Sonata Software Q2 net profit down 37% to Rs 39 million

Sonata Software has reported a 37-per cent drop in its net profit at Rs 38.84 million in the second quarter ended 30 September 2002 as compared to Rs 61.84 million in the corresponding period last fiscal.

The company’s net sales have decreased from Rs 231.43 million in SQ-2001 to Rs 211.71 million in SQ-2002. The other income decreased from Rs 7.37 million in SQ-2001 to Rs 1.57 million in SQ-2002.

Under the consolidated results, the company has posted a net profit of Rs 36.52 million in SQ-2002 as compared to Rs 67.54 million for the corresponding period last fiscal. The net sales increased from Rs 573.97 million in SQ-2001 to Rs 633.07 million in SQ-2002. The other income decreased from Rs 8.97 million in SQ-2001 to Rs 2.40 million in SQ-2002.

Sonata Software president and managing director B Ramaswamy says the company’s board has declared an interim dividend of Re 0.20 per share (20 per cent on par value of Re 1). The record date for the payment of the dividend is 15 November 2002.

At the beginning of this financial year, Sonata Software had provided its guidance for the year 2002-03, indicating a consolidated profit after tax of Rs 160-180 million on a revenue projection of Rs 2,600-2,800 million.

At the halfway stage, the company has achieved 44-47 per cent of its revenue projections and 39-44 per cent 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.