Sonata Software Ltd. — Interim / Quarterly Report 2024

Nov 6, 2024

6" November, 2024

National Stock Exchange of India Limited BSE Limited Exchange Plaza, Bandra Kurla Complex, Mumbai P.J. Towers, Dalal Street, Mumbai Kind Attn: Manager, Listing Department Kind Attn: Manager, Listing Department Stock Code — SONATSOFTW Stock Code - 532221

Dear Sirs/Madam,

SUB: OUTCOME OF BOARD MEETING

REF: DISCLOSURE UNDER REGULATION 30 OF SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 ("LISTING REGULATIONS")

We hereby inform that at the meeting of Board of Directors of Sonata Software Limited (the "Company") held today i.e. 6° November, 2024, the Board, inter-alia, has:

a. Considered and approved the Unaudited Financial Results of the Company (standalone and consolidated) for the second quarter and half year ended 30° September, 2024.

Interms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby enclose a copy of the Unaudited Financial Results for the second quarter and half year ended, 30° September, 2024 together with the Limited Review Report from Statutory Auditors of the Company. A copy of the press release is also enclosed for your reference.

b. Decided to maintain the independence of following entities: Gapbuster Worldwide Pty. Ltd., Australia; Kabushiki Kaisha Gapbuster Japan, Gapbuster China Co. Ltd. and Gapbuster Worldwide Malaysia SDN BHD which are 100% subsidiaries. This is in reference to our previous announcement on this matter dated 13" May, 2023. information will be available on our website

The meeting commenced at 3:10 p.m. and concluded at 4:10 p.m. (IST). Also note that the aforesaid www.sonata-software.com.

Kindly take the same on record.

Thanking you.

Yours faithfully, For Sonata Software Limited

Upheunecess

Mangal Kulkarni Company Secretary, Compliance Officer and Head Legal

Encl.: As above

Sonata Software Limited - SSL Website: www.sonata-software.com

Registered Office: 208, T V Industrial Estate, 2" Floor, S K Ahire Marg, Worli, Mumbai — 400 030 email: info@sonata-software.com Corporate Office: Tower-A, Sonata Towers, Global Village (Sattva Global City), RVCE Post, Kengeri Hobli, Mysore Road, Bengaluru - 560059, India Tel: +91 80 6778 1000 | CIN: L72200MH1994PLC082110

BS R & Co. LLP

Chartered Accountants

Embassy Golf Links Business Park Pebble Beach, B Block, 3rd Floor No. 13/2, off Intermediate Ring Road Bengaluru - 560 071, India Telephone: +91 80 4682 3000 Fax: +91 80 4682 3999

Limited Review Report on unaudited standalone financial results of Sonata Software Limited for the quarter ended 30 September 2024 and year to date results for the period from 1 April 2024 to 30 September 2024 under Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements} Regulations, 2015, as amended

To the Board of Directors of Sonata Software Limited

• 1. We have reviewed the accompanying Statement of unaudited standalone financial results of Sonata Software Limited (hereinafter referred to as "the Company") for the quarter ended 30 September 2024 and year to date results for the period from 1 April 2024 to 30 September 2024 ("the Statement") in which, are included interim financial information from 6 branches and an employee welfare trust.
• 1. This Statement, which is the responsibility of the Company's management and approved by its Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting'' ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). Our responsibility is to issue a report on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
• 1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For B S R & Co. LLP Chartered Accountants Firm's Registration No.:101248W/W-100022

Amrit Bhansali Partner Membership No.: 065155 UDIN:24065155BKEYQl34 70

Mumbai 06 November 2024

Registered Office:

BS R & Co. (a partnership firm with Registration No. BA612Z3) con\lerted into BS R & Co. LLP (a linited Uabil.ity Partnership Yrith LLP Re!1,slration No. AAB-8181) with effect frcm October 14. 2013 14th Floor, Central B \Mng and North CVVing, Nesco IT Park 4, Nesco Center. Western Express Highway, Goregaon (East). Mumbai - 400063 Page 1 of 1

SONATA SOFTWARE LIMITED

Registered Office; 208, T.V. lnduslrial Eslllle, S.K.Ahire Marg, Worli, Mumbai-400030

Caporate Office:Sonata Towe,s, GlobalVllage. RI/CE Post, My,c,e Road, Bengaluru-560059

CIN - LmooMHl!l94PLC082110 www.sonata-software.mm, Tel: +91-080-67781000, investor@sonata-software.com

