Sonata Software net jumps 57%

Sonata Software Ltd, the Bangalore-based IT company has registered 57 per cent increase in net profit at Rs 3.90 crore for the quarter ended September 30 compared to the corresponding quarter last year. Consolidated revenues for the same period has also gone up by 66 per cent to touch Rs 82 crore.

Sonata has declared an interim dividend of 30 per cent as against 20 per cent last year.

"We had a good quarter in terms of growth. Even more exciting is the opportunity ahead of us to significantly scale up the relationship with existing customers and work in new technology areas," B Ramaswamy, president and MD, Sonata Software said.

On a sequential basis, the company has grown its topline by 19 per cent and net profit has increased by 7 per cent.

For the half year-ended September 30, the consolidated revenues of the company has increased by 67 per cent to clock Rs 164.30 crore. The net profit has also gone up by 79 per cent to touch Rs 8.22 crore.

The company added 145 employees during the reporting quarter taking strenght to 1,191. It has also reduced its receivables from 105 to 89 days. It added four new clients and has a geographical spread of 53:47 between USA and Europe.

After acquiring a company, Sonata set up a wholly-owned subsidiary in Germany during the quarter. The company has initiated steps to establish a software development and disaster recovery centre at Hyderabad.