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Sasken has Rs7cr in receivables from Nortel: CFO

Sasken has Rs7cr in receivables from Nortel: CFO
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First Published: Mon, Jan 19 2009. 01 00 PM IST
Updated: Mon, Jan 19 2009. 01 00 PM IST
Mumbai: Telecom software firm Sasken Communication Technologies Ltd has receivables of about Rs7 crore from Nortel Network Corp but has been assured about payments, a top official said on Monday.
“Our exposure as far as receivables is concerned is to the extent of Rs7 crores (70 million) today and most of that is covered by credit insurance,” Chief Financial Officer Neeta Revankar told television channel CNBC-TV 18.
“We have been in touch with Nortel since the announcement was made and have been assured that our business volumes continue and we will be protected as far as our payments and dealings going forward,” she added.
Sasken shares fell 20% on 15 January after Nortel, which holds a stake in the company, filed for bankruptcy.
The company’s net profit in the October-December quarter almost doubled to Rs7.9 crore from 38.61 million in the year-ago period.
At 12:43pm its shares traded up 8.64% at Rs47.8 rupees in a flat Mumbai market.
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First Published: Mon, Jan 19 2009. 01 00 PM IST
More Topics: Sasken | Receivables | Nortel | Stocks | Corporate News |