In addition to historical information, this Annual Report contains certain forward-looking statements (FLS). The FLS contained herein is subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the FLS. Factors that might cause such a difference include, but are not limited to, those discussed in the Management Discussion and Analysis of Financial Performance and elsewhere in this report. Readers are cautioned not to place undue reliance on these FLS, which reflect managements analysis only as of the date hereof.
Company Overview
FY 2025 was an important year for Sasken, a period of renewed focus, steady growth, and strategic change. Despite challenges in the global economy, changing regulations, and fast-moving technology trends, we stayed resilient and continued to prove our value as a trusted engineering partner to customers around the world. As industries evolve toward software-defined, intelligent, and secure systems, Sasken stands at the intersection of five powerful shifts: AI-first engineering, semiconductor specialization, platformization of products, hyper-connectivity, and embedded cybersecurity. Our capabilities across semiconductors, automotive, digital services, communication networks & devices, and industrials enable us to address these shifts with depth and precision.
Guided by our core pillars of World-Class Delivery, Tech-First DNA, and Intellectual Integrity, we have deepened our focus on product engineering, custom silicon, and digital transformation services. In FY 2025, we expanded our offerings through strategic investments in Generative AI accelerators, product security frameworks, and custom silicon and foundry services via Sasken Silicon. Our acquisition of Borqs International Holding Corp with its identified wholly owned subsidiaries (‘Borqs) further enhances our ODM and smart device capabilities.
Our 60x4x3 growth mission continues to drive measurable impact, with multi-year deals, deeper account mining, and increasing fixed-price engagements across verticals. We are engaging with customers not just as service providers but as value co-creators, delivering IP-led solutions, system integration, and platform acceleration.
As India asserts its position as a global technology and design hub, supported by initiatives in semiconductors, digital public infrastructure, and manufacturing; Sasken is strongly positioned to co-innovate with Global Capability Centers (GCCs), Tier-1s, OEMs, and hyperscalers.
Looking ahead to FY 2026, we remain committed to driving next-generation engineering solutions that empower our customers to scale, adapt, and lead with confidence in an increasingly connected, intelligent, and secure world.
Technology Landscape and Industry Trends
FY 2025 was marked by rapid evolution in the global technology ecosystem, driven by five major trends: AI-first development, cybersecurity imperatives, semiconductor resurgence, sustainability through technology, and industry wide platformization. Enterprises are accelerating their shift to software-defined architectures, seeking solutions that are intelligent, scalable, and energy-efficient.
At Sasken, we have responded proactively to this shift by integrating AI and ML into our offerings across automotive ECUs, embedded systems, satellite modems, and IoT platforms. Our continued investment in product security, GenAI accelerators, and cloud-native development reinforces our commitment to helping customers build resilient and compliant products.
Indias digital economy is projected to contribute 20% of GDP by 2026, underpinned by national programs promoting semiconductor manufacturing, digital infrastructure, and design-led innovation. These developments place India at the heart of the global tech supply chain, creating more opportunities for Sasken in chip design, silicon validation, embedded software, and secure platform development. Despite global headwinds, including inflationary pressures, tightening regulations in AI, and geopolitical uncertainty, Saskens diversified portfolio and balanced global delivery model enable us to respond with agility and resilience.
Our IP-led solutions and service offerings in semiconductors, connected mobility, 5G/NTN communications, smart devices, and cybersecurity continue to gain traction across regions. As enterprises evolve, Sasken remains a relevant, trusted partner, delivering value through deep domain expertise, engineering excellence, and forward-looking innovation.
Business Performance & Strategic Outlook
FY 2025 was a defining year for Sasken, one marked by strong top-line growth, strategic investments, and consistent customer momentum. With five straight quarters of revenue growth and increasing contribution from million-dollar-plus accounts, we demonstrated the impact of our 60x4x3 strategy in action.
Our consolidated revenues grew 35.6% YoY, reaching 550.91 crores. While profitability remained under pressure due to increased investments in R&D, partnerships, and talent acquisition, we made significant progress in improving EBIT sequentially each quarter. This is a deliberate trade-off to build scale, expand capabilities, and deepen customer relevance- all key enablers of sustained long-term performance.
