Sonata Software's net zooms 183 percent

Leading IT consulting and software services firm Sonata Software Ltd. said it posted a Rs.30 crore consolidated net profit for fiscal 2012-13, registering a whopping 183 percent increase year-on-year (YoY) from Rs.10.61 crore in 2011-12.

In a regulatory filing to the Bombay Stock Exchange late Thursday, the Bangalore-based company said consolidated revenue for the fiscal under review (FY 2013), grew 23 percent YoY to Rs.1,311 crore from Rs.1,069 crore year ago.

Earnings before interest, depreciation, tax and amortization (Ebidta) grew 71 percent YoY to Rs.59.49 crore and cash reserves (net of borrowings) stood at Rs.140 crore.

"We are satisfied with the progress made in the fiscal under review. We will stay focused and invest in verticals of choice and technologies such as social, cloud, big data and analytics and mobile," Sonata chief executive Srikar Reddy said in a statement here.

For last quarter (January-March) of the last fiscal, consolidated net profit at Rs.6.97 crore was 19 percent lower sequentially from Rs.8.65 crore in third quarter (Oct-Dec) but 203 percent YoY from a loss of Rs.6.75 crore in same quarter of previous fiscal (2011-12).

Similarly, consolidated revenue at Rs.259 crore during the quarter under review (Q4) was sequentially 34 percent lower from Rs.395 crore in third quarter (Q3) but 27 percent higher from Rs.205 crore in same quarter year ago.

"Breaking away from previous fiscal, we returned to black (profit) on consolidated basis at Rs.30 crore by divesting the loss-making joint venture with TUI InfoTec GmbH, restructuring domestic products and services business and stabilising software business," Reddy added.

Sonata serves software product firms and enterprises in travel, manufacturing, retail and distribution verticals worldwide through its service lines such as business intelligence and analytics, application development management, mobility, cloud, social media, testing,enterprise services and infrastructure management services.