Sonata Software - International Revenue in $ grew by 8.6% QoQ, and Domestic Gross Contribution grew by 2.9% QoQ.

Published : May 15, 2023 - 20:10 Updated : May 15, 2023 - 20:10

Consolidated FY'23 PAT grew by 20% YoY. Delivered Q4'2023 PAT of ₹ 113.8 cr (Normalized PAT after one time M&A expenses of ₹ 126.8 cr). The Board recommends a final dividend of ₹ 8.75 per share (FY'23 dividend ₹ 15.75 per share).

BANGALORE, India, May 15, 2023 /PRNewswire/ -- Sonata Software, a global IT services and technology solutions company, today reported its audited financial results for its 4^th quarter and year ended 31^st March 2023.

								*in ₹ Crores*
*Description*	*For the Quarter ended*					*For the Year ended*
	*31-Mar-23*	*31-Dec-22*	*QoQ*	*31-Mar-22*	*YoY*	*31-Mar-23*	*31-Mar-22*	*YoY*
Revenues
International IT Services	533.5	489.6	9 %	413.9	29 %	1,920.4	1,493.8	29 %
Domestic- Products & Services	1,383.4	1,773.6	-22 %	1,051.0	32 %	5,540.0	4,066.9	36 %
Consolidated	1,913.5	2,260.8	-15 %	1,463.6	31 %	7,449.1	5,553.4	34 %

EBITDA
International IT Services	123.5	123.2	0 %	113.8	9 %	482.0	425.0	13 %
Domestic- Products & Services	54.0	51.7	4 %	39.5	37 %	196.8	142.4	38 %
Consolidated	176.7	172.8	2 %	153.1	15 %	675.0	565.7	19 %

PAT
International IT Services ¹	74.8	81.3	-8 %	72.4	3 %	310.7	274.5	13 %
Domestic- Products & Services	39.0	36.3	8 %	28.5	37 %	141.2	101.8	39 %
Consolidated ²	113.8	117.6	-3 %	100.9	13 %	451.9	376.4	20 %

Notes:
1. International IT Services includes results of Quant Systems Inc. w.e.f. 10th March 2023 being the date of completion of acquisition. 2. The PAT number includes one-time acquisition cost (net of taxes) of ₹ 13 crores. The normalized PAT for Q4 2023 was ₹ 126.8 crores.

Speaking on the quarterly results Mr. Samir Dhir, MD & CEO of the Company said, "We are excited to report yet another quarter of Industry-leading growth. Our Rupee Revenue for Q4 FY'23 grew by 9% QoQ (8.6% in Dollar terms). Full-year rupee Revenue grew by 29%. (18.1 % in USD terms). Consolidated PAT for FY'23 grew by 20% YoY. Our modernization-driven solutions enabled three large deal wins, including our largest-ever deal win of $160M. In addition, we completed the acquisition of Quant Systems in the quarter to strengthen our recently announced incubating BFSI and Healthcare verticals."

Speaking on the results Mr. Sujit Mohanty, MD & CEO of Sonata Information Technology Limited said, "Our domestic products and services division had an outstanding year of financial performance. Our Gross Contribution grew by 2.9% QoQ and 29% YoY on full year basis. Our FY'23 PAT grew by 39% YoY. We are seeing the positive results of our focus on multi-year annuity enterprise sales and will continue to prioritize enterprise clients to drive further growth."

Performance Highlights for the quarter:

Consolidated:

Revenues at ₹ 1,913.5 crores;
EBITDA at ₹ 176.7 crores; QoQ growth of 2%
PAT at ₹ 113.8 crores;
Net Cash and equivalents of approximately ₹ 451 Crores (net of borrowings).

International IT Services:

Revenues at ₹ 533.5 crores; QoQ growth of 9%
Revenue in USD at 65.8 Million, Revenue growth of QoQ of 8.6% & YoY 18.1% in USD terms,
EBITDA at ₹ 123.5 crores;
PAT at ₹ 74.8 crores;
Addition of 17 new customers
International services DSO for FY 23 is 45 days.
Overall strategy of delivering outcome-based Modernization services using our Domain-Led and technology-based Modernization anchored by GTMs executed through Platformation^TM
Strong growth from digital based competencies like Managed cloud services and Digital Platformation^TM Services (Microsoft & Open source) and focused verticals like TMT, Healthcare & Life Sciences, Manufacturing, Retail / CPG/ TTH, BFSI and Emerging.
Bayer choses Sonata as top SI partner for its new Agri-Food Cloud solution. Sonata is now global partner for Sinequa.
Our pipeline continues to be healthy and strong through multiple new digital wins from existing and new customers.