"But it will take us maybe two quarters to go back to our old growing way that we were growing all along.
This fourth quarter has derailed us a little but.
But we are confident we will fight back," he said.In a stock exchange filing on Tuesday, Sonata Software reported a 3% decrease in year-on-year net profit to ₹110.4 crore for the fourth quarter ended on March 31, 2024.
In FY24, the company's international business achieved an impressive year-on-year growth of 34.3%.
However, during Q4, delays in large deals decisions and associated costs led to a sequential decline both in international revenue in USD terms by 2.4% quarter-on-quarter and consolidated PAT by 14.1% quarter-on-quarter.Shares of Sonata Software were trading 14.44% lower at ₹546.05 apiece at 11.15 am.
Shares of IT services provider Sonata Software tumbled over 14% on Wednesday, May 8, a day after the company reported 3% year-on-year decline in its net profit to ₹110.4 crore in the March quarter.This is the stock's biggest fall as per the data available since 2005.The stock opened at ₹552 apiece on the National Stock Exchange (NSE), marking a decline of 13.5% from its previous closing level of ₹638.2. The stock fell further to an intra-day low of ₹545.05, a slump of 14.6% from the previous close.The stock was trading almost 37% lower on Wednesday morning, from its 52-week high of ₹870 touched on February 27.Samir Dhir, the MD and CEO of Sonata Software told CNBC-TV18 on Wednesday, April 8, that the company was confident it will bounce back to growth on a moderate to slightly up basis in the ongoing quarter."But it will take us maybe two quarters to go back to our old growing way that we were growing all along. This fourth quarter has derailed us a little but. But we are confident we will fight back," he said.In a stock exchange filing on Tuesday, Sonata Software reported a 3% decrease in year-on-year net profit to ₹110.4 crore for the fourth quarter ended on March 31, 2024. In the same period last year, the company recorded a net profit of ₹113.8 crore.However, there was a 14.53% rise in revenue from operations at ₹2,191.6 crore in the fourth quarter compared to the previous year's ₹1,913.5 crore.The board has proposed a fi nal dividend of ₹4.40 per equity share (440% on par value ₹1) for the 2023-2024 financial year. The approval of shareholders at the upcoming annual general meeting (AGM) is required for the payment of this final dividend.Samir Dhir, MD and CEO, expressed optimism regarding the company's long-term vision and growth prospects. In FY24, the company's international business achieved an impressive year-on-year growth of 34.3%. However, during Q4, delays in large deals decisions and associated costs led to a sequential decline both in international revenue in USD terms by 2.4% quarter-on-quarter and consolidated PAT by 14.1% quarter-on-quarter.Shares of Sonata Software were trading 14.44% lower at ₹546.05 apiece at 11.15 am.