Part I							₹ in lakhs, except per share data
	Statement of unaudited standalone financial results for the quarter and six months period ended September 30, 2024
			Quarter ended			Six months ended
	SI No. Particulars	September 30, 2024	June 30, 2024	September 30, 2023	September 30, 2024	September 30, 2023	Year ended March 31, 2024
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
1	Revenue from operations	23,526	24,895	24,017	48,421	47,504	95,030
$\overline{\mathbf{2}}$	Other income (Refer Note 5)	16,418	425	16,297	16,843	16,943	33,404
з	Total income $(1+2)$	39,944	25,320	40,314	65,264	64,447	128,434
4	Expenses
	(a) Purchase of stock-in-trade (traded goods)	60	77	1,631	137	4,575	7,539
	(b) Changes in inventories of stock-in-trade					(1)
	(c) Employee benefits expense	18,905	17,697	16,870	36,602	33,895	67,024
	(d) Finance costs	110	108	107	218	229	492
	(e) Depreciation and amortization expense	536	522	543	1.058	1,035	2.113
	(f) Other expenses	3,730	3.288	3.687	7,018	6,802	13,289
	Total expenses	23,341	21,692	22,846	45,033	46,535	90,457
5	Profit before tax (3-4)	16,603	3,628	17,468	20,231	17,912	37,977
6	Tax expense
	(1) Current tax	278	1,030	680	1,308	737	1,984
	(2) Deferred tax	(129)	67	(59)	(62)	(43)	113
	Total tax expense	149	1,097	621	1,246	694	2,097
$\overline{\mathbf{z}}$	Profit for the period (5-6)	16,454	2,531	16,847	18,985	17,218	35,880
8	Other comprehensive income
	1 Items that will not be reclassified to profit/(loss)
	(a) Remeasurement of the defined benefit plans	105	488	21	593	219	408
	(b) Income tax relating to Items that will not be reclassified to profit/(loss)	(26)	(123)	(23)	(149)	(55)	(103)
	2 Items that will be reclassified to profit or (loss)
	(a) Exchange differences in translating the financial statements of foreign
	operations			(6)		12
	(b) Fair value changes on derivatives designated as cash flow hedge, net	(603)	234	98	(369)	613	305
	(c) Income tax relating to Items that will be reclassified to profit/(loss)	152	(58)	(70)	94	(157)	(76)
	Total	(372)	541	20	169	632	534
9	Total comprehensive income for the period (7 +8)	16,082	3,072	16,867	19,154	17,850	36,414
10	Paid-up equity share capital (Face Value ₹1/-)	2,776	2,776	1,387	2,776	1,387	2,775
11	Other equity (Refer Note 6)	67,893	67,893	53,973	67,893	53,973	67,893
12	Earnings per equity share (of ₹1/- each) (Refer Note 3 & 4)
	(a) Basic (in 찍)	5.93	0.91	6.07	6.84	6.20	12.93
	(b) Diluted (in =) See accompanying notes to the standalone financial results	5.92	0.91	6.06	6.83	6.20	12.91

	Standalone Balance Sheet
SI No.	Particulars	Asat	Asat
		September 30, 2024	March 31, 2024
		(Unaudited}	{Audited}
	ASSETS
1	NON-CURRENT ASSETS
	(al Property, plant and equipment	2,679	2,953
	(bl Capital work-in-progress	2
	(c) Right-of-use assets	2,650	3,077
	(d)Goodwill (el Financial assets	282	282
	(il Investments
	(ii) other financial assets	6,225	6,263
	(f) Deferred tax assets (net)	1,468	1,483
	(g) Income tax assets (net)	1,066	1,061
	(h) Other non-current assets	10,202	10,815
		71	104
		24,645	26,038
2	CURRENT ASSETS (a I Financial assets
	(i) Investments (ii) Trade receivables	116	119
	(iii) cash and cash equivalents	63,878	52,019
	(iv) Bank balances other than (iii) above	2,146	1,973
	(v) Other financial assets	7,286	6,764
	(b) Other current assets	744	1,824
		9,089	6,545
	TOTAL -ASSETS	83,259 107,904	69,244 95,282
	EQUITY ANO LIABILITIES
3	EQUITY
	(a) Equity share capital
	(b) Other equity	2,776	2,775
		75,165 77,941	67,893
			70,668
	LIABILITIES
4	NON-CURRENT LIABILITIES
	Financial liabilities lease liabilities
	Other financial liabilities	2,024	2,295
		2,026	1,540
		4,050	3,835
5	CURRENT LIABILITIES
	(al Financial liabilities Borrowings
	Lease liabilities	-	4
	Trade payables	920	1,101
	Total outstanding dues of micro enterprises and small enterprises	109
	Total outstanding dues of creditors other than micro enterprises and small enterprises	9,677	86 8,529
	Other financial liabilities	4,440	3,298
	(b) other current liabilities	5,633	4,410
	(c) Provisions	1,501	1,360
	(d) Current tax liabilities (net)	3,633	1,991
		25,913	20,779
	TOTAL - EQUITY ANO LIABILITIES	107,904	95,282

	(" in Lakhs) For the six months ended
Particulars	September 30, 2024	September 30, 2023
	(Unaudited}	(Unaudited}
A. CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax	20,231	17,912
Adjustments for :
Depreciation and amortization expense	1,058	1,035
Fina nee costs	218	229
Impairment loss recognised on trade receivable	235	110
Provisions/ liabilities no longer required written back	-	{123)
Interest i ncome	(384)	(453)
Dividend income from long-term investments in subsidiaries	(15,800)	(15,431)
(Gain)/ loss on sale of fixed assets/ scrapped	(26)	9
Net (gain) on investments carried at fair value through profit and loss	(34)	(121)
Gain on termination of lease	(1)	(233)
Expenses/(gain) on employee stock based compensation	129	202
Net unrealized foreign exchange (gain)/loss	(106)	(376)
Operating profit before working capital changes	5,520	2,760
Changes in operating assets and liabilities:
Decrease/(increase) in trade receivables	(11,926)	(5,675)
Decrease/(increase) in Inventories	-	(1)
Decrease/(increase) in other financial assets-<:urrent	1,007	(719)
Decrease/(increase) in other financial assets non-current	13	256
Decrease/(increase) in other non-current assets	33	(246)
Decrease/(increase) in other current assets	(2,541)	(4)
(Decrease)/increase in other financial liabilities non-<:urrent	424	397
(Decrease)/increase in trade payables	1,265	372
(Decrease)/increase in other financial liabilities	422	1,536
(Decrease)/increase in other current liabilities	1,816	{1,470)
(Decrease)/increase in provisions Net cash flow from/ (used in) operations	141 (3,826)	91
Income taxes paid (net of refunds)		{2,703)
Net cash flow from/ (used in) operating activities (A)	1,120	(2,738) (5,441)
B. CASH FLOW FROM INVESTING ACTIVTTIES	{2,706)
Acquisition of property, plant and equipment including capital work-in-progress
Proceeds from disposal of property, plant and equipment	(240) 119	(1,481) 17
Investment in subsidiary	-	(89)
Purchase of current investments	{26,879)	(37,976)
Proceeds from sale of current investments	26,912	37,527
Proceeds from sale of bonds	43	-
Investment in bank deposits	(385)	3,926
Interest received	70	652
Dividend received from subsidiary Net cash flow from investing activities (B)	15,800	15,431
	15,440	18,007
C. CASH FLOW FROM FINANCING ACTIVmES
Proce~ds/(repayment) from/(of) short-term borrowings (net)	(4)	(62)
Payment of lease liabilities	(571)	(830)
Payment of dividend	(12,203)	(12,181)
Proceeds from issue of shares on exercise of employee stock options	217	222
Interest paid Net cash flow used in financing activities (C)	(3) (12,564)	(8) {12,859)
Net increase/(decrease) In Cash and cash equivalents (A+B+C)	170	(293)
Opening Cash and cash equivalents	1,973	4,931
Exchange difference on translation of foreign currency Cash and cash equivalents.	3	(18)
Closing Cash and cash equivalents	2,146	4,620
Cash and cash equivalents at the end of the period comprises:
Balances with banks
In current accounts	1,931	1,333
In EEFC accounts	215	187
In demand deposit accounts	-	2,500
	2,146	4,620

