Sonata Software Management Discussions

This Management Discussion and Analysis (MD&A) pertains to Sonata Software Limited (Sonata, or the Company) and its subsidiaries on a consolidated basis, unless otherwise stated. The MD&A should be read in conjunction with the companys financial statements included herein and the notes hitherto. The financial statements have been prepared in accordance with the Generally Accepted Accounting Principles in India (GAAP) to comply with the Indian Accounting Standards specified under Section 133 of and other relevant provisions of the Companies Act, 2013 as applicable. The companys management accepts responsibility for the integrity and objectivity of these financial statements, as well as for various estimates and judgments used therein. The estimates and judgments relating to the financial statements have been made on a prudent and reasonable basis, in order that the financial statements reflect in a true and fair manner the form and substance of transactions and reasonably present the companys state of affairs and profits for the year.


Sonata has had yet another successful year in FY23 with strong growth in both the International IT Services and Domestic IT Products segments, amid a challenging macroeconomic environment owing to geopolitical instability, along with moderating growth and very high inflation. We achieved industry-leading goals, won our single largest deal (~$160 million) and undertook the biggest acquisition in our history, and added key large clients. Although the labor market situation has largely eased, supply in niche areas remains a problem. IT spends have moderated across sectors. However, opportunities continue to remain buoyant for modernization, consolidation, and in new technology areas. This is reflected in the strong demand for our offerings and response from our clients on the focus area of modernization.

We continue investing in front-end sales, tech consulting talent, ecosystem partnerships, and focus geographies and verticals. We have strengthened our partnerships with Microsoft, AWS, Salesforce, Google, and Industry partners. We also augmented our technology by creating a CTO organization and Delivery through fostering innovation with Sonata Spark.

Global Macro Environment Remain Challenging But IT Spends Remain Steady

Historically the IT-BP services industry has been immune to economic downturns given outsourcing & offshoring increase when enterprises want to optimize cost. Despite an expected economic slowdown, the global services market will remain resilient. Global IT spending was projected to total $4.6 Tn in 2023, an increase of 5.1% from 2022, according to Gartner. Enterprises continue to adopt digital technology to reshape their revenue stream, adding new products/services, changing the cash flow of existing products/services, and changing the value proposition of existing products/services. The enterprises are leveraging alternative delivery strategies to optimize cost and gain access to talent.

Organizations are re-evaluating cost arbitrage sustainability across offshore/nearshore locations. Despite high inflation and talent pressures, offshore locations such as India will continue to offer meaningful cost arbitrage in the near future. New spending continues to shift to cloud options, as evidenced by an 11.3% projected growth in software spending in 2023.

Global IT Spending Trend (%)

2022 Spending 2022 Growth 2023 Spending 2023 Growth 2024 Spending 2024 Growth
($ Bn) (%) ($ Bn) (%) ($ Bn) (%)
Data Center Systems 216 13.7 224 3.7 237 6.1
Software 793 8.8 891 12.3 1007 13.1
Devices 717 -10.7 684 -4.6 759 11
IT Services 1,250 3.5 1,364 9.1 1,502 10.2
Communications Services 1,424 -1.8 1,479 3.9 1,536 3.8
Overall IT 4,401 0.5 4,643 5.5 5,043 8.6

Source: Gartner

SONATA: Redefining Focus Across Verticals and Markets to Drive Modernization

We have redefined our vertical focus and realigned go-forward structure in the US region towards our key verticals - Telecom, Media, and Technology (TMT); Retail & Manufacturing; Banking, Financial Services, and Insurance (BFSI); and Healthcare and Life Sciences (HLS). For RoW, we continue with the GEO structure, but have a defined focus on our key industry verticals across the UK, and Europe, APAC, and ANZ.

We will continue to grow our matured industry verticals - TMT, and Retail & Manufacturing - and invest in building strong sales and delivery capabilities in HLS and BFSI where we see strong growth opportunities over the next 3-5 years. We are also investing in building a local talent pool and delivery centers across our focus markets to amplify our capabilities and address customer needs, aligned with our "Play Big" approach.

Sonata Verticalizes its US Region to Power Hypergrowth

The US is the largest market for Sonata and we continue to grow as we added many new clients in this region including Fortune 500 enterprises, Global 2000 clients, large deals and multi-year annuity deals.

