Sonata’s sequential rev for Q2 grows by 8%

BANGALORE: Sonata Software Limited has reported revenues of Rs 21.32 crore in the quarter ended 30^th September, compared to Rs.19.72 crore for the subsequent pervious quarter ended 30^th June ’02, representing a growth of 8.14 percent for a quarter on quarter basis.

The board of directors declared an interim dividend of 20 percent while taking on record the audited condensed accounts of Sonata Software Limited for the second quarter and the half year ended 30^th September ‘02. Profit after Tax for the current quarter ended 30^th September ’02 was Rs 3.88 crore compared to Rs 3.19 crore for the quarter ended 30^th June ’02 a growth of 21.64 percent over Q1 of the current year.

Cash generated from Operations for the quarter ended 30^th September ’02 was Rs. 7.75 crore while Cash, Cash Equivalents and Investments in Liquid Funds as on 30^th September ’02 was Rs 22.60 crore as compared to Rs 18.06 crore as on 31^st March ‘02

During the quarter Sonata added XX5 new clients. The US contributed 6055 percent of the total exports, while Europe’s share is at about 4043 percent and Rest of the World at 2 percent. Offshore grew to 67 percent of the revenues while on-site declined to 33 percent.

Sonata, President and Managing Director, B Ramaswamy, said, "Sonata’s strategy of building strong offshore delivery capability with its multi pronged emphasis on Technology, People, Processes and Track Record, has resulted not only in increased business from existing customers but also in new customer acquisition."

At the beginning of this financial year, the company had provided its guidance for the year 2002-2003, indicating a consolidated profit after tax of Rs 16-18 crore on a revenue projection of Rs 260—280 crore. At the halfway stage, the company has achieved 44-47 percent of its revenue projections and 39-44 percent of its Profit estimates. In view of this, the company reiterates that its full year performance will be in line with the guidance already given.