Notes:

• 1 The standalone financial results above is prepared in accordance with the Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules issued thereafter. These unaudited standalone financial results thereafter have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on November 06, 2024. The statutory auditors, BS R & Co. U.P have expressed an unmodified review opinion on standalone financial results.
• The above unaudited standalone financial results are filed with Stock Exchanges under Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015 as amended from time to time and are available on the Stock Exchange websites, www.nseindia.com and www.bseindia.com, and on the Company's website, www..sonata-software.com.
• 2 The Company also publishes unaudited consolidated financial results in addition to unaudited standalone financial results. In accordance with Ind AS 108 Operating segments, the Company has disd osed the segment information in the unaudited consolidated financial results.
• 3 Earnings per share (EPS) for quarterly and six months periods are not annualised.
• 4 The Company has allotted 140,212,408 Equity Shares of Re. 1/· each, credited as fully paid as bonus equity shares to the eligible Members of the Company as on the record date of December 12, 2023 in the ratio of 01 (One) new fully paid-up equity share for every 01 (One) existing fully paid-up equity shares (1:1). The EPS for all the periods presented have been adjusted to this effect as required by "Ind AS 33: Earnings per Share•.
• 5 Other income for the quarter and six months period ended September 30, 2024 includes divide'nd income received from subsidiaries, Sonata Information Technology Limited ~ 13,000 Lakhs, Sonata Software Solutions Limited "-2,300 lakhs and Encore IT service Solutions Private Limited"- SOD lakhs.
• 6 The other equity with respect to quarter ended and six months period ended september 30, 2024 and quarter ended June 30, 2024, represents balance as per the audited Balance Sheet of the previous year as required by SEBI (Listing and Other Disclosure Requirements) Regulations, 201S

Place: Mumbai Date : November 06, 2024

~~-· #~ing Director & CEO

BS R & Co. LLP Chartered Accountants

Embassy Golf Links Business Park Pebble Beach, B Block, 3rd Floor No. 13'2., off Intermediate Ring Road Bengaluru - 560 071 , India Telephone: +91 80 4682 3000 Fax: +91 80 4682 3999

Limited Review Report on unaudited consolidated financial results of Sonata Software Limited for the quarter ended 30 September 2024 and year to date results for the period from 1 April 2024 to 30 September 2024 under Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To the Board of Directors of Sonata Software Limited

• 1. We have reviewed the accompanying Statement of unaudited consolidated financial results of Sonata Software Limited (hereinafter referred to as "the Parent"), and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") for the quarter ended 30 September 2024 and year to date results for the period from 1 April 2024 to 30 September 2024 ("the Statement") in which, are included interim financial information from 11 branches, being submitted by the Parent pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("listing Regulations").
• 1. This Statement, which is the responsibility of the Parent's management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity~ issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.

• 1. The Statement includes the results of the entities as disclosed in Annexure I to the Statement.
• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. The Statement includes the interim financial results of 19 subsidiaries which have not been reviewed, whose interim financial results reflect total assets (before consolidation adjustments) of Rs. 21,455 lakhs as at 30 September 2024, total revenues (before consolidation adjustments) of Rs. 9,747 lakhs and Rs. 29,406 lakhs, total net profit after tax (before consolidation adjustments) of Rs. 715 lakhs and Rs. 2,418 lakhs and total comprehensive income (before consolidation adjustments) of Rs. 835 lakhs and Rs 3,022 lakhs, for the quarter ended 30 September 2024 and for the period from 1 April 2024 to 30 September 2024 respectively, and cash outflows (net) (before consolidation adjustments) of Rs 2,636 lakhs for the period from 1 April 2024 to 30 September 2024, as considered in the Statement. According to the information and explanations given to us by the Parent's management, these interim financial results are not material to the Group.

8 SR & Co. (a partnership tinn with Regtstration No. BA.61223) conwrted Into BS R & Co. LLP (a li'nited Liabiity Partnership with LLP Registration No. AAB-8181) with effect frorn Octooer 14, 2013 Registered Office:

14th Floor, Central B Wing and North C VVing, Nesco rr Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063 Page 1 of 4

Limited Review Report (Continued) Sonata Software Limited

Our conclusion is not modified in respect of this matter.

