Mid-tier IT firm Sonata Software reported a 10 per cent year-on-year (y-o-y) profit rise at ₹124.2 crore in Q2. Sequentially, profits rose 3 per cent.
Revenue from operations stood at ₹1,912.6 crore, up by 28 per cent y-o-y and down by 5 per cent on a quarter-on-quarter basis. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at ₹220.5 crore, up by 33 per cent y-o-y.
Samir Dhir, MD and CEO of Sonata Software, said: “We are proud and excited to deliver yet another quarter of Industry-leading growth, despite the macro geopolitical issues, economic challenges, and slowdown in tech spending. Our International services Revenue in USD terms grew 4.6 per cent q-o-q. Consolidated PAT for Q2 FY24 grew 3.4 per cent q-o-q. We won our first multi-year AI-enabled business transformation large deal powered by Sonata’s Harmoni.AI.”
Sonata added four new customers during the quarter. It saw growth from digital-based competencies like Managed cloud services and Digital Platformation Services (Microsoft and Open source) and focused verticals like TMT, Healthcare and life Sciences, Manufacturing, Retail, CPG, TTH, BFSI, and Emerging.
The pipeline continues to be healthy and strong through multiple new digital wins from existing and new customers, said the company.
Sujit Mohanty, MD & CEO of Sonata Information Technology Ltd. said, “Our domestic products division delivered a good performance during this quarter. Our Gross Contribution grew by 1 per cent q-o-q and 16.5 per cent y-o-y. Our Q2 PAT grew by 19 per cent y-o-y. We successfully renewed all our large multiyear software contracts with our key customers. We will continue focussing on our Multi-Cloud Management offerings and System Integration business to drive future growth.”
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