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Sonata Software's net profit up 20 percent
By siliconindia
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Thursday, 15 October 2009, 02:22 IST
Bangalore: Software solutions firm Sonata Software announced that its consolidated net profit is at 
21.35 crore with a 20 percent growth sequentially. However, compared to the same quarter last year, there is a small decline in net profit from 21.63 crore to 21.35 crore. The revenue for the quarter is at 347.33 crore compared to 423.64 crore in the same quarter last year.
Though, the consolidated net profit went up sequentially, the company's domestic business saw a decline. The net profit of Sonata Information Technology (SITL) - the subsidiary that handles its domestic business - fell by 11 percent. "The main reason for the drop in domestic business is that we have become more selective with our deals, because the credit expectation of the market is increasing and the margins are under pressure," said B. Ramaswamy, President and Managing Director of Sonata Software. The EBIDTA for the quarter is at 46.44 crore, up 21 percent quarter-on-quarter (QoQ).
The earnings per share annualized at 8.12, which saw a 20 percent growth quarter-on-quarter. An interim dividend of 90 paise per share (90 percent on par value of Re. 1) was announced by the company. In the market on Wednesday, the company's stock went up by 0.83 percent, to settle at 36.40 from a previous close of 36.10.
The company's international business saw a 30 percent sequential growth and TUI Infotech, the joint venture between Sonata and TUI, saw a growth of 70 percent. The company that has a presence in India, U.S., UK, Germany and Middle East markets has also won significant projects in the last quarter. It has set up a Business Intelligence (BI) Center of Excellence for a wireless communication provider in U.S and has also established a first line support helpdesk for a UK-based food and beverage company.
21.35 crore with a 20 percent growth sequentially. However, compared to the same quarter last year, there is a small decline in net profit from 21.63 crore to 21.35 crore. The revenue for the quarter is at 347.33 crore compared to 423.64 crore in the same quarter last year.
Though, the consolidated net profit went up sequentially, the company's domestic business saw a decline. The net profit of Sonata Information Technology (SITL) - the subsidiary that handles its domestic business - fell by 11 percent. "The main reason for the drop in domestic business is that we have become more selective with our deals, because the credit expectation of the market is increasing and the margins are under pressure," said B. Ramaswamy, President and Managing Director of Sonata Software. The EBIDTA for the quarter is at 46.44 crore, up 21 percent quarter-on-quarter (QoQ).
The earnings per share annualized at 8.12, which saw a 20 percent growth quarter-on-quarter. An interim dividend of 90 paise per share (90 percent on par value of Re. 1) was announced by the company. In the market on Wednesday, the company's stock went up by 0.83 percent, to settle at 36.40 from a previous close of 36.10.
The company's international business saw a 30 percent sequential growth and TUI Infotech, the joint venture between Sonata and TUI, saw a growth of 70 percent. The company that has a presence in India, U.S., UK, Germany and Middle East markets has also won significant projects in the last quarter. It has set up a Business Intelligence (BI) Center of Excellence for a wireless communication provider in U.S and has also established a first line support helpdesk for a UK-based food and beverage company.
