Sonata Software Q3-06 net up by 68%

By agencies   |   Tuesday, 17 January 2006, 20:30 IST
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BANGALORE: For the third quarter of the current financial year, Sonata Software Ltd has reported a 68 percent growth in net profit at $1.61 million, as against $0.95 million in the corresponding quarter last year. During this period, Sonata’s revenues grew by 63 percent to $9.31 million as compared to $5.74 million during the corresponding period last year. Net profits for Q3-06 were up by 27 percent on a sequential basis and 13 percent over Q2-06. According to the company statement, net profits on a consolidated basis including that of domestic operations were up by 156 percent to $1.93 million as compared to $0.75 million in the third quarter of the previous financial year. Consolidated revenues were up by 45 percent to $28.95 million as against $19.90 million. "It is a vindication of the growth strategy being pursued by the company,” said B Ramaswamy, President and Managing Director of Sonata Software. During the quarter the company added six new clients and drew some 55 percent of its revenues from Europe and 45 percent from the U.S. In Q3-06, it added 153 employees, taking the total to 1,549. The cash generation from operations stood at $2.56 million.