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ICICI Direct Report
Sonata Software Ltd.'s IT service segment dollar revenues increased 8.1% QoQ to $53.4 million. Our calculation suggests organic growth was 7% QoQ while inorganic growth was 17% QoQ.
Rupee revenue came in at Rs 395 crore, 9.5% QoQ growth. IT service Ebitda margin (including other income) declined 70 basis points QoQ to 28.0%.
IT services revenues were aided by the U.S., which reported 12.2% QoQ growth, followed by Europe and rest of world, which reported 3.6%, 3.4% QoQ growth, respectively.
Sonata Software's product revenues grew 142% QoQ to Rs 1,464 crore, which came on a low base of 36% QoQ decline in Q2. Compared to Q1 FY22, it was up 49% QoQ. Ebitda margins (including other income) declined 300 bps QoQ to 2.5% and were the lowest in the last four quarters.
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