From an offerings perspective, cloud and data modernization continues to be our focus area along with other well-established offerings like ERP, Generative AI, Managed Services, IMS and Testing, resulting in a robust pipeline. We continue to make progress in TMT,

Retail and Manufacturing clients. We added 2 new enterprise Fortune clients one each in BFSI and HLS vertical, they find their place in the Top 5 clients of Sonata. We delivered on our "Play Big" theme by winning mega deals in the US region.

We have opened new development center in Mexico and Costa Rica, which boosts our growth prospects in the region as we can deliver services locally for the US clients as well as act as a nearshore delivery center for Americas region.

Additionally, we have strengthened our leadership team in US to bring more focus on the industry verticals and our partnership with ecosystem partners. We have well-established partnerships in the region with large hyper scalers as well as specialized technology firms.

Our localization strategy coupled with the focus on industry verticals will help us deliver valuable modernization services to our clients in this region.

Banking, Financial Services and Insurance (BFSI)

The BFSI industry has been at the forefront of digital transformation, with technology becoming an integral part of its operations. The industry is leveraging advanced technologies such as artificial intelligence, machine learning, blockchain, and cloud computing to improve efficiency, enhance customer experience, and stay ahead of the competition.

Our clients are leveraging Sonatas expertise in the following focus areas:

1) Drive higher consumer adoption of their digital offerings.

2) Ensuring compliance and data privacy.

3) Reimagine existing applications and building scalable platforms.

Over the years, we have enabled BFSI companies to undergo digital transformation and stay ahead of the competition, by offering our high-quality, scalable, and secure IT solutions. Backed by our team of highly skilled professionals with expertise in cutting-edge technologies and regulatory compliance, our solutions help our clients achieve their strategic goals such as modernizing their core systems, monetizing data, adopting cloud, reducing costs, mitigating risks, and enhancing customer experience. Additionally, we have deep experience in supporting InsureTech platforms.

The outlook for IT spends in the BFSI industry is positive, as companies continue to prioritize digital transformation and customer experience.

Healthcare and Life Sciences (HLS)

The HLS sector is undergoing a rapid transformation, driven by advances in technology and changing demographics. As a fast-growing next-gen technology company delivering modernization and digital outcomes for enterprises, we see this as an opportunity to leveragi our expertise in technology to help solve some of the biggest challenges facing the industry.

Our clients are leveraging Sonatas expertise in the following focus areas:

1) Enhancing member experience.

2) Enabling proactive services to enhance member care.

3) Reimagine existing applications and building scalable platforms ensuring compliance.

With our successful track record client services, delivery excellence, and technology innovation, we are excited to be at the forefront of this transformation in the HLS industry.

We are investing in further augmenting our capabilities to:

• Develop innovative solutions that improve patient outcomes: We are working closely with the HLS ecosystem to design innovative solutions, leveraging emerging technologies such as AI, IoT and Data Analytics, which can help them make more informed decisions, deliver better care, and reduce costs.

• Drive operational efficiency: We recognize that HLS organizations face significant cost pressures. Through the use of technology, we can help companies to streamline their workflows, reduce waste, and improve efficiency.

• Foster collaboration and knowledge sharing: We aspire to create platforms that enable collaboration and knowledge sharing to tackle one of the biggest challenges - the siloed nature of the healthcare industry. This can help enterprises deliver more coordinated and effective care.


Retailers are navigating unprecedented changes. Evolving customer journeys are leading to non-linear and infinite paths to purchase, which mandate creating connected, personalized, and adaptive experiences throughout. We call this Connected Retail.

We are enabling retailers to reimagine business models, modernize their landscape and transform customer experiences across the pre-shop, shop, and post-shop journey. This modernization journey is anchored in our structured platform approach, helping deliver ubiquitous and omnichannel customer experience.

We are delivering Connected Retail experience by bringing together all the elements in the journey of change, leveraging data and the Retail Industry Cloud:

• Modernizing legacy POS platforms to enhance customer experience at the point of purchase.

• Digitizing operations, in-store customer and associate experience.

• Transforming commerce for rapid adoption of D2C and brand propositions.

• Creating resilience in supply chains through data driven visibility and certainty solutions.

• Accelerating fulfilment through intelligent order and inventory management.


