importance or relevance has been reported to the AuditCommittee and the Company’s Statutory Auditors.


Peer Comparison

Company Market Cap
(Rs. in Cr.)
Mindtree 5,863.58 13.00 3.57 7.59 29.8 36.1 0.03
Hexaware Tech. 5,080.23 18.31 5.72 8.61 35.7 42.7 0.00
Persistent Sys 4,264.60 17.59 4.24 6.98 19.7 26.5 0.00
eClerx Services 3,737.69 16.47 9.09 8.07 41.8 50.4 0.00
Infotech Enterp. 3,713.71 15.21 3.18 4.60 16.7 23.0 0.00
KPIT Tech. 3,144.58 24.93 3.54 11.45 13.7 14.5 0.28
Pine Animation 2,637.04 0.00 104.62 0.00 1.1 1.1 0.14
NIIT Tech. 2,495.73 11.17 3.25 6.09 23.9 31.6 0.01
Firstsour.Solu. 1,863.75 14.34 1.51 3.10 12.9 11.0 0.62
Tata Elxsi 1,715.35 29.01 8.94 10.55 11.0 15.0 0.24
Cressanda Solns. 1,671.32 0.00 53.97 0.00 1.3 2.0 0.00
Zensar Tech. 1,641.66 9.91 3.22 5.11 26.2 36.1 0.01
Financial Tech. 1,632.86 7.71 0.61 8.10 11.1 12.5 0.23
Rolta India 1,299.51 2.61 0.87 0.00 21.4 14.4 1.12
Accelya Kale 1,193.73 14.86 15.64 6.07 78.2 102.4 0.01

Futures & Options Quote

Expiry Date
Instrument: NA
Expiry Date: NA
Strike Price: NA
Open Price: NA
Average Price: NA
No. of Contracts Traded: NA
Open Interest: NA
Underlying: NA
Option Type: NA
Market Lot: NA
Previous Close: NA
Day’s High | Low: NA | NA
Turnover (Cr.): NA
Open Int. Change: NA | NA
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Key Information

Key Executives:

Rajiv C Mody , Chairman and MD & CEO  

G Venkatesh , Whole-time Director  

Krishna J Jhaveri , Whole-time Director  

Ashok Jhunjhunwala , Director  

Company Head Office / Quarters:
No 139/25 Domlur Layout,
Ring Road Domlur Post,
Phone : 91-80-39891122
Fax : 91-80-39813329/25351309
E-mail :
Web :
Karvy Computershare Pvt Ltd
Plot No 17-24
Vittal Rao Nagar


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