Sasken Technologies Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2021
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2021
1. These audited standalone financial results, prepared in accordance with Indian Accounting Standards ('Ind AS') for the quarter and year ended March 31, 2G21 have been approved by the Board of Directors of the Company at its meeting held on April 22, 2021. The statutory auditors have expressed an unqualified opinion on these standalone financial results. The figures for the quarters ended March 31, 2020 and March 31, 2021 are the balancing figures between the audited figures in respect of the full financial years and published audited year to date figures upto the end of the third quarter of the relevant financial year.
2. Segment Reporting The Chairman and Managing Director of the Company has been identified as the Chief Operating Decision Maker (CODM) as defined by Ind AS 108, "Operating Segments". The Company operates in one segment only i.e. "Software Services". The CODM evaluates performance of the Company based on revenue and operating income from "Software Services". Accordingly, segment information has riot been separately disclosed.
3. The Company had evaluated its long term investments in its subsidiary, Sasken Inc. for the purpose of determination of potential diminution in value of investment and based on such evaluation and determination, a provision for diminution in the value of investment as at March 31, 2021 amounting to Rs. 2002.31 lakhs was recorded as an exceptional item.
4. The Board of Directors has recommended a final dividend of Rs. 15.00 per equity share for the year ended March 31, 2021. The payment is subject to approval of shareholders in the ensuing Annual General Meeting of the Company. Once approved, the cumulative dividend for the year will amount to Rs.25.00 per equity share {including interim dividend payment of Rs.10.00 declared on October 21, 2020).