For B S R & Co. LLP Chartered Accountants

Firm's Registration No.:101248W/W-100022

~~/

Amrit Bhansali Partner Membership No.: 065155 UDIN:24065155BKEYQJ2108

Mumbai 06 November 2024

Page 2 of 4

Limited Review Report (Continued) Sonata Software Limited

Annexure I

List of entities included in unaudited consolidated financial results.

Sr. No	Name of component	Relationship
1	Sonata Software Limited	Parent
2	Sonata Information Technology Limited	Subsidiary
3	Sonata Software Solutions Limited	Subsidiary
4	Sonata Europe Limited	Subsidiary
5	Sonata Software North America Inc.	Subsidiary
6	Sonata Australia Pty Ltd (formerly known as "Scalable Data Systems Pty Ltd")	Subsidiary
7	Sonata Software (Qatar) LLC	Subsidiary
8	Encore IT Services Solutions Private Limited	Subsidiary
9	Sonata Software GmbH	Subsidiary
10	Sonata Software Intercontinental Limited	Subsidiary
11	Sonata Software Malaysia SDN. BHD.	Susbsidiary
12	Encore Software Services, Inc. (merged with Sonata Software North America Inc. w.e.f. 26 August 2024)	Step-down Subsidiary
13	Sonata Software Canada Limited	Step-down Subsidiary
14	GAPbuster Limited (merged with Sonata Europe Limited w.e.f. 16 July 2024)	Step-down Subsidiary
15	Sonata Software Japan KK (formerly known as Kabushiki Kaisha GAPbuster Japan)	Step-down Subsidiary
16	GAPbuster Europe Limited (merged with Sonata Europe Limited w.e.f. 16 July 2024)	Step-down Subsidiary
17	GAPbuster Inc.	Step-down Subsidiary
18	GAPbuster Worldwide Pty Ltd	Step-down Subsidiary

Page 3 of4

BS R& Co. LLP

Limited Review Report (Continued)

Sonata Software Limited

Sr. No	Name of component	Relationship
19	Sonata Software Worldwide Malaysia SON. BHD. (formerly known as GAPbuster Worldwide Malaysia SON. BHD.)	Step-down Subsidiary
20	Sonata Software (Shanghai) Co., Ltd (formerly known as GAPbuster China Co. Limited)	Step-down Subsidiary
21	Sonata Latin America S. DE R.L. DE C.V.	Step-down Subsidiary
22	Quant Systems Inc.	Step-down Subsidiary
23	Quant Cloud Solutions Private Limited	Step-down Subsidiary
24	Woodshed LLC	Step-down Subsidiary
25	Quant Systems CRC Inc Sociedad de Responsabilidad Limitada (CRC LLC)	Step-down Subsidiary
26	Sonata Software LLC (formerly known as Sopris Systems LLC) (merged with SSNA with effect from May 06, 2024)	step-down Subsidiary
27	Sonata Software Solutions, Egypt (Incorporated w.e.f. 12 May 2024)	Step-down Subsidiary

SONATA. SOFTWARE UMrTED

Registered Office: 208. T.V. Industrial Estate. S.K.Ahire Marg. Worti* Mumbai ~400 030 c.otpor.ne Office, Sa\ata Tow ecs, Global Vill-. RVCE Post. Mysote Rood, Bengal..-u -560 059

CIN • L72200MH1994Pl.C082ll0 \VWW,sonata-software.com, Tel : +91-08o-6n81000, investor@sonat.rsoftware.com

Part I							र in lakhs, except per share data
	Statement of unaudited consolidated financial results for the quarter and six months period ended September 30, 2024
			Quarter ended			Six months ended	Year ended
SINo.	Particulars	September 30, 2024	June 30, 2024	September 30, 2023	September 30, 2024	September 30, 2023	March 31, 2024
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
$\mathbf{1}$	Revenue from operations	216,983	252,743	191,257	469,726	392,810	861,306
$\overline{2}$	Other income	1,918	1,887	2,320	3,806	5,133	12,555
3	Total income $(1 + 2)$	218,901	254,630	193,577	473,532	397,943	873,861
4	Expenses (a) Purchase of stock-in-trade (traded goods)	132,060	180,566	137,894
	(b) Changes in inventories of stock-in-trade	7,843	(1, 841)	(16, 893)	312,626 6,002	272,353 (15, 282)	588,887 (6,918)
	(c) Employee benefits expense	40,478	36,924	33,982	77,402	66,596	133,456
	(d) Finance costs	1,917	2,002	2,067	3,919	4,150	8,501
	(e) Depreciation and amortization expense	3,292	3,327	3,334	6,619	6,454	13,193
	(f) Other expenses	18,877	19,478	16,542	38,355	31,584	73,138
	Total expenses	204,467	240,456	176,926	444,923	365,855	810,257
5	Profit before exceptional item and tax (3-4)	14,434	14,174	16,651	28,609	32,088	63,604
6	Exceptional item (Refer Note 8)		ä,
	Changes in fair value of contingent consideration payable						17,466
$\overline{\phantom{a}}$	Profit before tax (5 - 6)	14,434	14,174	16,651	28,609	32,088	46,138
$\mathbf{R}$	Tax expense
	(1) Current tax	4,185	5,120	5,849	9,305	9,803	19,234
	(2) Deferred tax Total tax expense	(400) 3,785	(1,509) 3,611	(1, 615) 4,234	(1,909) 7,396	(2, 144) 7,659	(3,946) 15,288
9	Profit for the period (7 - 8)	10,649	10,563	12,417	21,213	24,429	30,850
10	Other comprehensive income
	1 Items that will not be reclassified to profit/(loss)
	(a) Remeasurement of the defined benefit plans	67	525	10	592	221	256
	(b) Equity instruments through other comprehensive income	(25)	(249)		(274)
	(c) Income tax relating to Items that will not be reclassified to profit/(loss)	(17)	(132)	(4)	(149)	(53)	(65)
	2 Items that will be reclassified to profit or (loss)
	(a) Exchange differences in translating the financial statements of foreign
	operations	441	172	288	613	107	171
	(b) Fair value changes on derivatives designated as cash flow hedge, net	(1, 423)	659	158	(764)	1,280	669
	(c) Income tax relating to Items that will be reclassified to profit/(loss)	247	(209)	(111)	38	(331)	(211)
	Total	(710)	766	341	56	1,224	820
11	Total comprehensive income for the period $(9 + 10)$	9,939	11,329	12,758	21,269	25,653	31,670
	Of the total comprehensive income above, profit for the period attributable to:
	Owners of the Company	10,649	10,563	12,417	21,213	24,429	30,850
	Non - controlling interest
		10,649	10,563	12,417	21,213	24,429	30,850
	Of the total comprehensive income above, other comprehensive income for the
	period attributable to:
	Owners of the Company	(710)	766	341	56	1,224	820
	Non - controlling interest	(710)	766	341
	Of the total comprehensive income above, total comprehensive income				56	1,224	820
	attributable to:
	Owners of the Company	9,939	11,329	12,758	21,269	25,653	31,670
	Non - controlling interest
		9,939	11,329	12,758	21,269	25,653	31,670
12	Paid-up equity share capital (Face Value ₹ 1/-)	2,776	2,776	1,387	2,776	1,387	2,775
13	Other equity (Refer Note 5)	137,854	137,854	128,678	137,854	128,678
14	Earnings / (loss) per equity share (of ₹1/-each) (Refer Note 3 & 4)						137,854
	(a) Basic (in ₹)	3.84	3.81	4.48	7.64	8.81	11.12
	(b) Diluted (in ₹)	3.83	3.80	4.47	7.63	8.79	11.10
	See accompanying notes to the consolidated financial results

