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HomeINB EnglishSonata Software - International Services Revenue in USD terms grew by 17.5%...

Sonata Software – International Services Revenue in USD terms grew by 17.5% QoQ (4% QoQ organic), and Domestic Gross Contribution grew by 6.4% QoQ

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Sonata Software a global IT services and technology solutions company, today reported its unaudited financial results for its 1st quarter ended 30th June 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 International services Revenue in USD terms grew 17.5% QoQ. Consolidated PAT for Q1’24 grew 6% QoQ. We crossed $300M annual run rate for International Business in Q1 FY’24. We won our largest-ever multi-year Modernization deal in Europe with a Manufacturing client. Sonata is the only SI launch partner from India for Microsoft’s Fabric offering. We recently launched Harmoni.AI – a Responsible-first AI offering for Enterprise scale.”

Speaking on the results Mr. Sujit Mohanty, MD & CEO of Sonata Information Technology Limited said, 

“Our domestic products division had an outstanding quarter of financial performance. Our Gross Contribution grew by 6.4 % QoQ and 22% YoY. Our Q1 PAT grew by 3% QoQ and 26% YoY. To accelerate our business growth further, we have started focusing on large hybrid infrastructure System Integration & Management opportunities.”

Performance Highlights for the quarter:                                                                                                                            

  • Consolidated:
    • Revenues at ₹ 2,015.5 crores; QoQ growth of 5%
    • EBITDA at ₹ 206.4 crores; QoQ growth of 17%
    • PAT at ₹ 120.1 crores; QoQ growth of 6%
    • Net Cash and equivalents of approximately ₹ 331 Crores (net of borrowings).
    • Consolidated DSO is at 41 days.
  • International IT Services:
    • Revenues at ₹ 633.8 crores; QoQ growth of 19%
    • Revenue in USD at 77.3 Million, QoQ revenue growth of 17.5% (4% QoQ organic growth) & YoY 36.1% in USD terms,
    • EBITDA at ₹ 150.6 crores; QoQ growth of 22%
    • PAT at ₹ 79.9 crores; QoQ growth of 7%
    • Added 10 new customers.
    • International services DSO is 46 days (Q4’23: 49 days)
    • Won two large deals in the quarter.
    • Overall strategy of delivering outcome-based Modernization services using our Domain-Led and technology-based Modernization anchored by GTMs executed through Platformation™.
    • Strong growth from digital based competencies like Managed cloud services and Digital Platformation™ Services (Microsoft & Open source) and focused verticals like TMT, Healthcare & Life Sciences, Manufacturing, Retail / CPG/ TTH, BFSI and Emerging.
    • Our pipeline continues to be healthy and strong through multiple new digital wins from existing and new customers.
  • Domestic Products & Services:
    • Revenues at ₹ 1,391.7 crores; QoQ growth of 1%
    • Gross contribution at 61.8 Crs grew by 6.4% QoQ.
    • EBITDA at ₹ 56.4 crores; QoQ growth of 4%
    • PAT at ₹ 40.2 crores; QoQ growth of 3%
    • DSO is 36 days (Q4’23: 35 days)
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