The Manufacturing industry is constantly evolving and adapting to innovative business models to keep up with changing demands and ongoing disruption by digital adoption to fully realize the benefits of a connected ecosystem and improve operational efficiency.

Our clients are leveraging Sonatas expertise in the following focus areas:

1) Operational efficiencies.

2) Agile supply chain.

3) Enabling proactive services for consumer.

4) Reimagine existing applications and building scalable platforms ensuring compliance.

Operational efficiency is a critical business driver for manufacturers to stay ahead in the current digital age. An agile supply chain, with real-time visibility and insights into the entire distribution network from sourcing to storage to delivery, is a key enabler of efficient operations. To top it all, understanding end consumer behaviour and personalizing their experience is no longer a differentiation but has become the norm to gain and sustain customer loyalty. Platform-oriented approach and new digital technologies, we believe, will provide the ability for manufacturers to not only efficiently manage the supply chain ecosystem consisting of different players - suppliers, distributors, franchisees, retailers, stockists, logistics providers, consumers etc., but also enable each player in the ecosystem to perform at their best.

Sonata brings together deep experience, industry-ready platforms, and a unique Platformation™ approach to help industrial & consumer goods manufacturers to stay competitive with digital distribution platforms and solutions. Equipped with these solutions, manufacturers can establish an adaptive distribution network that can withstand the changing market dynamics and new distribution models.

Telecom, Media, Technology (TMT)

Overall, IT spend trends in TMT industries reflect a growing focus on digital transformation, cloud computing, and data analytics. As these industries continue to evolve, IT spending is likely to remain a key driver of innovation and growth. This bodes well for Sonata. It offers end-to-end digital transformation services to the TMT industry, enabling companies to enhance their digital capabilities, improve customer experience, and develop and launch new products.

I Product Engineering: Our clients continue to build new products, add new capability in existing and modernize their product stack leveraging the emerging technology to provide superior experience to their customers.

Cloud computing: MT companies are investing heavily in cloud computing to improve scalability, reduce costs, and enhance data security. Cloud-based solutions are particularly important for telecom companies that are expanding their networks and need to manage large volumes of data, and for media companies that are increasingly relying on streaming and other digital platforms.

5G Network Infrastructure Edge computing: Telecom companies are investing heavily in 5G network infrastructure, including servers, routers, and other network components, to support new applications and services, such as loT devices and autonomous vehicles.

Data analytics and AI: TMT companies are investing in data analytics and Al to improve customer experiences, personalize content, and gain insights into consumer behaviour. Telecom companies are also using Al to automate network management tasks and optimize network performance.

The TMT industry is undergoing significant digital transformation as it adapts to changing consumer behaviour and new technology trends. This includes investments in digital platforms, mobile applications, and other technologies that enable new business models and revenue streams.


Microsoft continues to lead Sonatas Top 5 Clients list and remains its long-standing partner. During our 30 years of strategic partnership, Sonata successfully delivered across consulting services, product engineering, implementation of Microsoft products like MS Dynamics and Customer Services support. We have built best-in-class Modernization solutions around Microsoft Azure, Data, Dynamics, and Digital Contact Centre and are helping the enterprises across the globe to leverage their full potential.

In FY 23, we not only made into their exclusive inner circle, but also became Microsoft Cloud Partner. The Sonata team got an opportunity to work with Microsoft Team on a couple of their key initiatives that are going to create paradigm shift in the area of Data and AI.

We continue to remain committed and invested in this partnership and look forward to enabling Microsoft and their clients to achieve their business and technology goals with our modernization solutions.

UK and Europe

The UK and Europe region for Sonata, continue to grow at a much faster rate as we added many new clients in this region including Fortune 500 enterprises, large deals and multi-year annuity deals. From an offerings perspective, cloud and data modernization continues to be our focus area along with other well-established offerings like ERP, Managed Services, IMS and Testing, resulting in a robust pipeline. We continue to make progress in Travel, TMT, Retail and Manufacturing clients in the region. We strengthened our sales and solution investments in the region during the year to "Play Big" in the region.

We opened our new development centre in Ireland, which boosts our growth prospects in the region as we can deliver services locally for the UK and Ireland as well as act as a nearshore delivery centre for the Europe region.