Asat Asat SI No. Particulars September 30, 2024 March 31, 2024 (Unaudited) (Audited) ASSETS 1 NON-CURRENT ASSETS (a) Property, plant and equipment 4,695 (b) Capit al work-in-progress 32 - (c) Right-of-use assets 7,402 (d)Goodwill 111,994 (e) Other intangible assets 38,536 (f) Intangible asset under development 974 - (g) Financial assets (i) Investments 990 (ii) Other financial assets 4,148 (h) Deferred tax assets (net) 9,695 (i) Income tax assets (net) 25,414 (j) Other non-current assets 401 Total 204,281 CURRENT ASSETS 2 (a) Inventories 3,798 9,800 (b) Financial assets (i) Investments 4,119 23,208 (ii) Trade receivables 182,151 160,508 (iii) Cash and cash equivalents 24,272 53,602 (iv) Bank balances other than (iii) above 26,719 32,895 (v) Other financial assets 5,351 5,459 (c) Other current assets 26,756 22,085 Total current assets 273,166 TOTAL ASSETS 477,447 EQUITY AND LIABILITIES 3 EQUITY ' (a) Equity share capital 2,776 2,775 (b) Other equity 147,241 137,854 Total 150,017 LIABILITIES 4 NON-CURRENT LIABILITIES (a) Financial liabilities (i) Borrowings 27,900 43,101 (ii) Lease liabilites 6,065 6,700 (iii) Otherfinancial liabilities 2,461 2,757 (iv) Deferred tax liabilities (net) 11,460 47,886 64,955 5 CURRENT LIABILITIES (a) Financial liabilities (i) Borrowings 25,957 24,329 (ii) Lease liabilites 2,423 2,416 (iii) Trade payables Tot al outstanding dues of micro enterprises and small enterprises 295 305 Total outstanding dues of creditors other than micro enterprises and small enterprises 156,342 141,290 (iv) Other financial liabilities 51,609 100,159 (b) Other current liabilities 18,068 24,111 (c) Provisions 4,597 3,698 (d) Current t ax liabilities (net) 20,253 Total current liabilities 279,544 309,328 TOTAL EQUITY AND LIABILITIES 477,447 514,912	Consolidated Balance Sheet
		(" in lakhs)
		5,176
		8,097
		111,346
		42,481
		1,299
		3,823
		8,844
		25,941
		348
		207,355
		~07,557
		514,912
		140,629
		12,397
		13,020

