Sonata Software Q2 Review - Strong Evidence Of Execution In Platform, IP, Alliance Businesses: KRChoksey
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KRChoksey Research Report
Sonata Software Ltd.'s Q2 FY22 performance was lower than our estimate.
Dollar revenue was up materially by 11% QoQ to $49.4 million (our estimate: $48 million). Rupee revenue grew by ~20% YoY to Rs 9,632 million (our estimate: Rs 13,884 million).
Reported operating margin witnessed an sharp uptick of 438 basis points to 11.6% QoQ and reported net profit grew by 5.1% QoQ to Rs 912 million (our estimate: Rs 928 million) with margin of 9.5%, up 263 bps.
In-spite of a seasonally weak quarter (Q2 FY22), domestic business performed well on YoY basis.
International IT services witnessed a strong growth momentum backed by strong execution in platform, intellectual property and alliance led businesses.
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