IT Consulting & Software company Sonata Software announced Q2FY24 results:
Revenues: Rs 1,912.6 crore; YoY growth of 28%
EBITDA: Rs 220.5 crore; YoY growth of 33%
PAT: Rs 124.2 crore; YoY growth of 10%
Net Cash and equivalents of approximately Rs 267 crore (net of borrowings).
DSO improved to 40 days (Q1FY24: 41 days).
International IT Services:
Revenues: Rs 670.0 crore; YoY growth of 46%
Revenue in USD at USD 80.9 million, QoQ revenue growth of 4.6% & YoY growth of 40.0% in USD terms.
EBITDA: Rs 165.0 crore; YoY growth of 38%
PAT: Rs 83.7 crore; YoY growth of 7%
DSO improved to 45 days (Q1FY24: 46 days)
Four New customers were added during the quarter.
Strategy focuses on delivering outcome-based Modernization services using 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.
Healthy and strong pipeline with multiple new digital wins from existing and new customers.
Domestic Products & Services:
Revenues: Rs 1,244.0 crore; YoY growth of 20%
Gross contribution: Rs 62.4 crore, grew by 16.5% YoY.
EBITDA: Rs 56.4 crore; YoY growth of 20%
PAT: Rs 40.5 crore; YoY growth of 19%
DSO improved to 35 days (Q1FY24: 36 days)
Speaking on the quarterly results Samir Dhir, MD & CEO of the Company said, “We are proud and excited to deliver yet another quarter of Industry-leading growth, despite the macro geopolitical issues, economic challenges, and slowdown in tech-spending. Our International services Revenue in USD terms grew 4.6% QoQ. Consolidated PAT for Q2FY24 grew 3.4% QoQ. We won our first multi-year AI-enabled business transformation large deal – powered by Sonata’s Harmoni.AI.”
Speaking on the results Sujit Mohanty, MD & CEO of Sonata Information Technology said, "Our domestic products division delivered a good performance during this quarter. Our Gross Contribution grew by 1% QoQ and 16.5% YoY. Our Q2 PAT grew by 19% YoY. We successfully renewed all our large multiyear software contracts with our key customers. We will continue focusing on our Multi-Cloud Management offerings and System Integration business to drive future growth."
Market capitalization or market cap is determined by multiplying the current market price of a company’s shares with the total number of shares outstanding. As of Dec 08, 2023 03:57 PM, the market cap of Sonata Software Ltd stood at ₹ 19,889.07.