	For the six months ended	(0:: in Lakhs)
Particulars	September 30, 2024	September 30, 2023
	(Unaudited}	(Unaudited}
A. CASH FLOW FROM OPERATING ACTIVITIES:
Profit before tax	28,609	32,088
Adjustments for:
Depreciation and amortization expense	6,619	6,454
Finance costs	3,919	4,150
Impairment (gain)/loss recognised on trade receivable	347	71
Pr;,visions/ liabilities no longer required written back	(115)	(1,983)
Interest Income	(2,442)	(1,733)
Net (gain) / loss on safe of property, plant and equipment/ scrapped Net (gain) on investments carried at fair value through profit and loss	(26)	30
Gain on termination of lease	(798) (3)	(577) (233)
Expenses on employee stock based compensation	129	202
Net unrealized foreign exchange (gain)/ loss	(26)	(1,512)
Operating profit before working capital changes	36,213	36,957
Changes in operating assets and liabilities: Decrease/(lncrease) in trade receivables	(22,125)	(47,704)
Decrease/(lncrease) in inventories	6,002	(15,281)
Decrease/(increase) in other financial assets non-current	(383)	256
Decrease/(increase) in other financial assets current	(2)	(4,085)
Decrease/(increase) in other non-current assets	(53)	(262)
Decrease/(increase) in other current assets	(4,671)	(1,222)
Decrease/(increase) Asset held-for-sale	-	2,533
(Decrease)/lncrease in trade payables	15,473	23,630
(Decrease)/increase in other financial liabilities non-current	(561)	787
(Decrease)/increase in other financial liabilities (pecrease)/increase in other current liabilities	1,193	(1)
(Decrease)/increase in provisions	(5,354)	16,730
Net cash flow from/ (used in) operations	802 26,534	460 12,798
Income taxes paid (net of refunds)	(487)	(10,430)
Net cash flow from/ (used in) operating activities (A)	26,047	2,368
8. CASH FLOW FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment including intangible assets, capital-work-in progress	(665)	(2,000)
lnta%ible asset under development	(974)	-
Proceeds from disposal of property, plant and equipment Purchase of current investments	123	19
Proceeds from sale of bonds	(337,027)	(235,462)
Payment in relation to business acquisition	4,338	-
Proceeds from sale of current investments	(51,930) 352,535	(6,832) 249,239
Investment in bank deposits	6,909	(1,032)
Interest received	754	1,818
Net cash flow from/ (used in) investing activities (8)	{25,937)	5,750
C. CASH FLOW FROM FINANCING ACTIVITIES
Payment of lease liabilities	(1,540)	(1,663)
Proceeds from short-term borrowings	1,694	5,500
Repayment of short-term borrowings Repayment of term loan	(5,728)	(8,512)
Payment of dividend	(9,753)	(4,552)
Proceeds from issue of shares on exercise of ESOP	(12,203)	(12,182)
Interest paid	217 (2,155)	223 (1,498)
Net cash flow used in financing activities (C)	(29,468)	(22,684)
Net increase/(decrease) in cash and cash equivalents (A+B+C)	(29,358)	(14,566)
Opening cash and cash equivalents	53,602	41,740
Exchange difference on translation of foreign currency cash and cash equivalents	28	63
Closing Cash and cash equivalents	24,272	27,237
Cash and cash equivalents at the end of the period comprises:
cash on hand	1	-
Balances with banks
In Current accounts	23,472	19,310
In EEFC accounts In deposit accounts	788 11	1,656
	24,272	6,271 27,237

Notes:

The consolidated financial results is prepared in accordance with the Indian Accounting Standards (Ind AS} as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules. 201Sand relevant amendment rules issued thereafter. These unaudited Consolidated financial results thereofterhave been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on November 06, 2024. The: statutory auditors, BS R & Co. LLP have e:xpres.sed an unmodified review opinion on the consolidated financial results.

The above unaudited Consolidated financial results are filed with Stock Exchanges under Regulation 33 d the SEBI (listin1 and Other Disclosure Requirements) Regulations, 2015 as amended from time to time and are available on the Stock Exchange websites, www.nseindia.com and www.bseindia.com, and on the Company•s website, www.sonatiHOftware.com.

• 2 Unaudited consolict.lted financial results indude financial results of subsidiaries Le., Sonata Information Technology Limited, Sonata Software North America Inc. (SSNA}, Sonata Software GmbH, Sonata Europe Limited (SEL), Sonata Software: FZ-LLC (Closed w.e.f. May 19, 2023). Sonata Soft~re (Qatar) U.C. Sonata Australia Pty ltd, Sonata Scft¥.-are: LLC (formedy known as Sopris Systems LLC) (merged with SSNA with effect from May 06, 2024), Sonata Software Solutions Limited, Sonata SOftware (Shanghai) Co., Ud (formerly known as GAPbuster China Co. Ud), GAP buster Europe Limited (merged with SEL with effect from July 16, 2024), GAP buster Inc., GAPbus:ter Limited (merged with SEL with effect from July 16, 202A), Sonata Software Worldwide Malaysia SON. BHO. (formerty known as GAPbuster Worldwide Malaysia SON BHO). GAPbuster Worldwide Pty limited, Sonata Software Japan KK (formerly known as Kabushiki Kaisha GAPbuster Japan), Encore Software Services, Inc. (merged with SSNA with effect from August 26. 2024), Encore IT Services S~utions Private Limited, Sonata Software Intercontinental Limited, Sonata Software canada Limited, Sonata Latin AmerM:a S. OE R.L. DE CV .. Quant Systems Inc., Quant Systems CRC Inc Sociedad De Responsabilidad limitada (CRC LlC), Quant Ck>ud Solutions Private Limited, Woodshed LLC, Sonata Software Malaysia SON. BHD (w.e.f .June 13, 2023) and Sonata Software Solutions, Egypt (w.e.f. May 12, 2024).
• 3 EPS for quarterly and six months period ended September 30, 2024 are not annualised.
• 4 Sonata Software Limited (Holding Company) allotted 140,212,408Equity Shares of Re. 1/- each, credited as fully paid as bonus equity shares to the eligible Members of the Holding Company whose names appear in the Register of Members of the Company as on t he record date of December 12, 2023 in the ratio of 01 (One) newfulfy paid-up equity share ^f Of' every 01 (One) existing fully paid-(Jp equity shares (1:1). The EPS for all the periods presented have been adj usted to this effect as re.quired by "Jnd AS 33: Earnings Per Share ...
• 5 The other equity with respect to quarter and six months period ended September 30, 2024 and quarter ended June 30, 2024 represents balance as per the audited consolidated Balance Sheet of the previous year as required by SEBI (Listing and Other Disclosure Requirements) RegulatlOns, 2015.
• 6 GAPbuster Europe Limited and GAPbuster Limited., a subsidiary of SEL got merged in t he UK With SEL. wholly.owned subsidiary of Sonata Software Limited effective July 16, 2024. Encore Software Services, Inc. a subsidiary of SSNA got merged in the US with SSNA. wholly-owned subsidiary of Sonata Software Limited effective August 26, 2024. These mergers are in the nature ct business combination of entity under common control as per Ind AS 103 Business Combinations, accounted as per pooltng of interest method.

