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Persistent Announces FY2024 Revenue of $1,186M
SANTA CLARA, Calif. and PUNE, India, April 21, 2024 /PRNewswire/ —
Persistent Systems (BSE: PERSISTENT) (NSE: PERSISTENT) today announced the Company’s audited financial results for the quarter and year ended March 31, 2024, as approved by the Board of Directors.
Consolidated Financial Highlights for the Financial Year 2023-24:
FY23 |
FY24 |
Y-o-Y Growth |
|
Revenue (USD Million) |
1,035.98 |
1,186.05 |
14.5 % |
Revenue (INR Million) |
83,505.92 |
98,215.87 |
17.6 % |
EBITDA (INR Million) |
15,191.25 |
17,243.02 |
13.5 % |
PBT (INR Million) |
12,408.52 |
14,476.06 |
16.7 % |
PAT (INR Million) |
9,210.93 |
10,934.92 |
18.7 % |
Consolidated Financial Highlights for the Quarter ended March 31, 2024:
Q4FY24 |
Q-o-Q Growth |
Y-o-Y Growth |
|
Revenue (USD Million) |
310.89 |
3.4 % |
13.2 % |
Revenue (INR Million) |
25,905.26 |
3.7 % |
14.9 % |
EBITDA (INR Million) |
4,543.62 |
2.8 % |
9.1 % |
PBT (INR Million) |
3,954.93 |
1.6 % |
16.1 % |
PAT (INR Million) |
3,153.22 |
10.2 % |
25.4 % |
The Board of Directors recommended a final dividend of ₹10 per share on the face value of ₹5 per share for financial year 2023-24. The final dividend recommended by the Board is subject to the approval of the members during the ensuing Annual General Meeting.
In January 2024, the Board had declared an interim dividend of ₹32 per share on the face value of ₹10 per share.
“Our continued success this fiscal year is a testament to our innovative spirit, remarkable resilience, and strategic foresight, powering the digital transformation journeys of our clients.
We approach every challenge as an opportunity and every achievement as a stepping-stone for future endeavors. Our determination to excel in everything we do has helped us set new benchmarks in the industry. We will continue to push the boundaries to scale new heights in the coming year.”
“As we reflect on fiscal year 2024, I would like to extend my gratitude towards our incredible team, clients, partners, and investors, whose continued trust has powered our impressive journey.
Our industry-leading growth, strong operational rigor, and commitment to building differentiated capabilities led to Persistent’s recognition as the “Most Promising Company” of the Year by CNBC-TV18 at the 2023 India Business Leader Awards. We were also included in three prestigious capital market indices – MSCI India Index, S&P BSE 100, and S&P BSE SENSEX Next 50.
As we enter the new fiscal year, we are confident in our ability to drive sustainable growth with strategic investments in disruptive technologies like AI and are excited about the road ahead.”
The order booking for the quarter ended on March 31, 2024, was at $447.7 million in Total Contract Value (TCV) and at $316.8 million in Annual Contract Value (ACV) terms.
Some of the key wins for the quarter include:
- Spearheading IT transformation initiatives, including upgrading legacy middleware stack to open-source and developing AI/ML applications for a leading consumer intelligence company
- Enabling open-source software porting and validation to support large data volume for a key cloud infrastructure offering for one of the largest global technology companies
- Setting up an offshore research and development center for the core energy control system for one of the largest European conglomerates
- Accelerating digital transformation and automation as well as engineering a GenAI platform for a leading insurance distribution and risk management firm
- Driving new CRM experiences including workflow automation for sales, contact center, and marketing for the financial services arm of a Fortune 500 automobile company
- Building next-generation banking platform for neo-banks and building societies leveraging Digital Engineering capabilities for a leading UK-based FinTech
- Developing a modern data and analytics platform in collaboration with one of the largest data warehousing firms and a leading hyperscaler for a drug wholesaler and contract research organization
- Migrating clinical applications to a unified cloud platform and integrating them with electronic medical record applications for a leading renal care service provider
- Building a centralized patient relationship management system to enhance patient care and operational efficiency for a leading biopharmaceutical company
- Persistent Accelerates Digital Engineering with AI-Powered SASVA™ Platform
- Persistent Launches Population Health Management Solution Using Microsoft Azure OpenAI Service
- Dr. Anand Deshpande, Founder, Chairman, and Managing Director of Persistent honored with the prestigious title of EY Entrepreneur of the Year™ 2023 in the Services category
- Persistent recognized for “Significant Achievement in HR Excellence” at the 14th Confederation of Indian Industry National HR Excellence Award for the year 2023-24
- Persistent named a Challenger in the 2023 Gartner® Magic Quadrant™ for Public Cloud IT Transformation Services
- Persistent named a Leader and Star Performer in the Everest Group Software Product Engineering Services PEAK Matrix® Assessment 2024
- Persistent cited as a Market Leader in the HFS Horizons: Assuring the Generative Enterprise™, 2024 Horizons study
- Persistent cited as a Leader in Everest Group’s Data and Analytics Services for Mid-market Enterprises PEAK Matrix® 2023
- Persistent placed as a Generative AI Market Leader in HFS Horizons: Generative Enterprise™ Services, 2023 Report
