BSE Limited April 23, 2019 Dept. of Corporate Services - CRD Pheeroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001

National Stock Exchange of India Limited Exchange Plaza, C-1, Block-G, Bandra Kurla Complex, Bandra (East) Mumbai – 400 051 By web upload

Dear Sirs,

Sub: Outcome of the Board Meeting held today from 9.00 a.m. to 5.20 pm Ref: Scrip Code 532663 / SASKEN

1. Financials

We are enclosing herewith the audited financial results (both consolidated and standalone) of the Company for the quarter and year ended March 31, 2019 as taken on record at the Board Meeting held today.

Please also find enclosed a copy of each of the following documents:

• Auditor's Report on (a) standalone and (b) consolidated financial results as per Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.
• Media release being issued on this occasion.
• Communication to Analysts on Sasken's Business Performance.

As provided under Regulation 47(1) (b) of SEBI Listing Regulations, we will be publishing the extract of the audited consolidated financial results in the newspapers. The full format of the Financial Results will be made available on the Company's website (www.sasken.com). We will be uploading the Financial Results on the Stock Exchanges website: BSE Limited (www.bseindia.com) and National Stock Exchange of India Limited (www.nseindia.com).

2. Dividend

We wish to inform you that vide our letter dated April 12, 2019, we had informed you that the Board would consider a proposal for recommendation of final dividend.

The Board of Directors have recommended a final dividend of Rs.7.50 per equity share of Rs.10 each

for the year ended March 31, 2019. This is subject to approval of shareholders. In all, the Company has declared and recommended a dividend of Rs.12.50 per equity share of Rs.10 each for the year 2018-19 - 125%, i.e.

• (a) An interim dividend of Rs.5.00 (50%) per equity share in October, 2018; and
• (b) Recommended a final dividend of Rs.7.50 (75%) per equity share subject to the approval of shareholders at the forthcoming Annual General Meeting.
• 1. Re-appointment of Executive Directors for a period of up to 5 years

The Board of Directors have recommended re-appointment of Mr. Rajiv C. Mody, Chairman & Managing Director and Ms. Neeta S. Revankar, Whole Time Director & CFO for a term of up to 5 years with effect from April 1, 2020 for the approval of shareholders at the forthcoming Annual General Meeting.

4. Re-appointment of Independent Directors for a term of up to 5 years

The Board of Directors have recommended re-appointment of Mr. Bharat V Patel, Prof. J Ramachandran and Mr. Sanjay M. Shah, independent directors of the Company, for another term of up to 5 years for the approval of shareholders at the forthcoming Annual General Meeting.

5. Buy-back of Shares

The Board has unanimously approved the proposal to Buy-back up to 19,98,678 fully paid up Equity Shares of the Company having face value of Rs.10 each ("Equity Share[s]") (representing 11.680% of the total number of equity shares of the Company) at a price not exceeding Rs.850 (Rupees Eight Hundred Fifty only) per Equity Share ("Maximum Buy-back Price") payable in cash for a total consideration not exceeding Rs.16988.76 lakhs (Rupees One Hundred Sixty Nine Crores and Eighty Eight Lakhs and Seventy Six Thousand), excluding transaction costs viz. fees, public announcement publication expenses, printing and despatch expenses, brokerage, applicable taxes such as Securities Transaction Tax, Goods and Service Tax, stamp duty, etc. and other incidental and related expenses ("Transaction Costs") (hereinafter referred to as "Maximum Buy-back Size"), which is 24.96% and 25.00% of the total paid-up equity capital and free reserves (including securities premium account) as per the audited financial statements of the Company for the financial year ended March 31, 2019, on standalone and consolidated basis respectively, through the "Tender Offer" route as prescribed under Securities and Exchange Board of India (Buy Back of Securities) Regulations, 2018 ("Buy-back Regulations") and the Companies Act, 2013 ("Act") and rules made thereunder ("Buy-back"), on a proportionate basis from the equity shareholders / beneficial owners of Equity Shares of the Company, as on the record date to be decided at a later stage, subject to the approval of the shareholders of the Company by way of a special resolution through Postal Ballot and all other

applicable statutory / regulatory approvals. The approval of the members will be sought to authorise the Board of Directors and / or Buy-back Committee to fix the final Buy-back Price, i.e. specific price at which the Buy-back will be made at the time of making Public Announcement.