In FY 2025, our customer portfolio became stronger and more diversified, with rising contributions from fixed-price engagements and platform ownership models. We added multiple new logos across verticals and closed over USD 68 million in deal wins, showcasing broad-based traction across geographies and domains.
Looking ahead, we will continue to invest in:
IP development in key areas like secure device onboarding, connectivity stacks, and MLOps
Capability building in next-gen areas such as SDV (Software Defined Vehicles), 5G private networks, and edge-AI
Expansion of delivery and innovation centers across key geographies
Analog device engineering capabilities, including mixed-signal design, verification, and embedded software integration, to support industries such as automotive, industrial automation, and IoT
We also foresee higher demand for consulting-led engagements that require not just technical implementation, but strategic alignment with the customers business goals.
Business Environment and Strategic Outlook
FY 2025 unfolded in a dynamic global environment shaped by geopolitical realignments, evolving technology priorities, and macroeconomic adjustments. While global growth remained uneven, with inflationary pressures and interest rate volatility influencing enterprise spending, technology-led innovation continued to drive strategic investments, particularly in product engineering, AI, and semiconductor design.
In India, economic momentum remained strong, with GDP growth projected at ~6.5%, underpinned by a robust manufacturing push, infrastructure investments, and digital public platforms. Government initiatives such as PLI schemes, semiconductor mission, and Make-in-India have accelerated interest in localized innovation. The ‘China+1 diversification strategy further strengthens Indias position as a preferred hub for R&D and product engineering services.
This macro environment reinforces Saskens position as a trusted technology partner. With capabilities spanning chip to cognition, we continue to deliver high-impact solutions across automotive, semiconductor, digital, communications, and industrial verticals. Globally, while discretionary tech spending in traditional IT remains measured, there is increased investment in embedded systems, smart devices, cloud-native platforms, and product security. ESG-linked compliance, GenAI adoption, and digital supply chain transformation are now enterprise priorities aligning well with Saskens capabilities.
We are also seeing growing traction from GCCs in India, which are now taking ownership of core product development. Our proximity to these centers enables us to co-create IP, accelerate innovation, and drive scalable impact.
As we step into FY 2026, we recognize that technology service providers will be expected to deliver faster cycles, smarter platforms, and integrated solutions. With a strong engineering foundation, domain depth, and a future-ready mindset, Sasken is poised to evolve from a service provider to a strategic value partner.
For more details on the business segments in which your Company operates and the progress we have made in FY 2025, kindly refer to the ‘Technology & Markets section. For information on ‘Human Resources kindly refer to the ‘Sasken People section in the Annual Report
Semiconductor: Accelerating Innovation from IP to System
FY 2025 marked a period of accelerated evolution in the global semiconductor industry, fueled by exponential growth in AI, automotive electronics, advanced manufacturing, high-performance computing, and intelligent edge devices. To meet the demands of this next era, chipmakers worldwide are pivoting toward specialized architectures, chiplet-based integration, and energy-efficient, software-defined designs.
At the same time, the sector continues to face geopolitical headwinds and supply chain disruptions, prompting national governments in the U.S., EU, and Asia to invest heavily in local semiconductor ecosystems. India, supported by its Semiconductor Mission, has emerged as a strategic player in the global value chain. With deep design expertise, a growing base of ATMP capabilities, and one of the worlds strongest pools of engineering talent, India is fast becoming a hub for semiconductor design and validation.
For Sasken, this shift presents a powerful growth opportunity. The acquisition of Sasken Silicon Technologies Private Limited (formerly Anups Silicon Services Private Limited) in FY 2025 marked a significant expansion of our legacy in chip design. Our capabilities now span Analog and Mixed-Signal (AMS) design, RF systems, SerDes, radar processing, SoC integration, IP development, and verification.
