Share price of Sonata Software surged up to 8.32 per cent at Rs 677 per share on the BSE in Thursday’s intraday deals. This came after the software and consulting firm won an multi-million strategic IT outsourcing deal from US-based premier healthcare and wellness company.
This deal was secured in June 2024, following an extensive evaluation and selection process and was also discussed during our Q1FY25 earnings call on July 31, 2024, the company said in an exchange filing
As part of the collaboration, Sonata Software will support the client in achieving dual objectives: optimising IT budgets and cost efficiencies through systemic improvements and engineering levers and modernising their technology landscape by leveraging Enterprise data, artificial intelligence, and automation across patient-facing systems, and back-office operations.
“As part of its strategic five-year plan to reach $1.5 billion in annual revenue, Sonata Software has made focused investments in the Healthcare & Life Sciences (HLS) vertical. These investments are already delivering results, making HLS one of Sonata’s fastest-growing business units,” the company said in a statement.
Sonata Software Limited (SSL) is a global systems integration and technology partner, offering IT services and software solutions to clients worldwide. The company helps in accelerating digital transformation and modernisation for businesses.
For the April-June quarter of financial year 2024-25 (Q1FY25) Sonata Software reported a 4.3 per cent quarter-on-quarter decline in consolidated net profit, totaling Rs 105.60 crore. On a year-on-year basis, profit decreased by 12 per cent.
Despite this, revenues for the June quarter rose to Rs 2,527 crore, reflecting a 15 per cent increase quarter on quarter from Rs 2,191 crore in the previous quarter, while a 25 per cent jump from Rs 2015 crore recorded in the corresponding quarter last year.
The company has a total market capitalisation in India to the tune of Rs 18,227.61 crore. Its shares are trading at a price to earnings multiple of 46.07 times with an earning per share of Rs 13.56 per share.
At 11:13 AM; the share price of the company was trading 4.17 per cent higher at Rs 651. By comparison, the BSE Sensex was trading 0.29 per cent higher at 82,021 levels.
First Published: Aug 29 2024 | 11:26 AM IST
