MUMBAI/ PUNE: IT company Sonata Software on Friday reported a net loss of Rs 13.65 crore for the March quarter, against a net profit of Rs 23.05 crore in the corresponding period last year. 

Net sales also declined to Rs 316.81 crore during the reporting period as against Rs 324.70 crore in the corresponding period previous fiscal. 

"The adverse results are mainly due to restructuring cost provisions that we have had to make in our joint venture TUI Infotec, coupled with excess capacity in anticipation of revenue growth and a challenging foreign exchange environment in the international services business. 

In the domestic business segment, realigning our product portfolio and an adverse tax and regulatory environment surrounding this business has contributed to the drop in margins," the company said. 

For the year ended March 31, 2012, the company posted a net loss of Rs 2.59 crore, as against a profit of Rs 85.61 crore in 2010-11 fiscal. 

Net sales for the full year stood at Rs 1,568 crore, as compared to Rs 1,404.80 crore in the previous fiscal.