In FY 2025, we delivered confidential compute platforms, analog circuit designs, and automated testing frameworks to top-tier semiconductor clients in the U.S., Japan, and Europe. We also deepened our involvement in IP ownership programs and foundry collaboration models, enabling faster time-to-market and co-innovation.
Looking ahead to FY 2026, we are well-positioned to address growing customer needs in AI-enabled, low-power SoCs across automotive, communication, satellite, and consumer segments. Our ability to integrate silicon design with embedded software and system-level engineering gives us a unique edge as the industry moves toward intelligent, secure, and efficient computing platforms.
Automotive: Engineering the Future of Mobility
The automotive industry is undergoing a structural transformation, driven by the convergence of electrification, autonomy, connectivity, and software-defined architectures. The global shift toward electric vehicles (EVs) continues to gain momentum, driven by regulatory mandates, consumer demand for sustainable mobility, and improvements in battery technology and charging infrastructure. At the same time, Software-Defined Vehicles (SDVs) are redefining how vehicles are designed, built, and upgraded, moving from fixed-function hardware to platform-driven, updatable systems.
Connectivity is now central to the in-vehicle experience, with technologies such as vehicle-to-everything (V2X) and high-performance computing (HPC) enabling real-time interaction between vehicles, infrastructure, and cloud ecosystems. These developments are expanding the role of software across the entire mobility value chain.
In FY 2025, Sasken secured multiple strategic wins in this evolving space. We delivered digital cockpit solutions, ADAS integrations, telematics systems, and connected mobility platforms for leading OEMs and Tier-1s across the U.S., Europe, Japan, and India. Our
Virtual Cockpit Platform, deployable on ARM-based hardware and AWS Graviton, empowers customers to accelerate time-to-market with scalable SDV-ready frameworks.
In India, we partnered with top EV manufacturers to build connected cluster solutions, cloud-integrated navigation, and remote fleet platforms, aligning with the national push for green mobility.
Our engineering services also support compliance-driven product development, including UNECE WP.29 and RED standards. Looking ahead, FY 2026 presents significant opportunities in edge AI integration, vehicle cybersecurity, and platform consolidation, as OEMs seek trusted partners to help navigate this transformation.
With deep domain expertise, IP-led offerings, and system-level integration capabilities, Sasken is well-positioned to drive the future of connected, intelligent, and sustainable mobility.
Industrials: Advancing Intelligent, Secure, and Sustainable Operations
The global industrial sector is undergoing a significant digital shift, driven by the need to manage economic uncertainty, rising operational costs, and labor shortages. Manufacturers are increasingly adopting smart factory technologies, AI-led automation, and cloud-native platforms to enhance productivity, agility, and sustainability. Concepts such as the industrial metaverse, digital twins, GenAI integration, and edge intelligence are transitioning from pilots to scaled deployments across shop floors, equipment, and supply chains.
In this environment, Sasken continues to be a trusted partner for industrial OEMs and IoT product companies, delivering end-to-end engineering solutions across connected devices, smart platforms, and embedded systems. Our offerings span:
Enterprise and ruggedized devices
Machine intelligence and telemetry
Cloud-based enablement for industrial platforms
With strengthened capabilities in silicon design, IP-led services, and foundry support, we are helping customers address increasing product complexity while accelerating time-to-market. Our AI/ML and GenAI offerings, including LLMs at the edge that are now powering intelligent automation, anomaly detection, and real-time inference. These are secured through our secure-by-design frameworks aligned with global industrial cybersecurity standards.
We delivered Linux SMR services, RFID test solutions, and DevOps/automation tools for leading global industrial clients. Our growing cybersecurity practice now offers VAPT, secure-by-design frameworks, and compliance solutions aligned to IEC 62443, CRA, and other standards.
In FY 2025, we also expanded our ecosystem engagements. Our partnership with Databricks enables us to deliver scalable data lakes and analytics solutions tailored to industrial environments. Meanwhile, our Long-Term Support Center of Excellence (LTCoE) ensures sustained product reliability and compliance across extended lifecycles.
As industrial enterprises seek deep, durable, and secure digital transformation, Sasken brings the right blend of domain knowledge, digital acumen, and engineering precision to help customers modernize operations and build next-generation, resilient industrial ecosystems.
