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Sonata Software – International Revenue in $ grew by 8.6% QoQ, and Domestic Gross Contribution grew by 2.9% QoQ.

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Sonata Software, a global IT services and technology solutions company, today reported its audited financial results for its 4th quarter and year ended 31st March 2023.

Speaking on the quarterly results Mr. Samir Dhir, MD & CEO of the Company said, “We are excited to report yet another quarter of Industry-leading growth. Our Rupee Revenue for Q4 FY’23 grew by 9% QoQ (8.6% in Dollar terms). Full-year rupee Revenue grew by 29%. (18.1 % in USD terms). Consolidated PAT for FY’23 grew by 20% YoY. Our modernization-driven solutions enabled three large deal wins, including our largest-ever deal win of $160M. In addition, we completed the acquisition of Quant Systems in the quarter to strengthen our recently announced incubating BFSI and Healthcare verticals.”

Speaking on the results Mr. Sujit Mohanty, MD & CEO of Sonata Information Technology Limited said, “Our domestic products and services division had an outstanding year of financial performance. Our Gross Contribution grew by 2.9% QoQ and 29% YoY on full year basis. Our FY’23 PAT grew by 39% YoY. We are seeing the positive results of our focus on multi-year annuity enterprise sales and will continue to prioritize enterprise clients to drive further growth.”

Performance Highlights for the quarter:                                                                                                                            

  • Consolidated:
    • Revenues at ₹ 1,913.5 crores;
    • EBITDA at ₹ 176.7 crores; QoQ growth of 2%
    • PAT at ₹ 113.8 crores;
    • Net Cash and equivalents of approximately ₹ 451 Crores (net of borrowings).
  • International IT Services:
    • Revenues at ₹ 533.5 crores; QoQ growth of 9%
    • Revenue in USD at 65.8 Million, Revenue growth of QoQ of 8.6% & YoY 18.1% in USD terms,
    • EBITDA at ₹ 123.5 crores;
    • PAT at ₹ 74.8 crores;
    • Addition of 17 new customers
    • International services DSO for FY 23 is 45 days.
    • Overall strategy of delivering outcome-based Modernization services using our Domain-Led and technology-based Modernization anchored by GTMs executed through PlatformationTM
    • Strong growth from digital based competencies like Managed cloud services and Digital PlatformationTM Services (Microsoft & Open source) and focused verticals like TMT, Healthcare & Life Sciences, Manufacturing, Retail / CPG/ TTH, BFSI and Emerging.
    • Bayer choses Sonata as top SI partner for its new Agri-Food Cloud solution. Sonata is now global partner for Sinequa.
    • Our pipeline continues to be healthy and strong through multiple new digital wins from existing and new customers.
  • Domestic Products & Services:
    • Revenues at ₹ 1,383.4 crores;
    • EBITDA at ₹ 54 crores; QoQ growth of 4%
    • PAT at ₹ 39 crores; QoQ growth of 8%
    • DSO days for FY 23 is 37 days
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