Sonata net zooms 1303 percent in third quarter

Bangalore, Feb 12: IT consulting firm Sonata Software Ltd reported net profit of Rs.8 crore for third quarter of 2012-13 from a loss of Rs.7.2 million in same quarter last fiscal, registering a whopping 1,303 percent year-on-year (YoY) growth and six percent sequentially from Rs.8.2 crore in second quarter.

In a regulatory filing Tuesday, the Bangalore-based firm said consolidated revenue, however, declined four percent to Rs.395 crore in Q3 from Rs.411 crore in same period an year ago though up 5 percent sequentially from Rs.378 crore in second quarter.

Similarly, Ebidta (earnings before interest, depreciation, tax and amortisation) zoomed 256 percent YoY to Rs.17.5 crore from Rs.4.91 crore in Q2 year ago and 16 percent sequentially from Rs.15.1 crore.

Cash reserves stood at Rs.172 crore at the end of quarter.

Net profit from the company’s overseas IT services zoomed 96 percent YoY to Rs.6.11 crore from Rs.3.12 crore year ago and revenue grew 21 percent YoY to Rs.84 crore. In dollar terms, revenue up 14 percent YoY to $16 million.

“Our continued efforts in offering a differentiated value proposition and offerings to our clients are beginning to show results. We continue to invest in new technologies and markets,” Sonata chief executive Srikar Reddy said in a statement here.

The company is developing a range of solutions based on Kinect sensor technologies and sentiment analysis tools, which will have potential for its clients in retail and travel vertical.

Sonata also partnered with TIBCO Software, a provider of infrastructure software, to distribute its licenses in India, along with its integration services.

IANS