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:
- 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)