BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Direct Report
Sonata Software Ltd.'s IT service segment dollar revenues increased 8.1% QoQ to $53.4 million. Our calculation suggests organic growth was 7% QoQ while inorganic growth was 17% QoQ.
Rupee revenue came in at Rs 395 crore, 9.5% QoQ growth. IT service Ebitda margin (including other income) declined 70 basis points QoQ to 28.0%.
IT services revenues were aided by the U.S., which reported 12.2% QoQ growth, followed by Europe and rest of world, which reported 3.6%, 3.4% QoQ growth, respectively.
Sonata Software's product revenues grew 142% QoQ to Rs 1,464 crore, which came on a low base of 36% QoQ decline in Q2. Compared to Q1 FY22, it was up 49% QoQ. Ebitda margins (including other income) declined 300 bps QoQ to 2.5% and were the lowest in the last four quarters.
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