Sonata Software shares gain over 8% after securing large deal from US-based healthcare firm; details inside

In a filing on August 29, Sonata Software informed the exchanges that it had been chosen as a strategic IT outsourcing partner by a US-based healthcare and wellness company. The company added that the deal was secured earlier this year, in June 2024.

The healthcare and wellness company delivers personalised, high-quality care to address the needs of vulnerable patients and underserved populations in challenging clinical environments and other behavioural health settings.

As a part of the deal, Sonata Software will help the company in optimising its IT budgets and cost efficiencies. Sonata Software plans to optimise the healthcare company’s IT budgets through systemic improvements and engineering levers and in modernising their technology landscape by leveraging enterprise data, artificial intelligence, and hyper-automation across patient-facing systems, and back-office operations, according to the release.

Sonata Software also said that it has made targeted investments in the Healthcare & Life Sciences (HLS) vertical as part of its strategic five-year plan to achieve $1.5 billion in annual revenue. The company added that the investment is already yielding returns, making Healthcare & Life Sciences one of Sonata's fastest-growing business units.

Sonata Software is a leading information technology company that offers business intelligence and analytics, application development management, mobility, cloud, social media, testing, and enterprise services.

Sonata Software’s consolidated revenue from operations in Q1FY25 increased over 25% to ₹2,527.43 crore compared to ₹2,015.53 crore in the corresponding quarter of the preceding fiscal. Sequentially, the company’s revenue from operations grew more than 15% from ₹2,191.61 crore in the March quarter of FY24.

Sonata Software’s consolidated Profit-After-Tax (PAT) declined over 12% to ₹105.63 crore in the June quarter of FY25 against ₹120.12 crore in the June quarter of FY24. In Q1FY25, the company’s PAT decreased more than 4% from ₹110.36 crore in Q4FY24.

Sonata Software shares were trading 4.88% higher at ₹655 apiece on the NSE at 12:15 pm.