In line with our strategy of developing a partner ecosystem, we now have well-established partnerships in the region with large hyper scalers as well as specialized technology firms. This creates new opportunities and also forms part of the entry strategy to Sonatas invest verticals BFSI and HLS. .



As organizations in ANZ continue to invest in digital transformation, cloud computing, data analytics, and cybersecurity, IT spending is likely to remain strong in the coming years. ANZ is a strategic location for Sonata, and we have invested to build strong local presence and delivery capacity across key customer locations in Brisbane, Melbourne, and Sydney.

We are continuing to drive and scale business as our clients continue to leverage technology to drive digital experiences for their consumers and customers, reduce cycle time and focus on compliance and security.

Over the years, we have made significant progress in the Retail, Manufacturing and TMT industries in the region. During the year, we expanded our talent base in the region significantly and delivered multiple transformation programs for top clients in the region.

We have signed multiple large deals and see significant opportunities to grow and expand our presence in the ANZ region.


India has been a popular destination for IT services Global Inhouse Centres (GICs) due to its large pool of skilled talent, favorable government policies, cost benefit and a robust IT infrastructure.

Many companies have established their GICs in India to take advantage of these benefits.

We are taking a strategic view on this and plan to leverage our local delivery and sales capabilities to script our growth story. We have been traditionally looking at engaging with established GICs for Professional Services and Managed Services requirements.

We continue to gain market share by focusing on innovative models for larger revenue share by Build Operate Transfer (BOT) model for GICs who want to establish captives in India and Roll out a Rebadging/takeover and run proposition for captives.

We have been a dominant product selling force in India for decades with inroads into large enterprise accounts. We are leveraging our strong India business relationships and capabilities to develop a robust APAC portfolio of large accounts by unlocking the growth potential through our India business customers and extending the technology services. We are also building strong partnerships in the region, localizing solutions and service offerings that meet the requirements of the local audience. Investing in our talent pool is one of the key elements of our growth strategy. We are building competencies through training and development programs to help employees acquire the necessary digital skills and knowledge to excel in their roles. We will continue to utilize our proven Platformation™ framework to enable our customers to embrace digital transformation and modernize their IT landscape.

Operational Review

International Business

Sonata International Business showed resilience in its business in FY23 with 18.6% Y-o-Y growth rate. Sonata International Business delivered industry leading growth rates in Q3 & Q4 FY23 which is testimony that the strategy refresh rolled out at the beginning of FY23 is resonating with our clients.

Our success in FY23 is the result of below mentioned strategy delivering great results

1. Verticalized US Operations - We were able to deliver more value to our clients by moving into the vertical structure of

a. Harvest Verticals - Retail & Manufacturing and TMT (Telecom, Media & Technology)

b. Invest Verticals - BFSI and HLS

This helped in scaling our business with existing clients and delivering new services to them. We added over 10+ new enterprise clients across these verticals and 3 of them which moved into the Top 5 clients list.

2. Market focus - Expanding our business in Nordics region is our focus and we have invested in hiring new sales in this region talent including the Sales Head for Nordics.

3. Large Deals - Our unparalleled focus to win large deals with existing and new clients has been key for our growth in FY23. We won over 10 large deals in FY23 providing diverse services to our existing & new clients. This is the bedrock for us to build on and win many more deals in the upcoming years.

4. Modernization Services - Our clients have found our suite of modernization services relevant & aligned to their strategy. This has helped us construct deals to provide digital modernization services which improves consumer experience & growth of their business coupled with cost take-out deals which helps in improving efficiencies and funding the transformation journey.

We won our largest-ever contract with a total contract value (TCV) of $160 million with a US-based consumer retail company backed by one of the largest Private Equity firm, have strong cash flow, and generating double digit profitability. The client, which is a net-new logo for Sonata, makes a direct entry in our Top 5 Clients list.

The 10-year Strategic Modernization deal will entail Sonata taking over all the technology towers including:

- People transfer, which supports our US localization strategy.

- Responsible for end-to-end IT modernization and transformation.

We are building a single platform of the future solution to modernize & transform the core business application suite, creating an Omnichannel and connected organization with a customer 360-degree view. We will bring our expertise & skills Azure, AWS, Enterprise Data, Hyper Automation, Cloud optimization, and CRM to modernize their business.