Communications, Devices & Networks: Enabling Next-Gen Connectivity and Intelligence
The global communications ecosystem is undergoing rapid transformation, driven by the rollout of 5G, early-stage 6G research, and the rise of software-defined, disaggregated network architectures. Telecom operators are embracing Open RAN, cloud-native cores, and edge-native solutions to meet ultra-low latency, high-throughput demands across industrial and consumer applications.
In FY 2025, Sasken delivered high-impact solutions across this evolving landscape, including RAN protocol stack development, core network software, and AI-led network automation. We also strengthened our partnerships in O-RAN, V2X, and network API development, reinforcing our relevance in building agile, secure, and scalable communication infrastructures.
In parallel, the satellite communications sector is seeing renewed momentum with LEO/MEO constellations expanding coverage in aviation, maritime, and remote geographies. Saskens expertise in modem development, waveform engineering, and SDR-based gateway and terminal implementations continues to support customers in accelerating time-to-market and performance optimization. Notable wins include VSAT system automation and multi-band terminal porting for leading satellite OEMs.
The connected device landscape is also evolving rapidly, with next-gen endpoints demanding AI-readiness, power efficiency, and robust security. In FY 2025, Sasken executed major programs in Wi-Fi/BT stack development, Android platform management, and log analysis automation using LLMs. Our Device + Cloud offerings, combined with edge AI and AI security capabilities, allow us to deliver end-to-end solutions across industrial, consumer, and automotive platforms.
The acquisition of Borqs further strengthens our ODM capabilities, enabling us to offer complete product lifecycle services, from design and embedded software to manufacturing and post-market support.
With deep domain expertise and platform-led delivery, Sasken remains a strategic partner in building the next generation of intelligent, connected ecosystems.
Digital: Powering Smart, Scalable, and Secure Platforms
Digital transformation is no longer a one-time initiative but a continuous, strategic reinvention of how businesses operate, compete, and deliver value. Enterprises are increasingly building around cloud-native platforms, AI-driven workflows, and intelligent automation to achieve agility, resilience, and superior customer experience.
Saskens Digital business has emerged as a core pillar of growth, with offerings that span cloud, cognition, connectivity, and computing. In FY 2025, we delivered critical programs in cloud-native analytics, connected vehicle platforms, and DevOps/MLOps implementations across the automotive, industrial, and communications sectors.
We launched GenAI-powered accelerators that enhance productivity in QA automation, software development, and digital twin enablement. Our work in predictive analytics, in-vehicle/off-board platform engineering, and scalable AI-driven systems is helping customers transform operations with measurable impact.
Cybersecurity continues to be foundational to this journey. Saskens capabilities in DevSecOps, threat modeling, and cybersecurity consulting are enabling enterprises to protect digital assets, ensure compliance, and maintain operational continuity in an increasingly connected environment.
In FY 2025, our collaborations with AWS, Databricks, and other strategic partners enabled us to deliver integrated solutions at scale. Our Digital Twin and Over-The-Air (OTA) frameworks, showcased at leading industry forums, position Sasken as a key enabler of next-generation product experiences.
With a growing talent pool, future-ready platforms, and a culture of innovation, Sasken continues to deliver secure, intelligent, and scalable digital outcomes that help enterprises stay ahead in a rapidly evolving technology landscape.
We remain a trusted partner at the intersection of physical and digital systems, delivering differentiated value across industries and driving long-term business transformation.
Financial Performance
The discussions in this section relate to the consolidated financial results pertaining to the year that ended March 31, 2025. The financial statements of Sasken Technologies Limited (the ‘Company) and its subsidiaries (collectively referred to as the ‘Group) are prepared in accordance with the Indian Accounting Standards (referred to as ‘Ind AS) prescribed under Section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standards) Rules, 2015 as amended from time to time. Material accounting policies used in the preparation of the financial statements are disclosed in the notes to the Consolidated Financial Statements.
