Sonata Software Expects To Grow Faster Than Industry This Financial Year
The Bengaluru-based software developer clocked 18 percent growth in dollar revenue during the previous financial year.
Sonata Software Ltd. expects to surpass industry’s growth average in the current financial year by entering long-term deals with the company’s potential clients.
“We expect to surpass the industry’s expectation if we convert our probable clients we are in talks with,” Chief Financial Officer Prasanna Oke told BloombergQuint in an interaction.
The Bengaluru-based software developer clocked 18 percent growth in dollar revenue in the previous financial year, Oke said.
In the quarter ended June, the company added eight clients and witnessed a healthy growth in domestic and international businesses, he said. Overseas revenue rose 6 percent quarter-on-quarter to Rs 257.1 crore, according to its exchange filing. Revenues from the domestic business rose 12 percent sequentially to Rs 437.1 crore.
Sonata Software expects a significant uptick in the domestic business in the next three years, according to Oke.
Impact Of Rupee Fall
Oke doesn’t expect much impact from rupee depreciation at least in the first half of the financial year as the company has a forward cover for four quarters.
Shares of Sonata Software rose as much as 2.1 percent to Rs 365.70 intra-day today. The stock has returned nearly 30 percent so far this year and gained 134 percent in the past 12 months.
Watch the full interaction here: