Sonata Software – Consolidated FY 19-20 PAT at Rs 277 Crores ; 11% YoY growth

MUMBAI, May 12, 2020 (GMI): Sonata Software, a global IT services and technology solutions company, has reported its audited financial results for its 4th quarter and year ended 31st March 2020.

Speaking on the results , Srikar Reddy, Managing Director & CEO of the Company said: “These last few weeks have been unprecedented in the speed of evolution of events and the impact it has had on businesses globally. Our immediate focus was obviously to ensure the employee safety and organise ourselves to deliver services remotely globally with work from home measures implemented effectively. We have been able to move 100% of our work force to work remotely/ from home globally and been able to create and implement processes to deliver different kinds of services to our clients extremely effectively without any disruption and in some cases with more productivity. All this would have not been possible without the commitment of all Sonatians and their effort in this is highly commendable. We took care of the immediate short-term responses effectively, we also have now drawn up plans to create and execute plans for growth. While our overall strategy of creating digital enterprises by creating platform through our unique Platformation methodology is more relevant in the new normal with more digitisation, automation and contactless operations.”

A couple of industry verticals we were focussed on like travel and retail have been affected but we are glad to report that the acquisitions we made last year Sopris and Scalable have created opportunities in industries like utilities and commodity and Agri based businesses.

GBW our latest acquisition is in the customer experience space (CX) is another large emerging opportunity in the digital transformation pace.

While we  will be affected in the short term due to the impact of the COVID-19 we believe our long term business model  and strategy and the investments we have made and continue to make in IP creation will stand us in good stead to take advantage of the opportunities that will definitely emerge when the crises ends.“

Performance Highlights for the quarter:                                                                                                                             

·         Consolidated:

Ø  Revenues at Rs 928.7crores;

Ø  EBITDA at Rs 95.2crores*;

Ø  PAT at Rs 61.8crores*;

Ø  Cash and equivalents of approximately Rs 311Crores (net of borrowings).

·         International IT Services:

 Ø  Revenues at Rs 325.5 crores;

Ø  EBITDA at Rs 72.3crores*;

Ø  PAT at Rs 45.2crores*;

Ø  Addition of 6 new customers.

·         Domestic Products & Services:

 Ø  Revenues at Rs 607 crores;

Ø  EBITDA at Rs 23.2crores;

Ø  PAT at Rs 16.6crores;

 * The company has made a provision for PF investment (IL&FS) of Rs 12.7 crore during the quarter.

 About Sonata Software: Sonata is a global technology company, that enables successful platform based digital transformation initiatives for enterprises, to create businesses that are connected, open, intelligent and scalable. Sonata’s Platformation™ methodology brings together industry expertise, platform technology excellence, design thinking-led innovation and strategic engagement models to deliver sustained long term value to customers. A trusted partner of world leaders in the Retail, Manufacturing & Distribution, Travel and Software industries, Sonata’s solution portfolio includes its own digital platform such as Brick & Click Retail Platform©, Modern Distribution Platform©, Rezopia Digital Travel Platform©, RAPID DevOps Platform©, Kartopia E-commerce Platform© , Halosys Mobility Platform©, and Commodity CTRM Platform©, best-in-class capabilities on ISV digital technology platforms such as Microsoft Dynamics 365, Microsoft Azure, SAP Hybris, Cloud Engineering and Managed Services, as well as new digital applications like IoT, Artificial Intelligence, Machine Learning, Robotic Process Automation, Chatbots, Block Chain and Cyber Security. Sonata’s people and systems are nurtured to bring together the depth of thought leadership, customer commitment and execution excellence to make a difference to business with technology.ends