Performance Trends:
Revenue has increased from Rs. 40,643 lakhs in FY 2024 to
Rs. 55,091 lakhs in FY 2025.
Profit before Tax (PBT) has decreased from Rs. 9,380 lakhs in FY2024 to Rs. 6,201 lakhs in FY 2025.
Earnings per share (EPS) have decreased from Rs. 52.29 per share in FY 2024 to Rs. 33.30 per share in FY 2025.
Net worth has increased from Rs. 76,882 lakhs in FY 2024 to
Rs. 78,765 lakhs in FY 2025.
Consolidated financial results for the year ending March 31, 2025 are as follows:
Revenue:
USD revenue for FY2025 is USD 65.01 Million increased by 32% compared with FY 2024 USD 49.17 Million mainly on account of growth in business volumes across customers in line with our 60x4x3 vision. Customers with annual run rate of more than USD 1 Million have increased to 20 in FY 2025 from 16 in FY 2024. Customers with USD 4 Million run rate increased to 3 in FY 2025 from 1 in FY 2024. During FY 2025, the Group achieved order bookings of USD 68 million.
Expenses:
The total expenses for FY 2025 are Rs. 52,800 lakhs compared to Rs. 37,573 lakhs in FY 2024, an increase of 41% and in absolute terms increase of Rs. 15,227 lakhs compared to FY 2024.
The increase in costs was primarily driven by planned workforce expansion, including the hiring of fresh graduates and the implementation of competitive compensation adjustments aimed at retaining key talent and supporting long-term value creation. In addition, we have undertaken strategic leadership hiring for our newly established subsidiaries.
Furthermore, the Group made targeted investments to expand into emerging areas such as Generative AI and to establish new subsidiaries, aligning with our broader strategy of diversifying offerings and extending our geographical footprint. These investments include both fixed and one-time costs, largely associated with the Borqs acquisition and capacity-building initiatives designed to enhance our operational capabilities and position the Group for sustained future growth.
Depreciation and amortization expenses:
Depreciation and amortisation expenses have increased to Rs. 1,396 lakhs for FY 2025 as against Rs. 743 lakhs for FY 2024. During the year, new premises were taken on long-term lease in Chennai, Kolkata & Pune and accounted as Right-of-use (ROU) assets. The consequent depreciation on such ROU assets led to an increase in depreciation and amortisation.
Other Income:
Other Income comprises of fair valuation of mutual funds, interest from corporate deposits, tax free bonds, zero coupon bonds (ZCB), government securities and non-convertible debentures (NCD), gain on sale of investments, profit on sale of fixed assets, preference dividend on investment, write back of unclaimed balances and provisions, exchange gains on foreign currency, interest on income tax refund and other miscellaneous receipts.
Other income for FY 2025 has decreased to Rs. 5,584 lakhs compared to FY 2024 of Rs. 7,086 lakhs. Your Group has earned an annualized pre - tax yield of 8.79% in FY 2025 as against 11.80% in FY 2024. The returns from investments are as follows:
| Particulars | Pre-Tax Yield | Pre-Tax Yield |
| FY 2025 | FY 2024 | |
| Yield (Not Including Equity Mutual Funds) | 8.25% | 7.89% |
| Yield (Including Equity Mutual Funds) | 8.79% | 11.80% |
During the year, the Group gradually increased its allocation in fixed income portfolio with focus on long duration instruments given the rate reversal is imminent.
During FY 2025, the Indian equity market remained largely muted, impacted by ongoing market corrections and elevated volatility. A key driver of this turbulence was the movement in the US dollar, triggered by the imposition of new tariffs by the United States on several global trading partners.
In response to the market environment, all equity investments were strategically exited in alignment with the pre-defined take-profit policy. The equity portfolio delivered a robust return of 22%, underscoring disciplined risk management and timely profit booking amidst an uncertain macro backdrop.
In FY 2025, the Company received Rs. 1,145 lakhs of dividend from its subsidiary companies, which is reflected in the Standalone Financial Statements.
Income Tax Expense:
The tax charges vary depending on the nature of the business transaction, mix of onsite - offshore revenues, country of operations and the selection of tax regime.
