Sonata Software's consol PAT down 3% Y-o-Y for the quarter ending Mar 2024

IT firm Sonata Software on Tuesday announced a 3% year-on-year (Y-o-Y) decline in its net profit to 110.36 crore rupees for the quarter ending March 2024 against 113.77 crore rupees in March 2023. Sequentially, the company’s revenue for the fourth quarter plunged 11.8% quarter on quarter (Q-o-Q) to 2,191.60 crore rupees. 

Further, the IT firm’s net profit dipped by 31.73% to 308.50 crore rupees from ₹451.90 crore in the previous year ending March 2023. However, revenue surged by 15.6% on year to  8,613.10 crore rupees.

The company remains optimistic about its long-term vision and growth prospectus, according to Samir Dhir, MD & CEO of Sonata Software. The IT firm’s International Business claims to have delivered industry-leading 34.3% on-year growth, Dhir continued. 

Dhir further went on to discuss delayed decisions in large deals and associated costs that led to an on-quarter degrowth of 2.5% in international revenue and 14.1% in consolidated net profit. The company has taken significant steps towards their long-term goals, despite Q4 muted results and short-term headwinds.

Sujit Mohanty, MD & CEO, Sonata Information Technology Limited added, “Our PAT de-grew by 6 per cent Q-o-Q due to seasonality; however, Annual PAT grew 16 per cent over the previous year. We had fruitful engagements with our existing customers through targeted GTMs which helped us expand our business from our existing customer base.”