Mumbai, October 19, 2021 (GPN): Sonata Software, a global IT Services and Technology Solutions Company, today reported its unaudited financial results for its 2nd quarter and six months ended 30th September 2021.
Srikar Reddy, MD & CEO, Sonata Software -File Photo GPN
Speaking on the results Srikar Reddy, Managing Director & CEO of the Company said:
“Our overall strategy of building digital enterprises by creating platforms through our unique Platformation methodology has continued to drive our growth and differentiate ourselves. We continue to invest in creating a stronger organization with investments, in creating world class competencies aligned to Platformation.
World class competency development focus has been on digital services like platform engineering, cloud transformation, data analytics and Microsoft digital platform.
We see the demand situation across the board for digital services being very promising with growth in existing accounts and new deal pipeline. In view of super high demand for talent we are executing on a comprehensive talent plan for digital skills, including a range of initiatives on improving employee engagement and retention, creating capacity in advance and expanding our delivery centers with near shore delivery centers for US and Europe.
Our India business has continued to show robust growth with shift to cloud and digital infrastructure.
The new acquisitions Encore and GBW show great promise for the future. With continued clear visibility and business opportunity, we stay focused now on investing for long term growth, in talent acquisition and transformation, IP, competency development and sales and marketing.”
Performance Highlights for the quarter:
- Consolidated:
Ø Revenues at Rs 963.2 crores; YoY growth of 20%
Ø EBITDA at Rs 136.6 crores; YoY growth of 52%
Ø PAT at Rs 91.2 crores; YoY growth of 59%
Ø DSO days improved from 38 days to 35 days
Ø Cash and equivalents of approximately Rs 703 Crores (net of borrowings).
- International IT Services:
Ø Revenues at Rs 360.8 crores; YoY growth of 25%
Ø Revenue in USD at 49.4 Million, YoY revenue growth of 26.7% in USD terms
Ø QoQ Growth across all geographies (USA 13.7%, Europe 7.3%, Rest of World 9.5%).
Ø Strong Execution through Platformation led growth, IP led growth and Alliance led growth
Ø Sonata’s approach to Digitizing business using Platformation
Ø EBITDA at Rs 103.5 crores; YoY growth of 47%
Ø PAT at Rs 67.3 crores; YoY growth of 54%
Ø Addition of 8 new customers.
Ø Strong cash and liquidity positions maintained. DSO is at 38 days.
Ø Our pipeline continues to be healthy and strong through multiple new digital wins from existing and new
customers.
- Domestic Products & Services:
Ø Revenues at Rs 605.5 crores; YoY growth of 16%
Ø DSO days improved from 39 days to 32 days
Ø EBITDA at Rs 33.7 crores; YoY growth of 72%
Ø PAT at Rs 23.9 crores; YoY growth of 76%
About Sonata Software
Sonata is a global technology company, that enables successful platform based digital transformation initiatives for enterprises, to create businesses that are connected, open, intelligent and scalable. Sonata’s Platformation™ methodology brings together industry expertise, platform technology excellence, design thinking-led innovation and strategic engagement models to deliver sustained long term value to customers. A trusted partner of world leaders in the Retail, Manufacturing & Distribution, Travel and Software industries, Sonata’s solution portfolio includes its own digital platform such as Brick & Click Retail Platform©, Modern Distribution Platform©, Rezopia Digital Travel Platform©, RAPID DevOps Platform©, Kartopia E-commerce Platform©, Halosys Mobility Platform©, and Commodity CTRM Platform©, best-in-class capabilities on ISV digital technology platforms such as Microsoft Dynamics 365, Microsoft Azure, SAP Hybris, Cloud Engineering and Managed Services, as well as new digital applications like IoT, Artificial Intelligence, Machine Learning, Robotic Process Automation, Chatbots, Block Chain and Cyber Security. Sonata’s people and systems are nurtured to bring together the depth of thought leadership, customer commitment and execution excellence to make a difference to business with technology.
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