As compared to Q1 FY23, the IT firm's net profit increased by 11.46% while revenue from operations advanced 13.29%.
Profit before tax rose 2.58% to Rs 154.37 crore in Q1 FY24 as against Rs 150.48 crore in Q4 FY23.
EBITDA stood at Rs 206.4 crore, registering the growth of 17% as compared with Rs 176 crore posted in corresponding quarter last year.
In Q1 FY24, the company reported revenue of $77.3 million, a sequential growth of 17.5% and year on year growth of 36.1%.
Cash and cash equivalents (net of borrowings) stood at Rs 331 crore as on 30 June 2023.
Samir Dhir, MD & CEO of the Company said, “Our International services Revenue in USD terms grew 17.5% QoQ. Consolidated PAT for Q1'24 grew 6% QoQ. We crossed $300M annual run rate for International Business in Q1 FY'24. We won our largest-ever multi-year Modernization deal in Europe with a Manufacturing client. Sonata is the only SI launch partner from India for Microsoft's Fabric offering. We recently launched Harmoni.AI – a Responsible-first AI offering for Enterprise scale.”
Sujit Mohanty, MD & CEO of Sonata Information Technology, said, “Our domestic products division had an outstanding quarter of financial performance. Our Gross Contribution grew by 6.4 % QoQ and 22% YoY. Our Q1 PAT grew by 3% QoQ and 26% YoY. To accelerate our business growth further, we have started focusing on large hybrid infrastructure System Integration & Management opportunities.”
Sonata Software provides IT consulting, product engineering services, application development, application management, managed testing, business intelligence, infrastructure management, packaged applications, and travel solutions. The company derives most of its services revenue from overseas, with the US and Europe accounting for major shares of revenues.
The scrip declined 0.26% to Rs 1,059.05 on the BSE.