Members of the Promoter and Promoter Group, Persons Acting in Concert, Key Managerial Personnel of the Company have indicated their intention that they may decide to participate in the proposed Buy-back.

The Company has formed a Committee to oversee and implement the Buy-back and to do all such acts, deeds, matters and things as it may, in its absolute discretion deem necessary, expedient, usual or proper in connection with the proposed Buy-back.

The Public Announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the Buy-back Regulations.

The pre-Buyback shareholding pattern as on April 18, 2019 is given below:

Kindly take the same on record and disseminate this information to the public.

Thanking you,

Yours faithfully, For Sasken Technologies Limited

S. Prasad Associate Vice President & Company Secretary

Encl.: as above

Chartered Accountants

Maruthi Info-Tech Centre 11-12/1, B Block, 2nd Floor Inner Ring Road, Koramangala Bangalore 560 071 India

Telephone +91 80 7134 7000 +91 80 7134 7999 Fax

Independent Auditor's Report on Consolidated Financial Results of Sasken Technologies Limited pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

$To'$

The Board of Directors of Sasken Technologies Limited

We have audited the consolidated annual financial results of Sasken Technologies Limited ('the Company') and its subsidiaries (collectively referred to as 'the Group') for the year ended 31 March 2019, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations'). Attention is drawn to the fact that the figures for the quarter ended 31 March 2019 and the corresponding quarter ended in the previous year as reported in these consolidated annual financial results are the balancing figures between the consolidated audited figures in respect of the full financial year and the audited year to date consolidated figures upto the end of the third quarter of the relevant financial year.

These consolidated financial results have been prepared on the basis of the consolidated annual lnd AS financial statements and audited quarterly consolidated financial results upto the end of the third quarter, which are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated annual financial results based on our audit of such consolidated annual Ind AS financial statements, which have been prepared in accordance with the recognition and measurement principles laid down in the Companies (Indian Accounting Standard) Rules, 2015 as per Section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.

We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial results are free of material misstatement(s). An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by management. We believe that our audit provides a reasonable basis for our opinion.

In our opinion and to the best of our information and according to the explanations given to us, these consolidated financial results:

• (i) include the annual financial results of the following entities:
• (a) Sasken Technologies Limited;
• (b) Sasken Communication Technologies (Shanghai) Co. Ltd. ('Sasken China');
• (c) Sasken Communication Technologies Mexico S.A. de C.V ('Sasken Mexico');
• (d) Sasken Finland Oy. ('Sasken Finland');
• (e) Sasken Inc. ('Sasken USA');
• (f) Sasken Foundation; and
• (g) Sasken Employees Welfare Trust.
• (ii) are presented in accordance with the requirements of Regulation 33 of the Listing Regulations; and
• (iii) give a true and fair view of the consolidated net profit and other comprehensive income and other financial information of the Group for the year ended 31 March 2019.

for B S R & Associates LLP

Chartered Accountants Firm's Registration No. 116231 W/W-100024

Rushank Muthreja Partner Membership No.: 211386

Bengaluru 23 April 2019

J.

AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2019

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AUDITED CONSOLIDATED BALANCE SHEET AS AT MARCH 31, 2019

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NOTES:

1. These audited consolidated financial results, prepared in accordance with Indian Accounting Standards ('Ind AS') for the quarter and year ended March 31, 2019 have been approved by the Board of Directors of the Company at its meeting held on April 23, 2019. The statutory auditors have expressed an unqualified opinion on these consolidated financial results.

The figures for the quarters ended March 31, 2018 and March 31, 2019 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.

1. 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 not been separately disclosed.

