Sonata Software Ltd Share Price – NSE  /  BSE

IT - Software, Small Cap

As part of the five-year partnership, Zones and Sonata Software will support cost efficiency and data optimization through joint offerings and delivery of industry-specific solutions. This partnership will enable customers to modernize their technology footprint and realize the benefits of moving to the cloud.

Sonata Software brings extensive application services experience and proven approaches to support customers with their application migration and modernization efforts. Zones provides a suite of offerings and solutions to support customers in their end-to-end digital journey. From environment assessments to hardware refresh and cloud-managed services, Zones provides an always-on approach toward customer support.

Samir Dhir, managing director and chief executive officer of Sonata Software, said, ““This strategic alliance with Zones signifies our steadfast focus on delivering holistic solutions that empower clients through a combination of expertise and solutions, enabling them to migrate and modernize their applications seamlessly in their digital transformation journeys. Our combined efforts will pave the way for increased efficiency and innovation in the ever-evolving technology landscape.”

Firoz Lalji, chairman, chief executive officer, and Founder of Zones, said, “We are committed to providing comprehensive solutions, and this collaboration allows our customers to benefit from Sonata Software’s application modernization services experience and success.”

Sonata Software provides IT consulting, product engineering services, application development, application management, managed testing, business intelligence, infrastructure management, packaged applications, and travel solutions. The company derives most of its services revenue from overseas, with the US and Europe accounting for major shares of revenues.

The company reported consolidated net loss of Rs 46.2 crore in Q3 FY24 as compared with net profit of Rs 124.2 crore in Q2 FY23. Revenue from operations jumped 30% QoQ to Rs 2493.4 crore in Q3 FY24.

The scrip rose 1.98% to ends at Rs 744.20 on Monday, 18 March 2024.

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Sonata Software in a significant step to accelerate the adoption of responsible-first AI across enterprises has announced the integration of Sonata Harmoni.AI with Microsoft Azure AI service. This integration complements Sonata's collaboration with Microsoft Fabric and its position as a Microsoft AI Partner Council member.

Listed on Azure Marketplace, Sonata Harmoni.AI is the responsible-first AI offering with a bouquet of Industry solutions, service delivery platforms, and accelerators using Generative AI. This integration of Sonata Harmoni.AI with Microsoft Azure AI empowers customers with Responsible first solutions that underscore robust data security, privacy features, and governed utilization of generative AI.

Utilizing Microsoft Azure AI services, Sonata Harmoni.AI will fuel the institutionalization of Generative AI solutions and allow customers to differentiate in the marketplace, enhancing both customer experience and operational efficiency.

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Sonata Software announced its plan to set up a delivery centre in Kraków, Poland. The nearshore centre will support the growing demands for business transformation, modernisation and cost optimisation initiatives, from global clients in Europe. The move is part of its strategic expansion plans in key markets.

Poland, with its rich tech talent pool, favorable economic environment, and best-in-class IT infrastructure, emerges as an ideal location for international companies seeking reliable and highly specialized software houses. Sonata Software plans to make significant investment in the delivery centre in Poland with an aim to advance its regional capabilities, to offer enhanced value to its clients by enabling close-to-client service delivery, and to penetrate the European market effectively

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Revenue from operations jumped 30% QoQ to Rs 2493.4 crore in Q3 FY24.

As compared with Q3 FY23, the company reported net profit of Rs 117.6 crore and revenue jumped 10% from Rs 2,260.8 crore.

Profit before exceptional items and tax increased 3.03% to Rs 171.56 crore in Q3 FY24 as compared with Rs 166.51 crore in Q2 FY24. Exceptional item was Rs 174.66 crore during the quarter.

EBITDA stood at Rs 227.2 crore in Q3 FY24, registering the growth of 3% as compared with Rs 220.5 crore posted in previous quarter same fiscal.

During the quarter, net cash and equivalents of approximately Rs 228 crore (net of borrowings)

In dollar terms, the company’s revenue stood at $83.7 million in Q3 FY24, up 3.5% QoQ and 38.3% YoY. In Q3 FY24, 113 new customers added.

Samir Dhir, MD & CEO of the company said, “Our International services Revenue in USD terms grew 3.5% QoQ and domestic gross contribution grew by 14.2% QoQ. We are delighted to be adjudged.”

Sujit Mohanty, MD & CEO of Sonata Information Technology, said, “We had one of our best quarter’s performances delivered in our domestic business during the quarter. Our gross contribution grew by 14.2 % QoQ and 25.8 % YoY. Our Q3 PAT grew by 17.4% YoY. We had fruitful engagements with our existing customers through targeted GTMs which helped us expand our business from our existing customer base.

Sonata Software provides IT consulting, product engineering services, application development, application management, managed testing, business intelligence, infrastructure management, packaged applications, and travel solutions. The company derives most of its services revenue from overseas, with the US and Europe accounting for major shares of revenues.

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