India Business

Sonata Information Technology Limited (SITL) had yet another stellar year, where our customer focus and technology expertise saw several deals and deployments. Overall, our India business grew by 26% in revenue and 25% in Gross Contribution (GC). SITLs Microsoft business grew 30% in revenue terms and 23% in Gross Contribution (GC).

A number of existing customers across a range of industries renewed large, multi-year contracts. The growth in existing customers, which included additional licenses and new products, was more than 20% YoY. The number of customers utilizing Microsoft Infra Services and Managed Services grew by more than 25%.

A health insurance company, which currently has all its applications co-hosted with TCL, wanted to improve its customer experience and get real-time data to move its critical applications like claims, policy issuance/renewals as well as internal applications to the cloud and then modernize the same. We have been identified as the strategic partner for the cloud migration and awarded the contract for AWS. Its current consumption of AWS Cloud is $220,000 a year, which is expected to grow to $500,000 in the next 1-2 years.

One of the leading NBFCs in India chose Sonata as its AWS partner. We will enable the company to optimize cost (Finops) on a regular basis. It has Disaster Recovery workload on-premise, which will be migrated to the cloud, with Sonata as the partner. The NBFC currently consumes around $1.27 million a year, which is expected to reach $1.8-2.0 million in the next 3-6 months.

An omnichannel marketing automation platform on the cloud, previously hosted on IBM Cloud, faced challenges with performance, scalability, and data leakage. To address these challenges, the company sought Sonatas expertise to migrate its applications from IBM Cloud to Google Cloud and enhance its analytical use cases using various solutions from Google Analytics. The company currently consumes cloud services of ~$250,000 a month ($3 million a year) with an expected growth to ~$6 million a year over the next 2-3 years.

A global IT services company opted for Sonatas expertise to implement the Google Cloud platform as part of their multi-cloud strategy. We enabled it to migrate workloads, such as Palo Alto, to Google Cloud. Currently, we are in the process of migrating 1,300 on-premise virtual machines to Google Cloud. The companys present consumption is around $200,000 a month ($2.4 million a year), which is expected to grow to ~$5 million a year over the next 2-3 years.

Quant Systems Acquisition

Sonata Software acquired Quant Systems Inc., which brought about significant benefits in terms of its vertical presence in the BFSI and HLS sectors. This acquisition will enable us to expand our existing account portfolio and offer more specialized services in the finance and healthcare domains.

In addition, the acquisition provides access to a rich talent pool of Salesforce experts, data privacy specialists, and engineering professionals in the US, which enhanced our capabilities in these areas. Further, it has augmented our nearshore capabilities in Mexico and Costa Rica. We will now be able to provide faster and more efficient services to our clients in North and South America while reducing costs and improving overall quality.

Last but not the least, the acquisition has expanded our intellectual property portfolio, enhancing our competitive edge and further strengthen our position as a market leader in the IT industry.

Delivery Excellence

Sonata Software has achieved significant progress in enhancing its delivery processes and systems to provide an exceptional client experience to its customers and our commitment to being a digital partner for our customers encompasses delivering value throughout the entire lifecycle, right from pre-sales, project execution, post production support. The key factors contributing to our success include responsiveness, attitude of people, quality of delivery, and effective governance. To ensure adherence to recommended processes, including digital delivery, the establishment of the CCoE (Customer Center of Excellence) model is crucial.

We have implemented several measures to strengthen our delivery capabilities, aligning delivery organization to Verticals and Geographies, reinforcing delivery leadership, and establishing a Delivery Council. These initiatives have resulted in better customer satisfaction and health of engagements. Furthermore, we have revitalized our delivery methodology, provided training to our team members and project managers, and bolstered our competencies in Salesforce, ServiceNow, and MetricStream capabilities.

In addition to enhancing our domain expertise through the University model with global learning paths for skill development, our Digital Innovation Group collaborates on emerging technology areas to define innovative product and service offerings. A notable example is that we have secured assignments in ChatGPT areas.

