homeearnings NewsSonata Software likely to close 8 12 large deals with multiyear contracts in FY24, says MD & CEO
Sonata Software likely to close 8-12 large deals with multiyear contracts in FY24, says MD & CEO
In an interview with CNBC-TV18, Samir Dhir, MD & CEO of Sonata Software said that the company has already secured 2-3 large deals with multiyear contracts in the second quarter (Q2) of the financial year.
Samir Dhir, the Managing Director and Chief Executive Officer of Sonata Software, revealed the company's ambitious vision for the future, and delved into the company's remarkable performance, growth targets, and strategic approach, in an interview with CNBC-TV18. Dhir revealed that Sonata Software has already secured 2-3 large deals with multiyear contracts in the second quarter (Q2) of the financial year.
“On average, we think we can close out 8 to 12 large deals in a year. And that's really what the momentum that we are seeing. These are all multi-year contracts; these are all digital transformation type programmes and once you are in the programme, then you tend to stay longer and continue to deliver value for the customers,” he said.
Talking about business, Dhir shared the company's ambitious goal of achieving $1.5 billion in revenue by the end of the financial year 2025-26 (FY26). He expressed confidence in the organisation's ability to stay on track to reach this target, emphasizing their commitment to growth and success.
Sonata Software is poised for significant growth in the coming years. Dhir mentioned that the company aims to grow in the high-teen to mid-twenties range.
While discussing their growth strategy, Dhir highlighted that Sonata Software is not aggressively pursuing mergers and acquisitions (M&A) at this point. The company's primary focus is on organic growth, leveraging its core strengths to achieve its ambitious targets.
On October 25, the company disclosed a 10% year-on-year (YoY) increase in its net profit for the second quarter ending on September 30, 2023, with figures reaching ₹124.2 crore. In the same period last year, Sonata Software reported a net profit of ₹112.7 crore, as stated in an official regulatory filing.
Sonata Software has granted approval and suggested a bonus share issuance of one equity share for each equity share held by the company's shareholders on the record date. The distribution of bonus equity shares will be contingent upon the shareholders' approval.
For more details, watch the accompanying video
(Edited by : Anushka Sharma)
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