Sonata Software net zooms 121 percent in Q1

IT consulting and services provider Sonata Software Ltd. Monday reported a consolidated net profit of Rs.32 crore for the first quarter (April-June) of this fiscal (2014-15), registering a whopping 121 percent growth from Rs.14.5 crore in the same period a year ago.

On sequential basis, consolidated net profit grew 36 percent from Rs.24 crore posted in previous quarter (January-March) of fiscal 2013-14.

Of the total net profit, international IT services contributed Rs.26.4 crore as against Rs.8.24 crore year ago, posting 219 percent growth while domestic products and services accounted for Rs.5.7 crore, a decline of nine percent from Rs.6.3 crore year ago.

The city-based company's consolidated revenue for the quarter under review (Q1), however, was flat at Rs.417 crore, posting a one percent growth from Rs.413 crore year ago.

Sequentially, however, total revenue grew 37 percent from Rs.340.7 crore.

Though export revenue from IT services grew 36 percent year-on-year (YoY) to Rs.139.6 crore, it declined nine percent YoY to Rs.283.6 crore in domestic products and services from Rs.310.9 crore year ago.

Consolidated earnings before interest, tax, depreciation and ammortisation increased 86 percent YoY to Rs.44 crore from Rs.24 crore year ago and 26 percent sequentially from Rs.35 crore.

"We had another quarter of significant growth, reflecting the strength of our strategy in terms of technologies, verticals and marketing, which offer a differentiated value proposition to our customers," Sonata chief executive Srikar Reddy said in a statement.