To maintain our commitment to quality, we have successfully completed ISO certification audits for Sonata Software Ltd, including unification of Sonata GBW Australia and Malaysia sites under overall ISO9001:2015 Certification umbrella during 1st surveillance audit, added our new global centers in Ireland and Canada during ISO27001 recertification audit and ISO20000-1:2018 recertification audit. We have successfully completed ISO9001:2015 Recertification audit, 1st surveillance audits for ISO20000-1:2018 and ISO27001:2013 for cloud management and support services for Sonata Information Technology Limited. We successfully completed Azure Expert Managed Services Program Progress Audit from Microsoft.

Launched our new Quality Management System website, Q-Harmony, which is securely accessible and available anytime and anywhere for Sonatians, with following key changes: new structure to support inclusion of competency-specific process artifacts and assets based on methodology and project type, Alignment for CMMI 2.0 changes, process asset library containing knowledge repositories, delivery models, tools and automation, internal and external benchmark reports.

To streamline project delivery and ensure efficiency, Digital Delivery framework is rolled out for all major competencies such Microsoft Platform Engineering, Ecommerce, Microsoft Dynamics, Open Source Platform Engineering and Data & Analytics. Competency specific reusable assets and accelerators are collated and published in the Reusable Asset Tracker Application, which for easy search and view.

In our pursuit of continuous improvement, we have completed our second cycle of NPS (Net Promoter Score) survey and this helps in evaluating the customer stickiness and gaining insights to strengthen Sonatas strategy for growing partnerships with Strategic customers, harvest in chosen verticals and markets. The stakeholder response coverage has increased by 117%, NPS % has increased by 120% and Average NPS score has increased by 7%.

For a large European cooperative farm supply company, consisting of number of agro-industrial companies, Sonata has successfully implemented our CTRM solution to manage contracts (buy, sell & store commodities) & development of bespoke solutions to handle grain quality tests and delivered more than 200 complex change requests and integrations. This helped customer to run their business with increased transparency and easier operations thus improving efficiency of business, reduced carbon footprint with eco-friendly processes implemented by Sonata with 30% less paper prints.

For a Leading European Travel Company, Sonata has successfully delivered the first version of One Selling Platform (common platform for all the regions) to production for the Western Region with Flight Only and Packages with complex integration to own inventory system.

This helped in cost optimization for infrastructure, and reduced costs on 3rd Party inventory systems and different technologies used in web development.

For a large Australian retail conglomerate, Sonata has successfully delivered a new web application, Voucher Management system (VMS) and a Centralized Database (COR) to store all the sales transaction data, Voucher/Promotions related data and manage the Promotions,

Event and Voucher management lifecycle effectively. The key benefits delivered through this solution include ability to support personalized marketing, flexibility to create vouchers quickly.

For a large American multinational corporation dealing with medical devices, pharmaceuticals, and consumer packaged goods, Sonata team is providing Performance Testing and Engineering services and tested applications/releases delivering several scripts across technologies like SAP, Salesforce, Web, Mobile, Citrix, Legacy technologies with zero leakage performance testing service. Created reusable libraries and scripts to enable 30% cost benefits to customer for ongoing projects over releases.

Marketing Initiatives

Brand Sonata is a key intangible asset. We aim to re-energize our Brand to stay relevant for our customers and talent, in the fast-changing world order.

FY 23 witnessed the beginning of our journey to position Sonata Software as a Modernization Engineering company powered by our unique Platformation™ framework. On the talent front, we would want Sonata to be the preferred choice of the global talent that has a "Play Big" mindset.

Highlights of Strategic

Brand-Enhancing Initiatives During FY23

• Launched the "Play Big" campaign, to energize Sonatians and infuse a sense of belief and confidence to go for the hypergrowth, with a single-minded passion.

• Launched aggressive Social Media Campaign to gain Brand visibility and mindshare among the key stakeholders.

• Participated in key Industry Events - MS Dynamics World, Agri Tech Summit 2022, among others.

• Conducted a hugely successful Bespoke event in Bengaluru around SITLs cloud capabilities - Sonata for Everything Cloud - with Devdutt Pattanaik as the keynote speaker.

• Heightened focus on Analyst Relations and PR Activities.

• Promoted our Thought leaders and Thought leadership articles.

• Increased buzz around internal events like Sonata Spark, TechFest, Annual Sales Event SOAR.

• Sponsored Womens Cricket Team of Mumbai Indians, as part of our endeavor to promote D&I and Women empowerment.

