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Prabhudas Lilladher Report
Sonata Software Ltd.'s moderation in international IT services revenue growth in Q4 was led by order fulfillment challenges due to supply side constraints which resulted in revenue miss of ~2-2.5%.
Supply side challenges due to high attrition (30% in Q4 and 27% in FY22) is likely to limit growth in Q1 FY23 as well.
Growth in digital revenue (data analytics, Microsoft and open source platformation services, cloud managed services etc.) continued to be strong with 8.5% compound quarterly growth rate over past four quarters.
We believe margins in IITS business will remain under pressure for next two-three quarters due to supply side cost pressures and investments towards strengthening sales team and digital capabilities.
Designing platform based solutions business continued its strong growth momentum up 38% YoY in Q4 led by cloud-based annuity deals.
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