Skip to main content

Press Release - Q1 2023-24 Results

Sonata Software – International Services Revenue in USD terms grew by 17.5% QoQ (4% QoQ organic), and Domestic Gross Contribution grew by 6.4% QoQ. Consolidated PAT for Q1 FY 23-24 grew by 6% QoQ.

29th July 2023, Bangalore: Sonata Software, a global IT services, and technology solutions company, today reported its unaudited financial results for its 1st quarter ended 30th June 2023.

  in Crores
Description For the Quarter ended
Revenues 30-Jun-2023 31-Mar-2023 QoQ 30-Jun-2022 YoY
International IT Services 633.8 533.5 19% 436.8 45%
Domestic - Products & Services 1391.7 1383.3 1% 1343.1 4%
Consolidated 2015.5 1913.5 5% 1778.9 13%
International IT Services 150.6 123.4 22% 116.1 30%
Domestic - Products & Services 56.4 54.0 4% 44.0 28%
Consolidated 206.4 176.6 17% 159.8 29%
International IT Services 79.9 74.8 7% 76.0 5%
Domestic - Products & Services 40.2 39.0 3% 31.8 26%
Consolidated 120.1 113.8 6% 107.8 11%


Speaking on the quarterly results Mr. Samir Dhir, MD & CEO of the Company said,

“We are excited to report yet another quarter of Industry-leading growth. Our International services Revenue in USD terms grew 17.5% QoQ. Consolidated PAT for Q1’24 grew 6% QoQ. We crossed the $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”.

Speaking on the results Mr. Sujit Mohanty, MD & CEO of Sonata Information Technology Limited 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”.


Performance Highlights for the quarter:

➢ Revenues at ₹ 2,015.5 crores; QoQ growth of 5%
➢ EBITDA at ₹ 206.4 crores; QoQ growth of 17%
➢ PAT at ₹ 120.1 crores; QoQ growth of 6%
➢ Net Cash and equivalents of approximately ₹ 331 Crores (net of borrowings).
➢ Consolidated DSO is at 41 days.

International IT Services:
➢ Revenues at ₹ 633.8 crores; QoQ growth of 19%
➢ Revenue in USD at 77.3 Million, QoQ revenue growth of 17.5% (4% QoQ organic growth) & YoY 36.1% in USD terms.
➢ EBITDA at ₹ 150.6 crores; QoQ growth of 22%
➢ PAT at ₹ 79.9 crores; QoQ growth of 7%
➢ Added 10 new customers.
➢ International services DSO is 46 days (Q4’23: 49 days)
➢ Won two large deals in the quarter.
➢ Overall strategy of delivering outcome-based Modernization services using our Domain-Led and technology-based Modernization anchored by GTMs executed through PlatformationTM.
➢ Strong growth from digital-based competencies like Managed cloud services and Digital PlatformationTM Services (Microsoft & Open source) and focused verticals like TMT, Healthcare & Life Sciences, Manufacturing, Retail / CPG/ TTH, BFSI, and Emerging.
➢ Our pipeline continues to be healthy and strong through multiple new digital wins from existing and new customers.


Domestic Products & Services:
➢ Revenues at ₹ 1,391.7 crores; QoQ growth of 1%
➢ Gross contribution at 61.8 Crs grew by 6.4% QoQ.
➢ EBITDA at ₹ 56.4 crores; QoQ growth of 4%
➢ PAT at ₹ 40.2 crores; QoQ growth of 3%
➢ DSO is 36 days (Q4’23: 35 days)


About Sonata Software

Sonata Software is a leading Modernization Engineering company, powered by its unique Platformation™ framework that brings together industry expertise, platform technology excellence, design innovation, and strategic engagement models to deliver sustained value to customers. We partner with Fortune 500 clients to help them reimagine their business processes as part of modernization programs. As part of this phase, we drive business enablement sessions, consulting, and business processes to be aligned with best-in-class industry-specific practices. Our outcome-based Modernization Services include Cloud, Data, Dynamics, Managed Services, Automation, and Digital Contact Center. We offer services and solutions around newer technologies like Generative AI, MS Fabric, and other modernization platforms. Sonata has a strong global presence in key regions including the US, UK, Europe, APAC, and ANZ. We are a trusted partner of world-leading companies in TMT, Retail & CPG. Manufacturing, BFSI, and HLS space. Our partner ecosystem boasts of strong relationships with Microsoft, AWS, Salesforce, Snowflake, Google, and Industry partners and is critical to the value we create with our clients.


For more information, press only:
Nandita Venkatesh
Sonata Software Limited
CIN- L72200MH1994PLC082110
A.P.S. Trust Building,
Bull Temple Road, N.R. Colony
Bangalore 560019, India
Tel: +91 80 67781999