</ited)<></ited)<></ited)<></ited)<></ited)<></ited)<>

Unaudited standalone f inancial results 7	(~ in lakhs)
		Quarter ended		Si.x. months ended	Year ended
Partiwlars	Sep~ber 30, 2024	June 30, 2024	September 30, 2023	September 30, 202.4	September 30, 2023	March 31, 2024
	(Unau <ited)< th="">	(Unau<ited)< th="">	(Unaudited)	(Unau<ited)< th="">	{Unaudited)	(Aucfited)	(Unau <ited)< th="">	(Unaudited)	(Unau<ited)< th="">	{Unaudited)	(Aucfited)	(Unaudited)	(Unau <ited)< th="">	{Unaudited)	(Aucfited)	{Unaudited)	(Aucfited)
Revenue from operations	23,526	24,895	24,017	48,421	47,504	95,030
Profit before tax	16,603	3,628	17,463	20,231	17,912	37,977
Profit after tax	16,454	2,531	16,847	18,985	17,213	35,880

The results for the quarter and six months period ended September 30, 2024, are available on the Company's website at www.sonata-software.com and also on the website of BSE Limited at vvv.w.bseindia.com and National Stock Exchanged India Limited at www.nseindia.c.om, where the shares of the Company are listed.

• S Sonata Software North America Inc;., (SSNA) a wholtyowned subsidiary ci Sonata Software Limited, acquired 100% stake in the Quant systems inc., (Quant} on March 10~ 2023 fora purchase consideration of USO 159 mn (INR 130,348 Lakhs) (net of wOt"k:ing capital) including cash consideration of USO 70.70 mn (INR 57,960 lalchs) aod USO 88.30 mn (INR 72.388 Lakhs) of contingent consideration payable over 2 years. During the quarter ended December 31, 2023, the Company has re-measured the fair value of the contingent consideration payable to be USO 105A2 mn (INR 87,719 Lakhs), thereby an increase: of USO 17.12 mn (INR 14,244 Lakhs). Similarty, the Company has rfM?lea"!>Uredthefairvalue of the contingent consideration payable with respect to an earlier acquisition, which has resulted in the change in fair value by USO 3.87 mn (INR 3,222 Lakhs). The above changes in fair value of contingent consideration payable amounting to USO 20.99 mn (INR 17,466 Lakhs) is owing to better financial performance of the acquired entities and are recorded in the Statement of Profit and Loss during the quarter ended December 31, 2023. The Management has disclosed. the above changes in fair value as an 'exceptional item' in the results fOf the previous year ended March 31, 2024, considering t he significance of the amount and it<S non-recurring nature.
• 9 The CEO,& MD of the Company has been identrfied as the Chief Operating Decision Maker (CODM) as defined by Ind AS 108, Operating Segments. Information reported to the CODM for the purposes of resource allocation and assessment of segment performance focuses on geographical territory. Accordingty, the reportable segments are "India .. and "other than India".

The consolidated segment wise revenue and results are as follo~ :

</ited)<></ited)<></ited)<>

Partiwlars		Quarter ended		Six months ended		('tin lakhs)
	Sep~ber 30, 2024	June30,202.4	September 30, 2023	September 30, 2024	Sep~ber 30, 2023	Year ended Marth 31, 2024
a. India b. Other than India a. India	(Unau <ited)< th="">	(Unau<ited)< th="">	(Unaudited)	(Unaudited)	(Unaucfited)	(Aud;ted)	(Unau <ited)< th="">	(Unaudited)	(Unaudited)	(Unaucfited)	(Aud;ted)	(Unaudited)	(Unaudited)	(Unaucfited)	(Aud;ted)
1. Segment revenue
	105,078	162,585	106,109	267,663	223,315	491,261
	111,974	91,193	85,288	203,167	170,665	371,844
Total	217,052	253,778	191,397	470,830	393,980	863,105
less; Inter segment revenue	(69	(1,035	(140	(1,104)	(1,170	(1,799
Revenue from'operations	216,983	252,743	191,257	469,726	392,810	861,306
2. Segment results
Profit before tax, interest, depreciation and amortization
	4,480	5,501	4,984	9,981	9,391	19,733
b. Other than India	14,317	13,799	15,158	28,117	29,245	59,348
Total	18,797	19,300	20,142	38,0'18	38,636	79,081
less: Depreciation and amortization	(3,292	(3,327	(3,334)	(6,619	(6,454)	(13,193)
Less: Finance costs	(1,917	(2,002	(2,067)	(3,919	(4,150)	(8,501
Add: Unallocable income net of unallocable expenditure	846	203	1,910	1,049	4,056	6,217
3. Profit before exceptional item and tax	14,434	14,174	16,651	28,609	32,088
Exceptional item						63,604
- Changes in fair value of contingent consideration payable	-	-	-		-	17,466
4. Profit before tax	14,434	14,174	16,651	28,609	32,088	46,138

</ited)<></ited)<></ited)<>

Partiwlars	September 30, 2024	June 30, 2024	September 30, 2023	Ma,d, 31, 2024
	(Unau <ited)< th="">	(Unaudited)	(Unau<ited)< th="">	(Audited)	(Unaudited)	(Unau <ited)< th="">	(Audited)	(Audited)
4 . Segment assets
a. India	123,683	182,475	155,017	145,582
b. Other than India	318,655	304,562	302,150	334,545
c. Unallocable	35,109	35,440	27,648	34,785
Total assets	•n,447	su,4n	484,815	514,912
S. Segment liabilities
a. India	143,499	167,826	151,124	143,509
b. Other than India	152,218	172,311	163,079	205,357
c. Unallocable	31,713	30,098	26,608	25,417
Total liabilities	327,430	370,235	340,811	374,283
6. Capital employed (4·5)	150,017	152,242	144,00C	140,629

and on beh r Dhir aging Director & CEO

Place : Mumbai Date : November 06, 2024

Sonata Software: Q2'25 International Services revenue of \$84.6 Mn, growth of 2.3% QoQ and Domestic Business delivered Gross Contribution of INR 70.2 Cr, growth of 2.5% QoQ. Invest verticals of BFSI & HLS rose 30% QoQ, offsetting the slowdown in Retail & TMT verticals.

