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.

 

Consolidated PAT for Q1 FY 23-24 grew by 6% QoQ

Mumbai, July 31, 2023 : Sonata Software, a global IT services and technology solutions company, has reported its unaudited financial results for its 1^st quarter ended 30^th June 2023.

Speaking on the quarterly results Samir Dhir, MD & CEO of Sonata Software 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 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 Rs 2,015.5 crores; QoQ growth of 5%
• EBITDA at Rs 206.4 crores; QoQ growth of 17%
• PAT at Rs 120.1 crores; QoQ growth of 6%
• Net Cash and equivalents of approximately Rs 331 Crores (net of borrowings).
• Consolidated DSO is at 41 days.

 

 

• International IT Services: 
• Revenues at Rs 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 Rs 150.6 crores; QoQ growth of 22%
• PAT at Rs 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^TM 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 Rs 1,391.7 crores; QoQ growth of 1%
• Gross contribution at 61.8 Crs grew by 6.4% QoQ.
• EBITDA at Rs 56.4 crores; QoQ growth of 4%
• PAT at Rs 40.2 crores; QoQ growth of 3%
• DSO is 36 days (Q4’23: 35 days)