• 1. Effective April 1, 2018, the Company has adopted Ind AS 115, "Revenue from Contracts with Customers" using the cumulative effect method. The standard is applied retrospectively only to contracts that are not completed as at the date of initial application and the comparative information is not restated in the condensed interim statement of profit and loss. The adoption of the standard did not have any material impact on the condensed consolidated interim Ind AS financial statements of the Company.
• 1. The Board of Directors has recommended a final dividend of Rs.7.50 per equity share for the year ended March 31, 2019. 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.12.50 per equity share (including interim dividend payment of Rs.5.00 declared on October 23, 2018). $\mathbb{R}^2$

For Sasken Technologies-Ltd. (formerly Sasken Communidation Technologies Limited)

Place: Bengaluru Date: April 23, 2019

Rajiv CMody Chairman and Managing/Director DIN: 0092037

Extract of audited consolidated financial results of Sasken and its subsidiaries for the quarter and year ended March 31, 2019

* Standalone information pertains to Sasken Technologies Limited

Note:

a. The above is an extract of the detailed format of Quaterly Financial Results filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The full format of the Quaterly Financial Results are available on the websites of the Stock Exchange(s) and the Company.

Chartered Accountants

Maruthi Info-Tech Centre 11-12/1, B Block, 2nd Floor Inner Ring Road, Koramangala Bangalore 560 071 India

Telephone +91 80 7134 7000 Fax +91 80 7134 7999

Independent Auditor's Report on Standalone Financial Results of Sasken Technologies Limited pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To

The Board of Directors of Sasken Technologies Limited

We have audited the standalone annual financial results of Sasken Technologies Limited ('the Company') for the year ended 31 March 2019, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations'). Attention is drawn to the fact that the figures for the quarter ended 31 March 2019 and the corresponding quarter ended in the previous year as reported in these standalone annual financial results are the balancing figures between the audited figures in respect of the full financial year and the audited year to date figures upto the end of the third quarter of the relevant financial year.

These standalone annual financial results have been prepared on the basis of the standalone annual Ind AS financial statements and audited quarterly standalone financial results upto the end of the third quarter, which are the responsibility of the Company's management. Our responsibility is to express an opinion on these standalone financial results based on our audit of such standalone Ind AS financial statements, which have been prepared in accordance with the recognition and measurement principles laid down in the Companies (Indian Accounting Standard) Rules, 2015 as per Section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.

We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the standalone annual financial results are free of material misstatement(s). An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by management. We believe that our audit provides a reasonable basis for our opinion.

In our opinion and to the best of our information and according to the explanations given to us, these standalone financial results:

(i) are presented in accordance with the requirements of Regulation 33 of the Listing Regulations; and

(ii) give a true and fair view of the standalone net profit and other comprehensive income and other financial information of the Company as well as the results for the year ended 31 March 2019.

for B S R & Associates LLP Chartered Accountants Firm's Registration No. 1/6231W/W-100024

Iuthreia Rusie Partner Membership No.: 211386

Bengaluru 23 April 2019

AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2019

$\hat{\mathcal{A}}$

AUDITED STANDALONE BALANCE SHEET AS AT MARCH 31, 2019

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NOTES:

1. These audited standalone financial results, prepared in accordance with Indian Accounting Standards ('ind AS') for the quarter and year ended March 31, 2019 have been approved by the Board of Directors of the Company at its meeting held on April 23, 2019. The statutory auditors have expressed an unqualified opinion on these standalone financial results.

The figures for the quarters ended March 31, 2018 and March 31, 2019 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.

1. 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 not been separately disclosed.

• 1. Effective April 1, 2018, the Company has adopted ind AS 115, "Revenue from Contracts with Customers" using the cumulative effect method. The standard is applied retrospectively only to contracts that are not completed as at the date of initial application and the comparative information is not restated in the condensed interim statement of profit and loss. The adoption of the standard did not have any material impact on the condensed standalone interim Ind AS financial statements of the Company.
• 1. The Board of Directors has recommended a final dividend of Rs.7.50 per equity share for the year ended March 31, 2019. 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.12.50 per equity share (including interim dividend payment of Rs.5.00 declared on October 23, 2018).