Mumbai, November 06, 2024

Sonata Software [NSE: SONATSOFTW, BSE: 532221], a leader in Modernization Engineering, today reported its unaudited financial results for its Quarter ended September 30, 2024.

Description			in ₹ Crores For the half year ended For the Quarter ended YoY YoY 30-Sep-24 30-Sep-23 QoQ 30-Sep-23 670.0 6% 3% 1,395.7 7% 1,303.8 1,244.0 $-21%$ 3,311.3 26% 18% 2,635.8 $-14%$ 1,912.6 4,697.2 20% 13% 3,928.1
	30-Sep-24	30-Jun-24
Revenues
International IT Services	707.9	687.8
Domestic-Products & Services	1,461.9	1,849.4
Consolidated	2,169.8	2,527.4
EBITDA #
International IT Services	128.9	128.8	0%	154.9	$-17%$	257.7	288.3	$-11%$
Domestic-Products & Services	48.4	47.3	2%	42.5	14%	95.7	87.3	10%
Consolidated	177.3	176.2	1%	197.3	$-10%$	353.5	375.6	$-6%$
PAT
International IT Services	62.2	65.1	$-5%$	83.7	$-26%$	127.3	163.6	$-22%$
Domestic-Products & Services	44.3	40.5	10%	40.5	10%	84.8	80.7	5%
Consolidated	106.5	105.6	1%	124.2	$-14%$	212.1	244.3	$-13%$

EBITDA (before Other Income & Fx)

Speaking on the quarterly results, Mr. Samir Dhir, MD & CEO of the Company said, "In Q2'25, our International business delivered 2.3% QoQ growth. During the quarter, we won three large deals, our first multi-million-dollar deal on Microsoft Fabric, and a Gen AI modernization with a Top 50 global Pharma client leveraging our "responsible first" differentiated Harmoni.AI offering. We remain optimistic about our long-term vision and growth prospects of Sonata ".

Speaking on the results, Mr. Sujit Mohanty, MD & CEO of Sonata Information Technology Limited said, "We acquired new clients across all hyperscalers and platform businesses during the quarter, driving diversified growth for our business. Our newly formed IT Security business offerings enabled wins during the quarter'".

Performance Highlights for the Q2'25:

• International IT Services:

• ➢ Revenues for Q2'25 at ₹ 707.9 crores; QoQ growth of 2.9%.
• ➢ Revenue for Q2'25 in USD at 84.6 Mn, QoQ growth of 2.3% and YoY growth of 4.6%.
• ➢ EBITDA(Before Other Income & Fx ) for Q2'25 at ₹ 128.9 crores; QoQ growth of 0.1%.
• ➢ PAT for Q2'25 stood at ₹ 62.2 Crores; QoQ de-growth of 4.5%.
• ➢ DSO at 45 days (same as Q1'25)
• ➢ 8 New Customer added during the quarter.
• ➢ Growth from verticals like MS Sell to, HLS and BFSI.
• ➢ Our pipeline continues to be healthy with multiple modernization deals both from existing and new customers.

• Domestic Products & Services:

• ➢ Gross contribution for Q2'25 at ₹ 70.2 Crs; QoQ growth of 2.5%.
• ➢ EBITDA (Before Other Income and Fx) for Q2'25 at ₹ 48.4 crores; QoQ growth of 2.2%.
• ➢ PAT for Q2'25 at ₹ 44.3 crores; QoQ growth of 9.5%.
• ➢ DSO at 35 days (same as Q1'25)
• ➢ ROCE of 78.4% in Q2'25 (Normalized ROCE after one timer 45.2%),
• ➢ RONW of 78.6% in Q2'25 (Normalized RONW after one timer 44.6%),

• Consolidated:

• ➢ EBITDA for Q2'25 is ₹ 177.3 crores; QoQ growth of 0.7%.
• ➢ PAT for Q2'25 stood at ₹ 106.5 Crores; QoQ growth of 0.8%.

About Sonata Software

In today's market, there is a unique duality in technology adoption. On one side, extreme focus on cost containment by clients, and on the other, deep motivation to modernize their Digital storefronts to attract more consumers and B2B customers.

As a leading Modernization Engineering company, we aim to deliver modernization-driven hypergrowth for our clients based on the deep differentiation we have created in Modernization Engineering, powered by our Lightening suite and 16-step Platformation™ playbook. In addition, we bring agility and systems thinking to accelerate time to market for our clients.

Headquartered in Bengaluru, India, Sonata has a strong global presence, including key regions US, UK, Europe, APAC, and ANZ. We are a trusted partner of world-leading companies in BFSI (Banking, Financial Services and Insurance), HLS (Healthcare and Lifesciences), TMT (Telecom, Media, and Technology), Retail & CPG, and Manufacturing space. Our bouquet of Modernization Engineering Services cuts across Cloud, Data, Dynamics, Contact Centers, and around newer technologies like Generative AI, MS Fabric, and other modernization platforms.

For more information, please visit https://www.sonata-software.com/

Media contact: Vinitha Oommen vinitha.oommen@sonata-software.com