Rs. in lakhs
| Particulars | FY 2025 | FY 2024 |
| Profit Before Tax | 6,201 | 9,380 |
| Total Tax Expense | 1,150 | 1,506 |
| Effective Tax Rate | 18.54% | 16.05% |
The effective tax rate increased to 18.54% in FY 2025, up from 16.05% in FY 2024. While taxes on business income remained broadly consistent year-over-year, the rise in the overall tax rate is primarily attributable to changes in treasury income composition. In FY 2024, lower tax on equity gains reduced the overall tax burden. In FY 2025, the absence of such gains led to more income being taxed at standard rates, increasing the effective tax rate.
Financial Position: Application of Funds
| Rs. in lakhs | ||||||
| Assets | As at March 31, 2025 | As at March 31, 2024 | ||||
| Non-current | Current | Total | Non-current | Current | Total | |
| Fixed assets | ||||||
| PPE, RoU, CWIP & Intangibles | 6,688 | - | 6,688 | 4,834 | - | 4,834 |
| Goodwill | 1,005 | - | 1,005 | 1,005 | - | 1,005 |
| Cash and Investments | ||||||
| Investments | 39,318 | 19,823 | 59,141 | 61,022 | 2,138 | 63,160 |
| Cash and cash equivalents | - | 3,876 | 3,876 | - | 5,515 | 5,515 |
| Trade Receivables and Contract assets | ||||||
| Trade receivables | - | 10,646 | 10,646 | - | 6,577 | 6,577 |
| Unbilled revenue | - | 3,020 | 3,020 | - | 2,534 | 2,534 |
| Contract assets | - | 992 | 992 | - | 567 | 567 |
| Other assets | ||||||
| Derivative assets | - | 82 | 82 | - | 87 | 87 |
| Other financial assets | 499 | 641 | 1,140 | 320 | 544 | 864 |
| Deferred tax assets | 426 | - | 426 | 406 | - | 406 |
| Other tax assets | 7,377 | - | 7,377 | 5,672 | - | 5,672 |
| Others | - | 1,442 | 1,442 | 35 | 1,308 | 1,343 |
| Total assets | 55,313 | 40,522 | 95,835 | 73,294 | 19,270 | 92,564 |
Fixed assets:
During FY 2025, new premises were taken on long-term lease in Chennai, Kolkata & Pune and accounted as Right-of-use assets. Cash and investments: The Group manages its treasury investments with a disciplined approach, guided by the core principles of safety, liquidity, and return. Surplus funds are strategically allocated and managed through robust treasury operations in various instruments.
The cash and investments, representing 66% of the total assets, decreased by Rs. 5,658 lakhs during the year due to utilization in operations and for payment of dividend.
The details of the same are as follows:
| Rs. in lakhs | ||||||
| As at March 31, 2025 | As at March 31, 2024 | |||||
| Cash & Treasury investments | Non-current | Current | Total | Non-current | Current | Total |
| Investments via Mutual funds | 23,604 | 17,723 | 41,327 | 45,142 | 695 | 45,837 |
| Direct investments | 15,714 | 2,100 | 17,814 | 15,880 | 1,443 | 17,323 |
| Total investments | 39,318 | 19,823 | 59,141 | 61,022 | 2,138 | 63,160 |
| Cash and bank balances | - | 3,876 | 3,876 | - | 5,515 | 5,515 |
| Total Cash and investments | 39,318 | 23,699 | 63,017 | 61,022 | 7,653 | 68,675 |
A key pillar of our investment policy is a proactive risk management framework that ensures continuous monitoring of market conditions. This approach enables us to realize profits based on predefined market triggers, facilitating prudent decision-making and the timely capture of gains in a dynamic and often volatile market environment.
In line with this strategy and considering the heightened volatility in equity markets during the year, we made the strategic decision to fully exit our equity portfolio. This exit allowed us to realize profits in accordance with our risk-adjusted investment approach. Furthermore, we exited select investments during the year and temporarily allocated the proceeds to money market mutual funds to ensure liquidity in preparation for the Borqs acquisition. In addition, we increased our allocation to government securities and preference shares, reflecting a strategic shift toward lower-risk, fixed-income instruments aimed at preserving capital while maintaining portfolio stability.
