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Anand Rathi Report
Sonata Software Ltd. delivered $53.4 million IT services Q3 revenue, up 5.5% QoQ (organic estimate), 21% YoY, accelerating from Q2.
Net hiring was 175, utilisation went up to 90% on supply crunch. Q3 services revenue was driven by demand in the consumer packaged goods/retail and outsourced product development/independent software vendor verticals, Sonata Software’s strongholds.
The domestic business ($198 million, up 32% YoY) continues to shine. IT services margins were flattish QoQ, adjusted for forex, and after absorbing Q3 wage rises.
We, however, trim FY22e/23E profit ~5%/4%, easing expectations of margin expansion and slower recovery in travel.
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