Material Developments in Human Resources

Investing in people, strengthening leadership pipeline to fuel our growth, we continued to make key investments in people at all levels. During FY23, we hired

1,678 Sonatians

along with

493 Trainees,

taking the total headcount to

6,000+ Across the Globe

Further, several key leaders across different functions were onboarded globally to strengthen our leadership pipeline, which set us on course to deliver our strategic growth objectives.

Key Additions to the Senior Leadership Team During FY23

Samir Dhir Raghav Dave
Managing Director & Chief Executive Officer Head of Sales, HLS, US
Roshan Kumar Shetty Rajashekhara Tavarakere
Chief Revenue Officer Delivery Head, UK, Ireland & Europe
Anthony Lange Keerthi Rannore
Global Partner Officer Head of Global Talent Acquisition
Balaji Kumar Anand Nair
Chief Human Resources Officer Head of Sales, APAC
Hemant Kumar Bhardwaj Ashok Mysore
Chief Marketing Officer Vice President - Cloud Growth Business, SITL
Sathish Nuggu Murthy Mulugu
Senior Vice President - Client Services Delivery Portfolio Head of IP Engineering
Manu Swami Sharvari Lingayat
Head of Technology (Markets) Head of Global Business HR
Santos Jha
Head of Sales, BFSI, US

Learning and Development

We believe that investment in capability building provides a competitive edge. In line with that belief, we continued to invest in enriching our human capital. As part of the learning ecosystem, our talent has access to more than 700 programs and certifications covering more than 70% of the talent pool. The flagship Unified Engineering Program provides a structured, curriculum-driven learning roadmap; covered 72% of engineers from various competencies during FY23. The onboarding program for campus hires - Launchpad - was revamped to enable them with better client-facing skills and ensure a smoother transition into the corporate world.

We invested an average of 7.5 training days per employee in FY23. External certification in the areas of cloud and other technologies has multiplied with the help of our enterprise partners.

Other investments made in developing capabilities

493 100 72%
freshers completed a rigorous 3-month training in their respective areas. 1 trained and certified in various AWS skills and

250 people Azure certified. i. A

1 of the competency team members covered under the Unified full stack programs. k
T A learning plan for 150 400 people were trained under the cross-skilling umbrella and deployed to various projects.
D365 PMs was curated and deployed.

In FY23, we launched the Sonata University branded as SCALE (Sonata Career Academy for Learning Excellence) as the umbrella platform for driving capability building across different segments. Sonata University has been designed to meet the rising needs of learning at a global scale across technology, domain, functional, and behavioral skills. This virtual university will cater to diverse learning assessment development and practical training needs of learners across the globe.

Diversity and Inclusion

Our Commitment to Diversity and Inclusion

Diversity and inclusion are central to Sonatas mission and culture. In FY23, we took bold steps to accelerate our D&I strategy through new governance, programs and partnerships that build belongingness and opportunities for all.

Shaping Our Strategy: Establishing a D&I Council

In line with our commitment, in FY23, we established our Global Diversity and Inclusion Council. Comprised of leaders representing Sonatas mosaic of backgrounds, the Council is tasked with spearheading the D&I roadmap for Sonata globally.

Empowering Our People: Employee Resource Groups

Employee resource groups empower and connect those with shared experiences. Our womens network, SWAN group established in FY23 which covers all Sonata global women population, offering mentorship and professional development while advising on gender equity issues. New groups will launch in FY24 for cultural diversity, LGBTQ inclusion and disability advocates. Through community, we make progress.

Accelerating Opportunity: Equitable Recruiting and Hiring

Sonata believes equity means creating pathways for all talent to achieve their purpose. In FY23, 30% of our new colleagues were women, 385 women colleagues were onboarded, up from 26% the year prior, though we aim higher. We will set bold FY24 goals for underrepresented groups, including in technology roles. Our partnerships accessing diverse talent and global on-campus recruiting at leading universities worldwide fuel our D&I agenda—their potential accelerates our shared future.

Building a Culture of Belonging: Our Vision

True inclusion unleashes human potential. At Sonata, every Sonatians identity shapes our shared identity. We want all colleagues to bring their full selves to work each day, so that their background opens doors—not closes them. At Sonata, people come first. Our differences make the difference. Our future will mark the unleashing of these differences through inclusiveness, and together, we rise and "Play Big".