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Sonata Software net zooms 121% in Q1

Bangalore: IT consulting and services provider Sonata Software Ltd. on Monday reported a consolidated net profit of Rs 32 crore for the first quarter (April-June) of this fiscal (2014-15), registering a whopping 121 percent growth
IANS August 12, 2014 11:03 IST
IANS
Bangalore: IT consulting and services provider Sonata Software Ltd. on Monday reported a consolidated net profit of Rs 32 crore for the first quarter (April-June) of this fiscal (2014-15), registering a whopping 121 percent growth from Rs 14.5 crore in the same period a year ago.

On sequential basis, consolidated net profit grew 36 percent from Rs 24 crore posted in previous quarter (January-March) of fiscal 2013-14.

Of the total net profit, international IT services contributed Rs 26.4 crore as against Rs 8.24 crore year ago, posting 219 per cent growth while domestic products and services accounted for Rs 5.7 crore, a decline of nine per cent from Rs 6.3 crore year ago.

The city-based company's consolidated revenue for the quarter under review (Q1), however, was flat at Rs 417 crore, posting a one percent growth from Rs 413 crore year ago.

Sequentially, however, total revenue grew 37 per cent from Rs 340.7 crore.

Though export revenue from IT services grew 36 per cent year-on-year (YoY) to Rs 139.6 crore, it declined nine percent YoY to Rs 283.6 crore in domestic products and services from Rs 310.9 crore year ago.

Consolidated earnings before interest, tax, depreciation and amortization increased 86 per cent YoY to Rs 44 crore from Rs 24 crore year ago and 26 per cent sequentially from Rs 35 crore.

"We had another quarter of significant growth, reflecting the strength of our strategy in terms of technologies, verticals and marketing, which offer a differentiated value proposition to our customers," Sonata chief executive Srikar Reddy said in a statement.