Persistent Q1 Results: Persistent Systems Limited, reported a 33.94 per cent rise in net profit at ₹306.41 crore for their April to June quarter results announced on Thursday, July 18th, when compared to ₹228.76 crore in the same quarter the previous year.
The company's revenue from operations rose 17.92 per cent to ₹2,737.17 crore as compared to ₹2,321,17 crore in the same quarter the previous year, according to the company's BSE filing.
Persistent Systems shares closed 1.73 per cent higher at ₹4,903 after Thursday's trading session, as compared to ₹4,819.85 on the previous day. The result was declared after market hours.
The IT company's revenues from the Banking, Financial Services and Insurance (BFSI) sector boosted Persistent's results as the segment saw an 8.9 per cent increase to ₹843.15 crore as compared to ₹773.69 crore in the same quarter the previous year.
Persistent's core business which is Software, Hi-Tech, and Emerging Industries saw a lesser growth as compared to the BFSI segment. The software segment rose 4.1 per cent to ₹1,162.91 crore from ₹1,116.55 crore in the April to June quarter of financial year 2024.
The company's EBITDA margin (%) stands at 16.6 per cent, according to the company's press release.
“I am pleased to announce our 17th consecutive quarter of revenue growth, underscoring our clients’ sustained trust and confidence in us. Our continued success is driven by resilience, innovation, and a strategic focus on future readiness," said Sandeep Kalra, chief executive officer and executive director of Persistent Systems in the statement.
Independent Director Roshini Bakshi retired as the company's independent director, and Anjali Joshi will take the seat as the new board member.
“We are delighted to welcome Ms. Anjali Joshi as an Independent Director. Her vast expertise as a technology leader will enrich our Board and guide us on our growth journey,” said Kalra.
