New Delhi, January 18, 2022: Sonata Software, a global IT services and technology solutions company, today reported its unaudited financial results for its 3rd quarter ended and nine months ended31st December 2021.
Srikar Reddy, Managing Director & CEO of Sonata Software said-
“The results are an affirmation that we continue to execute well on our goal of being a strategic partner for our clients in building world class digital enterprises through our unique ‘Platformation’ methodology.
Developing world class competencies in digital services like platform engineering, cloud transformation, data analytics and Microsoft digital platform and aligning them to Platformation has helped us win and execute enterprise class digital engagements.
We see a continued uptick in the demand situation for digital services with growth in both existing accounts and in our new deal pipeline. In view of super high demand for digital talent we continue to execute on a comprehensive talent plan, comprising a range of initiatives on improving employee engagement and retention, creating capacity in advance,more focus on training and development, and expanding our delivery centres with near shore delivery centres for US and Europe.
Our India business has continued to show robust growth with shift to cloud and digital infrastructure.
With continued clear visibility and business opportunity, we will continue to invest for growth, in talent acquisition and transformation, IP creation, competency, capability development and sales & marketing.”
Performance Highlights for the quarter:
- Consolidated:
- Revenues at Rs1,858Crores,growth of 93% QoQ.
- EBITDA at Rs9Crores,growth of 8% QoQ
- Net Profit at Rs6Crores,growth of 7% QoQ
- Cash and equivalents (net of borrowings) approximately Rs637Crores.
- International IT Services:
- Revenues at Rs2 crores; growth of 10% QoQ;
- Revenue in USD at 53.4 million, QoQ revenue growth of 8.1% in USD terms and constant currency growth of 8.6%.
- Growth across all geographies (USA 11%, Europe 2.5%, Rest of World 2.3%).
- EBITDA at Rs5Crores: growth of 7% QoQ;
- Net profit (PAT) at Rs2 Crores, QoQ growth of 6%
- Addition of 11 new customers during the quarter.
- Overall strategy of creating digital enterprises by creating platform through our unique Platformation methodology are yielding results.
- Strong growth from digital based competencies like Managed cloud services and Digital Platformation Services (Microsoft & Open source) and focused verticals like ISV, Retail (Essential) and Commodity Business & Service Industry.
- Strong cash and liquidity positions maintained. DSO is 43 days.
- Our pipeline continues to be healthy and strong through multiple new digital wins from existing and new customers.
- Domestic Products&Services:
- Revenues at Rs1,464.2crores: growth of 142%QoQ;
- Domestic business revenue driven by multiyear cloud-based annuity deals. 78% of revenue from cloud-based deals. Sustained growth ensured through strong customer retention, 83% of gross margin from customers with turnover (customer’s revenue) more than 1,000 Crores and more than 80% of gross margin earned from repetitive customers with more the 5 years of association.
- Domestic business measured on absolute Gross Margin. Gross margin for the Quarter at Rs1crs vs Rs39.9Crores
- EBITDA at Rs9Crores:growth of 10% QoQ;
- Net profit (PAT) at Rs4 crores QoQ growth of 11%
- DSO at 33 days.
Corporate Comm India (CCI Newswire)
