Sonata Software Q1 net profit up 33% at Rs 57 crore

Global technology solutions company, Sonata Software, has reported 32.98% increase in consolidated net profit at Rs 57.41 crore for the quarter ended June 2018, compared with Rs 43.17 crore in the corresponding quarter of the last fiscal.

The company's revenue from operations stood at Rs 688.32 crore, an increase of 8.47%, compared with Rs 634.53 crore in the first quarter of FY18. Sonata's international IT revenues stood at Rs 257.1 crore and Domestic-products and services revenues stood at Rs 437.1 crore in the first quarter, compared with Rs 211.3 crore international IT services revenues and Rs 428.1 crore Domestic revenues in the corresponding quarter of the previous year.

Srikar Reddy, Managing Director and CEO of the company said, "Keeping up the momentum that the strategy of implementing our proprietary Platformation methodology for digital transformation has brought about in terms of growth we are pleased with the progress that we have made in the first quarter of this year. As we continue with sustained efforts on our journey of digital transformation, we have been able of acquire new customers and strengthen our relations with our partners and clients alike."

The company believes that its continued Platformation focus and building of new technology capabilities like RPA, Artificial Intelligence, Machine Learning, IoT, Block Chain, Cyber Security and its core digital platforms like Brick and Click Retail, Rezopia Travel, Modern Distribution, Halosys Mobility and Kartopia Ecommerce coupled with the Design Thinking approach, will continue to differentiate them in the market.

At the 23rd Annual General Meeting (AGM), the company declared a final dividend of Rs 6.75 per equity share for the financial year 2017-18.

Shares of the company closed 2.67% down at Rs 325.90, apiece on the BSE on Tuesday.