Sonata Software, a global IT services and technology solutions company, today reported its unaudited financial results for its 1st quarter ended 30th June 2020.
Speaking on the results Mr. Srikar Reddy, Managing Director & CEO of the Company said:
“These last few months 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 and been able to create and implement processes to deliver different kinds of services to our clients extremely effectively.
As mentioned last quarter our overall strategy of creating digital enterprises by creating platform through our unique PlatformationTM methodology is more relevant in the new normal with more digitisation, automation and contactless operations. The results this quarter bear fruit of a successful response and execution of the above strategies with results better than forecasted. We are also 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 in the customer experience space (CX) is another large emerging opportunity in the digital transformation space. We believe this augurs well for growth in the next few quarters.”
Performance Highlights for the quarter:
Revenues at ₹ 952.4 crores; QoQ growth of 3%
EBITDA at ₹ 81.2 crores;
PAT at ₹ 49.9 crores;
Cash and equivalents of approximately ₹ 399 Crores (net of borrowings).