Sonata Software plunges 15% on Q4 performance; profit declines 31% in FY24

Shares of Sonata Software plunged as much as 15.5 per cent at Rs 538.90 per share on the BSE in Wednesday’s intraday deals. In comparison the S&P BSE Sensex was trading marginally lower at 73,474 levels This comes after the company delivered a sluggish performance in its January-March quarter earnings for fiscal year 2023-24 (Q4FY24).

The IT firm, reported a 3 per cent year-on-year decline in net profit to Rs 110.36 crore for the fourth quarter ending March 2024, compared to Rs 113.77 crore in March 2023. For the fiscal year ended March 2024, net profit dropped by 31.73 per cent to Rs 308.50 crore, down from Rs 451.90 crore in the previous fiscal year.