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Hit by Covid, IT firm Sonata looks for new business opportunities

The company had reported a 26% drop in profits for the quarter ended June 30 on account of the impact of the global shutdowns. This was better than what the company had initially anticipated – in March it had said that it expected an impact of upto 40% on its profits in the first half of the year owing to reduction in business from the travel and retail businesses.
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15 Sep 2020 1 Mins Read 0 comment
Apart from travel and retail, manufacturing and distribution and software are the other key segments it operates in. ThinkStock Photos
Apart from travel and retail, manufacturing and distribution and software are the other key segments it operates in.
PUNE: Midsize IT services firm Sonata Software will look at entering new business verticals as it expects recovery to be slow in other key areas where it currently operates, its Chief executive Srikar Reddy told ET. "We expect that recovery will take longer in travel, especially business travel. Similarly, non-essential retail is struggling,” said Reddy, adding that the company
accounts for almost 60% of its IT revenue. In a recent industry update, HDFC Securities said that a gradual recovery in its top travel client and traction in Microsoft related services (Dynamics 365) would lead to growth in 2HFY21 for Sonata. The company’s IP led business model and growth opportunities within the Microsoft business also strengthened its growth prospects.
PUNE: Midsize IT services firm Sonata Software will look at entering new business verticals as it expects recovery to be slow in other key areas where it currently operates, its Chief executive Srikar Reddy told ET. "We expect that recovery will take longer in travel, especially business travel. Similarly, non-essential retail is struggling,” said Reddy, adding that the company accounts for almost 60% of its IT revenue. In a recent industry update, HDFC Securities said that a gradual recovery in its top travel client and traction in Microsoft related services (Dynamics 365) would lead to growth in 2HFY21 for Sonata. The company’s IP led business model and growth opportunities within the Microsoft business also strengthened its growth prospects.

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