Sonata declares Q1 Results FY02-03

Sonata's Q1 net at Rs.31.93 m., Sequential growth of 52.41%
Bangalore, 18th July 2002.

The Board of Directors, at a meeting held here today, took on record the audited condensed accounts of Sonata Software Limited for the Quarter ended 30th June '02.

Highlights

• Revenue for the current quarter ended 30th June '02 was Rs. 197.23 m compared to Rs.169.15 m for the quarter ended 31st March '02 a growth of 16.60 % over Q4 of the previous year.
• EBIDT for the current quarter ended 30th June '02 was Rs. 41.37 m compared to Rs.29.19 m for the quarter ended 31st March '02 a growth of 41.73 % over Q4 of the previous year.
• Profit after Tax for the current quarter ended 30th June '02 was Rs. 31.93 m compared to Rs.20.95 m for the quarter ended 31st March '02 a growth of 52.41 % over Q4 of the previous year.

Outlook
Speaking on the occasion, Mr. B.Ramaswamy, President & Managing Director said " Deepening of client relationships have resulted in a sequential growth in revenues. Further, new client additions offer scope for future growth. "

He added, "Performance is in line with the guidance given at the beginning of this fiscal and we are confident that this trend will be maintained. "

Earlier this year, the company had issued its financial guidance for the year 2002-2003 , projecting consolidated profit after tax of Rs.160m -Rs.180m from a revenue of Rs 2600m to Rs 2800 m