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Friday, Jul 18, 2003

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Sonata Q1 PAT down 20 pc

Our Bureau

Bangalore , July 17

SONATA Software has declared a lower profit after tax of Rs 2.54 crore for the first quarter, down from Rs 3.19 crore during the corresponding previous period, a decline of 20 per cent.

Revenues fell five per cent to Rs 18.72 crore against Rs.19.72 crore earlier. In a sequential comparison, the net is down 38 per cent over the last quarter of the previous year (Rs 4.12 crore), while revenues fell by 12 per cent (Rs 21.35 crore).

The EBIDTA during the period stood at Rs 3.21 crore, down 22 per cent from Rs 4.14 crore earlier. The PAT fell 36 per cent while revenues fell 19 per cent over the corresponding previous period.

According to a release, it added four new clients and derived about 59 per cent of its revenues from Europe and 40 per cent from the US.

The offshore-onsite mix stood at 60:40.

Total cash generated during the quarter was Rs 2.5 crore, the release added.

The impact of the clearing of uncertainty caused by the Iraq war and the SARS crisis will be felt in the coming quarters, the company said.

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