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Source: cision | Published on: Thursday, 01 February 2024
BENGALURU, India, Feb. 1, 2024 -- Sonata Software (NSE: SONATSOFTW) (BSE: 532221), a leader in Modernization Engineering, today reported its unaudited financial results for its 3rd quarter ended December 31, 2023.
in ₹ Crores | ||||||||||||||||
Description | For the Quarter ended | For the nine months ended | ||||||||||||||
31-Dec-23 | 30-Sep-23 | 31-Dec-22 | QoQ | YoY | 31-Dec-23 | 31-Dec-22 | YoY | |||||||||
Revenues | ||||||||||||||||
International IT Services | 696.8 | 670.0 | 489.6 | 4 % | 42 % | 2,000.6 | 1,386.8 | 44 % | ||||||||
Domestic- Products & Services | 1,800.3 | 1,244.0 | 1,773.6 | 45 % | 2 % | 4,436.0 | 4,156.9 | 7 % | ||||||||
Consolidated | 2,493.4 | 1,912.6 | 2,260.8 | 30 % | 10 % | 6,421.5 | 5,535.6 | 16 % | ||||||||
EBITDA | ||||||||||||||||
International IT Services | 168.5 | 165.0 | 123.2 | 2 % | 37 % | 484.1 | 358.6 | 35 % | ||||||||
Domestic- Products & Services | 59.2 | 56.4 | 51.7 | 5 % | 14 % | 172.1 | 142.8 | 21 % | ||||||||
Consolidated | 227.2 | 220.5 | 172.8 | 3 % | 31 % | 654.2 | 498.4 | 31 % | ||||||||
PAT after exceptional item^ | ||||||||||||||||
International IT Services | (88.8) | 83.7 | 81.3 | - | - | 74.9 | 235.9 | - | ||||||||
Domestic- Products & Services | 42.6 | 40.5 | 36.3 | 5 % | 17 % | 123.3 | 102.2 | 21 % | ||||||||
Consolidated | (46.2) | 124.2 | 117.6 | - | - | 198.1 | 338.1 | - | ||||||||
PAT before exceptional item^ | ||||||||||||||||
International IT Services | 85.9 | 83.7 | 81.3 | 3 % | 6 % | 249.5 | 235.9 | 6 % | ||||||||
Domestic- Products & Services | 42.6 | 40.5 | 36.3 | 5 % | 17 % | 123.3 | 102.2 | 21 % | ||||||||
Consolidated | 128.5 | 124.2 | 117.6 | 3 % | 9 % | 372.8 | 338.1 | 10 % | ||||||||
^ Sonata Software North America Inc., (SSNA) a wholly owned subsidiary of Sonata Software Limited, acquired 100% stake in the Quant systems inc., (Quant) on March 10, 2023 for a purchase consideration of USD 159 mn (INR 130,348 Lakhs) (net of working capital) including cash consideration of USD 70.70 mn (INR 57,960 Lakhs) and USD 88.30 mn (INR 72,388 Lakhs) of contingent consideration payable over 2 years. The Company has re-measured the fair value of the contingent consideration payable to be USD 105.42 mn (INR 87,719 Lakhs), thereby an increase of USD 17.12 mn (INR 14,244 Lakhs). Similarly, the Company has re-measured the fair value of the contingent consideration payable with respect to an earlier acquisition, which has resulted in the change in fair value by USD 3.87 mn (INR 3,222 Lakhs). The above changes in fair value of contingent consideration payable amounting to USD 20.99 mn (INR 17,466 Lakhs) are owing to better financial performance of the acquired entities and are recorded in the Statement of Profit and Loss. The Management has disclosed the above changes in fair value as an 'exceptional item', considering the significance of the amount and its non-recurring nature.
Speaking on the quarterly results Mr. 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 geo-political issues, economic challenges, and slowdown in tech-spending. 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 'Best Governed Company 2023' at ICSI national awards for excellence in corporate governance and certified as 'Most preferred Workplace 2023-24' by Marksmen Daily."
Speaking on the results Mr. Sujit Mohanty, MD & CEO of Sonata Information Technology Limited, said, "We had one of our best quarter's 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."
Performance Highlights for the quarter:
Sonata Software is a leading Modernization Engineering company, powered by its unique Platformation™ framework that brings together industry expertise, platform technology excellence, design innovation and strategic engagement models to deliver sustained value to customers. We partner with Fortune 500 clients to help them reimagine their business processes as part of modernization programs. As part of this phase, we drive business enablement sessions, consulting, and business processes to be aligned with best-in-class industry-specific practices. Our outcome-based Modernization Services include Cloud, Data, Dynamics, Managed Services, Automation and Digital Contact Center. We offer services and solutions around newer technologies like Generative AI, MS Fabric, and other modernization platforms. Sonata has a strong global presence in key regions including US, UK, Europe, APAC, and ANZ. We are a trusted partner of world leading companies in TMT, Retail & CPG. Manufacturing, BFSI and HLS space. Our partner ecosystem boasts of strong relationships with Microsoft, AWS, Salesforce, Snowflake, Google, and Industry partners and is critical to the value we create with our clients.
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