- Persistent rated as a Leader in IDC MarketScape on Worldwide Software Engineering Services 2023 Vendor Assessment
- Persistent won four 2023 ISG Star of Excellence™ Awards Recognizing Highest Standard of Customer Service Excellence
- Persistent named a leader in Everest Group’s Talent Readiness for Next-Generation IT Services PEAK Matrix® 2023
- Persistent awarded Best Enterprise Services Vendor by Constellation Research in 2023
- Persistent named as the “Most Promising Company” of the Year at CNBC-TV18’s India Business Leader Awards
- Sandeep Kalra recognized as the Best CEO in the IT and ITeS category by Business Today
- Persistent included in three prestigious capital market indices − MSCI India Index, S&P BSE 100 and S&P BSE SENSEX Next 50
- Persistent won the Golden Peacock Award for Excellence in Corporate Governance for the year 2023
- Persistent achieved three GUINNESS WORLD RECORDS titles
- Persistent named the fastest-growing IT Services brand in India in the Brand Finance India 100 2023 report
About Persistent
With over 23,800 employees located in 21 countries, Persistent Systems (BSE & NSE: PERSISTENT) is a global services and solutions company delivering Digital Engineering and Enterprise Modernization. As a participant of the United Nations Global Compact, Persistent is committed to aligning strategies and operations with universal principles on human rights, labor, environment, and anti-corruption, as well as take actions that advance societal goals. With 268% growth since 2020, Persistent is the fastest-growing Indian IT Services brand according to Brand Finance.
Forward-looking and Cautionary Statements
For risks and uncertainties relating to forward-looking statements, please visit persistent.com/flcs
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French fintech Lydia launches digital banking app Sumeria
Lydia, a prominent French fintech company known for its innovative financial solutions, has taken a significant leap forward with the launch of its new digital banking app, Sumeria. This development marks a strategic expansion for Lydia as it continues to redefine the financial landscape in Europe and beyond.
About Lydia
Since its inception, Lydia has been at the forefront of fintech innovation in France, providing users with seamless and user-friendly payment solutions. The company has built a strong reputation for its mobile payment app, which allows users to send and receive money, pay for goods and services, and manage their finances with ease. With millions of users and a robust platform, Lydia is well-positioned to venture into the digital banking space.
Introducing Sumeria
Sumeria is Lydia’s latest offering, designed to cater to the growing demand for comprehensive digital banking solutions. The app aims to provide users with a full suite of banking services, all accessible from their smartphones. Key features of Sumeria include:
- Personal and Business Accounts: Sumeria offers both personal and business accounts, enabling users to manage their finances efficiently. The app supports a range of functionalities tailored to meet the needs of individual users and small to medium-sized enterprises (SMEs).
- Intuitive Interface: True to Lydia’s commitment to user experience, Sumeria boasts an intuitive and easy-to-navigate interface. Users can quickly access account information, transaction history, and various banking services with just a few taps.
- Comprehensive Financial Tools: Sumeria provides a range of financial tools designed to help users better manage their money. Features such as budgeting, expense tracking, and personalized financial insights empower users to make informed financial decisions.
- Security and Privacy: Lydia places a high priority on security, and Sumeria is no exception. The app incorporates advanced security measures, including biometric authentication and end-to-end encryption, to ensure that users’ financial data is protected.
- Integrated Payments: Leveraging Lydia’s expertise in payments, Sumeria integrates seamless payment solutions, allowing users to send and receive money instantly, pay bills, and make purchases directly from the app.
Strategic Implications
The launch of Sumeria represents a strategic move for Lydia, positioning the company as a formidable player in the digital banking arena. By expanding its product offering, Lydia aims to capture a larger share of the market and meet the evolving needs of its users. This initiative also reflects a broader trend in the fintech industry, where traditional payment service providers are evolving into comprehensive financial service platforms.
Market Impact
Sumeria’s entry into the market is poised to have a significant impact. With its user-centric design and robust feature set, the app is likely to attract a diverse user base, from tech-savvy millennials to SMEs seeking efficient banking solutions. Moreover, Sumeria’s integration with Lydia’s existing payment infrastructure provides a seamless transition for current Lydia users, further boosting its adoption.
Future Prospects
Looking ahead, Lydia plans to continually enhance Sumeria by adding new features and expanding its services. The company’s focus on innovation and customer satisfaction will be key drivers of Sumeria’s growth. Additionally, Lydia’s potential to scale Sumeria across other European markets presents a substantial opportunity for further expansion.
Source: fintechfutures.com
The post French fintech Lydia launches digital banking app Sumeria appeared first on HIPTHER Alerts.
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