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ICICI Securities Report
Sonata Software Ltd. has reported international IT services revenue of $56 million for Q4 FY22, growing 4.3% QoQ $.
In constant currency terms, revenue grew 4.7% QoQ. The moderation in Q4 FY22 was not due to demand/projects tapering but more on account of supply-side constraints (~2-2.5% impact).
Sonata Software's management mentioned supply-side issues may limit growth in Q1 FY23, and as it is ramping-up capacity, this issue will subside Q2 FY23 onwards.
Domestic product services revenue grew up 38% YoY, much higher than average 28% YoY growth in the last four quarters.
Growth was driven by multi-year cloud-based annuity deals. Share of cloud-led revenue remained stable at 78%. Annuity revenue increased 100 basis points YoY to 76%.
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