During FY 2025, the Group made an additional investment of 250 lakhs in the Ideaspring Capital Future Now II Fund, bringing the total investment to 750 lakhs against a capital commitment of 1,000 lakhs. Similarly, 200 lakhs were invested in the MV Core Tech Fund I during the year, taking the total investment to 730 lakhs, also against a capital commitment of 1,000 lakhs. Both these funds are classified as Category II Alternative Investment Funds and are measured at fair value through other comprehensive income (FVOCI).
In addition, the Group invested 63 lakhs in its Singapore subsidiary and 866 lakhs in its Japan subsidiary, in line with its strategic focus on expanding international operations.
Trade receivables, Unbilled revenue, and contract assets:
Trade receivables, unbilled revenue, and contract assets of Rs. 14,658 lakhs as at March 31, 2025, representing 15.29% of the total assets. This balance was Rs. 9,678 lakhs as at March 31, 2024. Daily Sales Outstanding (DSO) increased to 97 days in FY 2025, compared to 87 days in FY 2024. The rise reflects higher receivables driven by increased sales activity. This is in line with the Companys continued investment in working capital to support growth in top-line revenues. The Group periodically assesses the quality of its receivables portfolio and makes provisions for doubtful debts where required, ensuring that the carrying value of receivables reflects expected recoverability Other assets: Other assets include derivative assets, tax assets, other financial assets, and others. Other assets of Rs. 10,467 lakhs as at March 31, 2025, represent 11% of the total assets. This balance was at Rs. 8,373 lakhs as at March 31, 2024.
Source of Funds Equity
Rs. in lakhs
| Total Equity | As at March 31, 2025 | As at March 31, 2024 |
| Share capital | 1,512 | 1,508 |
| Other reserves | 77,253 | 75,375 |
| Non-controlling interests | 1,568 | 1,546 |
| Total equity | 80,333 | 78,429 |
During FY 2025, 43,640 Restricted Stock Units (RSU) were exercised by the employees and shares have been allotted. Other reserves as at March 31, 2025, were Rs. 77,253 lakhs, as against Rs. 75,375 lakhs as at March 31, 2024 - an increase of Rs. 1,878 lakhs over the last year, which is mainly due to the current years profit reduced by dividend paid during the year.
Non-controlling interests are on account of 40% stake in SSTPL.
| Rs. in lakhs | ||||||
| Liabilities | As at March 31, 2025 | As at March 31, 2024 | ||||
| Non-current | Current | Total | Non-current | Current | Total | |
| Financial liabilities | ||||||
| Lease liabilities | 2,008 | 550 | 2,557 | 597 | 202 | 799 |
| Trade payables | - | 1,550 | 1,550 | - | 1,628 | 1,628 |
| Derivative liabilities | - | 150 | 150 | - | - | - |
| Other financial liabilities | 553 | 1,877 | 2,430 | 646 | 1,763 | 2,409 |
| Provisions | 943 | 2,380 | 3,323 | 580 | 1,759 | 2,339 |
| Deferred revenue | - | 884 | 884 | - | 2,775 | 2,775 |
| Other liabilities | - | 2,490 | 2,490 | - | 2,141 | 2,141 |
| Other tax liabilities | - | 2,118 | 2,118 | - | 2,044 | 2,044 |
| Total liabilities | 3,504 | 11,998 | 15,502 | 1,823 | 12,312 | 14,135 |
As at March 31, 2025, lease liabilities (non-current & current) representing 16% of the total liabilities, were at Rs. 2,557 lakhs, as against
Rs. 799 lakhs as at March 31, 2024. The increase is due to the addition of new Chennai, Kolkata & Pune premises on lease.