For Sasken Technologies Ltd. (formerly Sasken Communication Technologies Limited)

Rajiv C Mody Chairman and Managing Director DIN: 0092037

Place: Bengaluru Date: April 23, 2019 Sasken Technologies Ltd. (Formerly known as Sasken Communication Technologies Limited )
Consolidated Key Metrics

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Sasken

Media Release - FOR IMMEDIATE RELEASE

Bengaluru, April 23, 2019: Sasken Technologies Limited (formerly Sasken Communication Technologies Limited) (BSE: 532663, NSE: SASKEN) today announced its consolidated results as per Ind AS for the quarter and year ended March 31, 2019.

Rajiv C Mody, Chairman, Managing Director & CEO, Sasken Technologies Limited remarked: We have been able to resolve the overruns in our fixed price program which we had flagged in the previous quarter. Our customer has compensated us for the additional work executed and continues value us as a strategic partner. The positive upshot is after factoring this one time impact we have posted an organic revenue growth of 4% this quarter. As part of our business transformation journey, we remain focused on growing our strategic accounts. We have new business wins emanating from marquee customers and will endeavour to scale them.

Performance Snapshot for the Quarter: Q4 FY 19

• Consolidated Revenues for Q4 FY 19 at ₹ 135.54 Crore
• $\circ$ Up 11.6 % sequentially over the previous quarter
  • o Up 5.3 % YoY from Q4 FY 18
• Consolidated EBIDTA for Q4 FY 19 at ₹ 24.44 Crore
• $\circ$ Up 93.2 % sequentially over the previous quarter
• $\circ$ Up 13.6 % YoY from Q4 FY 18
• Consolidated PAT for Q4 FY 19 at ₹ 27.45 Crore
• $\circ$ Up 51.9 % sequentially over the previous quarter
• O Up 5.7 % YoY from Q4 FY 18
• o PAT Margins for the quarter at 20.3 %

Performance Snapshot for the Financial Year 2019

• Consolidated Revenues for FY 19 at ₹ 504.31 Crore
• o Up 0.3 % from FY 18.
• Consolidated EBIDTA for FY 19 at ₹.71.13 Crore
• $O$ Up 2.4 % from FY 18
• Consolidated PAT for FY 19 at ₹ 90.42 Crore
• $O$ Up 9.7 % from FY 18
• o PAT Margins for the year at 17.9 %

Key Business metrics for the Quarter: Q4 FY 19

• Software services revenues for Q4 FY 19 at ₹135.54 Crore
• $\circ$ Up 11.6 % sequentially over the previous quarter
• o Up 5.3 % YoY from Q4 FY 18
• Consolidated EBIDTA margins were at 18.0 %. $\bullet$
• Revenue contribution from
• o The Top five customers stood at 56.3 % and
• o From Top 10 customers at 70.1%
• Consolidated EPS was at $\overline{x}$ 16.11 for the quarter
• Added 6 new customers during the quarter taking the total number of active customers to 94

Key Business metrics for the Financial Year 2019

• Software services revenues for FY 19 at ₹ 504.31 Crore
• $\circ$ Up 0.3 % from FY 18
• Consolidated EBIDTA margins were at 14.1 %.
• Consolidated EPS was at ₹52.92 for the year

A fact sheet providing the operating metrics for the company and a presentation for analysts can be downloaded from the investor section of the corporate website www.sasken.com

About Sasken:

Sasken is a specialist in Product Engineering and Digital Transformation providing concept-tomarket, chip-to-cognition R&D services to global leaders in Semiconductor, Automotive, Industrials, Smart Devices & Wearables, Enterprise Grade Devices, SatCom, and Transportation industries. For over 30 years and with multiple patents, Sasken has transformed the businesses of 100+ Fortune 500 companies, powering more than a billion devices through its services and IP.

Disclaimer on Forward Looking Statements:

Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements due to risks or uncertainties associated with our expectations with respect to, but not limited to, our ability to successfully implement our strategy and our growth and expansion plans, technological changes, our exposure to market risks, general economic and political conditions in India which have an impact on our business activities or investments, changes in the laws and regulations that apply to the Indian IT services industry, including with respect to tax incentives and export benefits, adverse changes in foreign laws, including those relating to outsourcing and immigration, increasing competition in and the conditions of the Indian and global IT services industry, the prices we are able to obtain for our services, wage levels in India for IT professionals, the loss of significant customers the monetary and interest policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices, the performance of the financial markets in India and globally, changes in domestic and foreign laws, regulations and taxes and changes in competition in the information technology/ telecommunication industries. Additional risks that could affect our future operating results are more fully described in our Red herring filing. The company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.

