Sonata Software Ltd has announced that in the wake of Corona Virus (COVID-19) outbreak all over the World, and the current government lockdown, the Company has been taking various precautionary measures to ensure the safety and health of the employees, at all its offices in India and overseas.
Due to the COVID-19 situation one of our large clients had to temporarily suspend their operations thus affecting a majority of our services to them. We believe this will in the immediate future have a significant negative impact on our profits by up to 40%. Currently we expect this to affect our Q1 and Q2 performance for FY 21.
Based on our investments in IP and focus on digital transformation we have a sound business model which, together with a consolidated net cash balance of Rs. 400 crores in our books, should help us in the long run.
This is a one-off event with a client in an industry very badly affected by this crisis and we should come out strongly to take advantage of the opportunity when this situation ends.
Shares of SONATA SOFTWARE LTD. was last trading in BSE at Rs.174.5 as compared to the previous close of Rs. 177.55. The total number of shares traded during the day was 10896 in over 1350 trades.
The stock hit an intraday high of Rs. 188 and intraday low of 170. The net turnover during the day was Rs. 1946760.