Deferred revenue consists primarily of advance billings on customers based on contract for which work is yet to be completed. As at March 31, 2025, deferred revenue representing 6% of the total liabilities, were at Rs. 884 lakhs, as against Rs. 2,775 lakhs as at March 31, 2024. The variance is attributable to the billing and collection terms specified in contracts with certain customers.
Cash flow
During FY 2025, cash flow used in operating activities is (Rs. 5,716) lakhs as against surplus of Rs. 5,936 lakhs in FY 2024. Increased investment in working capital to support revenue growth contributed to higher cash outflows, along with additional costs related to mergers and acquisitions during the year impacting the overall operating cash flow.
Threats, Risks and Concerns
In todays dynamic global environment, the Company operates amidst a range of external and internal risks that require continuous assessment and strategic response. Geopolitical tensions in key regions such as Asia and Europe continue to pose uncertainties that may disrupt global supply chains, delay project timelines, and impact client engagements. These developments necessitate proactive monitoring and contingency planning to ensure operational resilience.
Macroeconomic challenges, including persistent inflationary pressures and volatility in commodity prices, are further compounded by divergent fiscal and monetary policies across geographies. These factors can influence customer spending patterns, delay investment decisions, and affect overall business sentiment.
The rapid pace of technological advancement particularly in areas such as generative AI, automation, and digital engineering presents both transformative opportunities and heightened competitive intensity. To remain at the forefront of innovation, the Company must continue to invest in digital capabilities, workforce upskilling, and R&D initiatives.
In parallel, the growing sophistication and frequency of cyber threats represent a critical area of concern. As a technology-driven enterprise with a global digital footprint, the Company is exposed to risks related to data breaches, intellectual property theft, and operational disruptions. Strengthening cybersecurity infrastructure, enhancing threat detection capabilities, and fostering a culture of cyber awareness remain top priorities.
To effectively manage these risks and leverage opportunities, Your Company adheres to the requirements of Enterprise Risk Management (ERM), as mandated by various regulations, including the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the Companies Act, 2013.
We conduct periodic assessments of risks and controls for existing and new process flows. We evaluate each risk, determine impact on business operations, and implement controls to mitigate any identified weaknesses in the current processes. Major risks the current business landscape are listed in the table below:
Internal Control Systems
At Sasken, we recognize the paramount importance of robust internal control systems in safeguarding assets, ensuring accurate financial reporting, and maintaining compliance with regulatory requirements. Our internal control framework is designed to provide reasonable assurance regarding the achievement of operational objectives, reliability of financial reporting, and compliance with applicable laws and regulations.
Annual certification is an important step. It starts with the ‘control owner and then moves on to the ‘process owner and upwards, leading to the CEO and CFO certification.
Key components of our internal control systems include:
Control Environment: We emphasize integrity, ethical values, and compliance through a strong control of culture led by management. Risk Assessment: Regular assessments identify and prioritize risks, allowing us to allocate resources and implement controls effectively.
Control Activities: Comprehensive controls address specific operational risks, safeguard assets, ensure financial accuracy, and promote efficiency.
Information and Communication: We communicate relevant internal control information, policies, and procedures throughout the organization, ensuring employees understand their responsibilities.
Monitoring and Review: Continuous monitoring and periodic reviews assess control effectiveness, with management addressing deficiencies and making improvements as necessary.
We have adopted policies and procedures to ensure the prevention and detection of fraud and errors, and have measures to safeguard our assets and ensure the accuracy and completeness of accounting records with reliable financial disclosures. The Internal Auditors conduct audits based on an internal audit plan, which is reviewed each year in consultation with the statutory auditors and the audit committee. In line with international practice, the conduct of internal audit is oriented toward the review of internal controls and risks in its operations including most of the subsidiaries and foreign branches. As a measure of good corporate governance, all matters of significant importance or relevance have been reported to the Audit Committee as well as the Companys Statutory and Internal Auditors.
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IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248, DP SEBI Reg. No. IN-DP-185-2016, BSE Enlistment Number (RA): 5016
ARN NO : 47791 (AMFI Registered Mutual Fund & Specialized Investment Fund Distributor), PFRDA Reg. No. PoP 20092018
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.
