IT firm Sonata Software, reported a net profit 3 per cent year-on-year (Y-o-Y) decline to ₹110.36 crore in the fourth quarter that ended March 2024 as against ₹ 113.77 crore in March 2023.
Net profit dropped by 31.73 per cent to ₹308.50 crore for the year ended March 2024, down from ₹451.90 crore in the previous year ending March 2023. The company in Q4 posted revenue of ₹2,191.60 crore, a 11.8 per cent per cent dip quarter-on-quarter (q-o-q). On a year-on-year (y-o-y) basis, however, revenue hiked 15.6 per cent to ₹8,613.10 crore.
The domestic business achieved a gross contribution of ₹260.4 crore for FY24, marking an 18.6 per cent year-on-year growth in INR. The Board recommends a final dividend of ₹4.40 per share (440 per cent on par value ₹1), bringing the total dividend for FY24 to ₹7.90 per share.
“We remain optimistic about our long-term vision and growth prospects. In FY24, our international business delivered industry leading 34.3 per cent growth Y-o-Y,” said Samir Dhir, MD & CEO, Sonata Software.
“During the Q4, large deals decisioning delays & associated costs resulted in sequential degrowth both in our international revenue USD terms by 2.4 per cent Q-o-Q, and consolidated PAT of 14.1 per cent Q-o-Q. Despite Q4 and short-term headwinds, as we reflect on the year, we have taken significant steps towards our long-term goals,” he continued.
Sujit Mohanty, MD & CEO, Sonata Information Technology Limited said, “Our PAT de-grew by 6 per cent Q-o-Q due to seasonality; however, Annual PAT grew 16 per cent over the previous year. We had fruitful engagements with our existing customers through targeted GTMs which helped us expand our business from our existing customer base.”
(Inputs from bl intern Vidushi Nautiyal)