The Hindu Business Line : Sonata net falls 12%; to pay 50 paise

SONATA Software Ltd has failed to meet its financial 2002-03 earnings guidance. The company has reported a net profit of Rs 15.57 crore for FY03, a decline of 12 per cent over Rs 17.80 crore achieved a year ago. However, total income registered a marginal rise of 1 per cent at Rs 84.55 crore (Rs 83.71 crore).

On a consolidated basis, Sonata's revenues stood at Rs 257.8 crore and net profit at Rs 15.3 crore for fiscal 2003 against the guidance given earlier of revenues of Rs 260-280 crore and net profit of Rs 16-18 crore.

Sonata has declared a total dividend of 50 paise per share (50 per cent on face value of Re 1).

Commenting on the results, Mr B. Ramaswamy, President and Managing Director, stated, "The consolidated results are in line with the guidance given at the beginning of the financial year, even though the much awaited recovery of the US economy in the latter half of the year did not materialise."

The company added 20 new clients during the year. The US accounted for 56 per cent of Sonata's revenues while the rest came from European operations.

For the fourth quarter ended March 31, 2003, Sonata posted a net profit of Rs 4.12 crore compared to Rs 2.09 crore in corresponding quarter previous fiscal. Total income increased to Rs 21.34 crore (Rs 16.91 crore).

The Sonata stock closed higher by 3.41 per cent at Rs 13.20 on the Bombay Stock Exchange on Thursday.

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