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KRChoksey Research Report
Sonata Software Ltd. reported a consolidated revenue of Rs 22,608 million, registering a growth of 51% on a sequential basis for Q3 FY23. Reported Ebitda stood at Rs 1728 million with a QoQ growth of 4% and consolidated net profit grew by 4% QoQ to Rs 1176 million.
Ebitda margin and profit after tax margin declined 340 bps and 230 bps on a QoQ basis respectively. It reported an industry leading QoQ revenue growth of 6.3% in Indian rupee terms (4.8% in U.S. dollar terms) at Rs 4896 million in the international business.
Domestic products and services division posted a strong quarter with a significant growth of 70.5% in revenue on a sequential basis, supported by growth in higher annuity revenue. Annuity revenue accounted for 76% of the domestic revenue for Q3 FY23.
Growth was mainly driven on the back of Top 20 clients and 20 new clients were added during Q3 FY23. Management has indicated that pipeline continues to be healthy and strong through multiple new digital wins from existing and new customers.
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