Spokesperson: Swami Krishnan VP Marketing and Communication E: [email protected] T: +91 9743979264

Chairman's Remarks for Q4 of FY 2018-19

It is my pleasure to highlight the business performance of the Sasken Group for the financial year (FY 2018-19), ending 31st March 2019.

We must point out that certain statements made here or those we make subsequently in response to your queries concerning our future growth prospects are forward-looking statements. Please read the Safe Harbor clause in the second slide of our presentation for full details.

Let me begin by walking you through our financials for Fiscal 2019. In Fiscal FY 2019, the consolidated revenues for the Sasken Group remained almost flat over the previous fiscal and stood at ₹. 504.31 crores. Consolidated Earnings before Interest, Depreciation, Taxes and Amortization cost for fiscal '19 were ₹. 71.13 crores, a growth of 2.4% sequentially. Consolidated PAT for fiscal '19 was at ₹. 90.42 crores, up 9.7 % over the previous fiscal. PAT margins for this fiscal were 17.9%, and EBITDA margin was at 14.1%. Consolidated earnings per share, were ₹. 52.92 for the full year. Cash and cash equivalents were approximately ₹.505.78 crores as of March 31st, 2019.

I will now provide the key highlights for our business in the current quarter and full financial year FY 19

As indicated in the previous quarter we had overruns in our fixed price programs. We have since been able to resolve them and our customer has compensated us for the additional work we have executed. Our customer continues to value us as a strategic partner. More specifically of the 11.6% growth in revenue terms 7.4% is attributable to the additional revenue from this customer while the balance 4% is from organic growth. Our current quarter's EBITDA margin is higher on account of this one time impact.

On a YTD basis, the business has grown by focusing on strategic accounts, most of which have shown annual growth. As part of our business transformation, we have defocused customer program delivery via the resource augmentation route. Therefore, overall revenue in Rupees terms has remained flat due to this netting off. However, about 60% of our business now comes from ownership-based programs. which is a sharp rise from the previous period and bodes well for us.

We have been able to penetrate newer accounts across all areas of our segmental focus. We continue to grow by leveraging our strengths providing a full-service bouquet addressing the needs of silicon platform vendors building products based on the Android OS, targeting the consumer and industrial segments.

Additionally, our solutions for managing modems powering smart devices across multiple wireless standards & integrated cockpit communications for the automotive sectors have also seen good customer traction.

On the digital front, our solutions for IoT, platform engineering & mobility layered with analytics are making good progress serving the industrial and transportation segments.

One of our customers has signaled their exit from the 5G modem space. We are in touch with them to assess the possible impact of their decision on our ongoing programs in 4G area.

We have successfully added 6 new customers during the quarter, taking the total number of active customers to 94. Our total headcount for the quarter stands at 1,833, a net addition of 53 over the previous quarter. We have increased our fresher intake and rejuvenated our training engine to ensure both freshers and the experienced talent pool are technically sound. Attrition for the quarter stood at 30.33%, which we expect to reduce as we are making a concentrated effort to pursue ownership driven projects. The utilization figures for the quarter stood at 75.70%.

Final Dividend

The Board of Directors has recommended a final dividend of ₹.7.50 per equity share of Rs.10 each for the year ended March 31, 2019. This is subject to the approval of shareholders and if so approved, the total dividend for the year will amount to ₹.12.50 per equity share including interim dividend payments of Rs.5.00 per share declared on 23/10/18. We thus maintain the uninterrupted record of paying dividend since our inception.

We thank you for your interest in Sasken and your continued support. My team and I are committed to doing $\oint \phi$ best to serve the interests of all our stakeholders.

Rajiv C Mody

Chairman, Managing Director, and CEO Sasken Technologies Limited