IT firm Sonata Software, reported a net profit 3 per cent year-on-year (Y-o-Y) decline to â¹110.36 crore in the fourth quarter that ended March 2024 as against â¹ 113.77 crore in March 2023.Â
Net profit dropped by 31.73 per cent to â¹308.50 crore for the year ended March 2024, down from â¹451.90 crore in the previous year ending March 2023. The company in Q4 posted revenue of â¹2,191.60 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 â¹8,613.10 crore.Â
The domestic business achieved a gross contribution of â¹260.4 crore for FY24, marking an 18.6 per cent year-on-year growth in INR. The Board recommends a final dividend of â¹4.40 per share (440 per cent on par value â¹1), bringing the total dividend for FY24 to â¹7.90 per share.Â
âWe 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,â said Samir Dhir, MD & CEO, Sonata Software.Â
âDuring 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,â he continued.Â
Sujit Mohanty, MD & CEO, Sonata Information Technology Limited said, âOur 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.â
(Inputs from bl intern Vidushi Nautiyal)
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