Sonata Software drops after reporting dismal Q3 performance

Sonata Software declined 2.07% to Rs 748.85 after the company reported consolidated net loss of Rs 46.2 crore in Q3 FY24 as compared with net profit of Rs 124.2 crore in Q2 FY23.

Revenue from operations jumped 30% QoQ to Rs 2493.4 crore in Q3 FY24.

As compared with Q3 FY23, the company reported net profit of Rs 117.6 crore and revenue jumped 10% from Rs 2,260.8 crore.

Profit before exceptional items and tax increased 3.03% to Rs 171.56 crore in Q3 FY24 as compared with Rs 166.51 crore in Q2 FY24. Exceptional item was Rs 174.66 crore during the quarter.

EBITDA stood at Rs 227.2 crore in Q3 FY24, registering the growth of 3% as compared with Rs 220.5 crore posted in previous quarter same fiscal.

During the quarter, net cash and equivalents of approximately Rs 228 crore (net of borrowings)

In dollar terms, the companys revenue stood at $83.7 million in Q3 FY24, up 3.5% QoQ and 38.3% YoY. In Q3 FY24, 113 new customers added.

Samir Dhir, MD & CEO of the company said, Our International services Revenue in USD terms grew 3.5% QoQ and domestic gross contribution grew by 14.2% QoQ. We are delighted to be adjudged.

Sujit Mohanty, MD & CEO of Sonata Information Technology, said, We had one of our best quarters performances delivered in our domestic business during the quarter. Our gross contribution grew by 14.2 % QoQ and 25.8 % YoY. Our Q3 PAT grew by 17.4% YoY. We had fruitful engagements with our existing customers through targeted GTMs which helped us expand our business from our existing customer base."

Sonata Software provides IT consulting, product engineering services, application development, application management, managed testing, business intelligence, infrastructure management, packaged applications, and travel solutions. The company derives most of its services revenue from overseas, with the US and Europe accounting for major shares of revenues.

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