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Prabhudas Lilladher Report
Sonata Software Ltd.'s international IT services revenue came at $49.4 million, up 11% QoQ U.S. dollar, 26.7% YoY U.S. dollar above our estimate of $48.06 million, up 8% QoQ U.S. dollar.
Organic growth was also robust at 5% QoQ U.S. dollar. Encore contributed $2.7 million (two months' revenue post integration) versus $3 million run-rate per quarter in CY20.
Growth was led by strong recovery in retail (non-essential) up 38.9% QoQ U.S. dollar, followed by retail (essential) (up 8.7% QoQ U.S. dollar) and ISV (up 5.9% QoQ U.S. dollar).
Travel is recovering slowly (up 4.2 QoQ U.S. dollar). Domestic product services business growth at up 16% up YoY was lower than average ~27% YoY growth for last four quarters.
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