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Persistent Delivers Steady Growth Revenue up 13.7% YoY, PAT up 20.2% YoY

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Declares Interim Dividend of ₹32 per share, recommends stock split

SANTA CLARA, Calif. and PUNE, India, Jan. 20, 2024 /PRNewswire/ —

News Summary

Persistent Systems (BSE: PERSISTENT) (NSE: PERSISTENT) today announced the Company’s audited financial results for the quarter ended December 31, 2023, as approved by the Board of Directors.

Consolidated Financial Highlights for the Quarter ended December 31, 2023

Q3FY24

Margin%

QoQ

YoY

Revenue (USD Million)

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300.55

3.0 %

13.7 %

Revenue (INR Million)

24,982.16

3.6 %

15.2 %

EBITDA (INR Million)

4,418.34

17.7 %

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9.1 %

10.0 %

PBT (INR Million)

3,893.01

15.6 %

9.4 %

20.6 %

PAT (INR Million)

2,861.34

11.5 %

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8.7 %

20.2 %

The Board of Directors declared an Interim Dividend of ₹32 per share on the face value of ₹10 each for the Financial Year 2023-2024. In addition, the Board has recommended to the shareholders a resolution to split the face value of shares from ₹10 per share to ₹5 per share.

Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent:

“We are proud to announce the 15th sequential quarter of growth and a significant milestone of our first-ever quarter of $300M+ in revenue and $500M+ in TCV bookings. We are thankful for the ongoing trust and support of our valued clients and partners, which has led to our sustained growth.

We are happy to declare an interim dividend of ₹32 per share for FY24. Our Board has also recommended to the shareholders a resolution to split the face value of shares from ₹10 per share to ₹5 per share.

We were recognized as the “Most Promising Company” of the Year at the 2023 CNBC-TV18 India Business Leader Awards, acknowledging our sustained momentum. We were also included in three prestigious capital market indices − MSCI India Index, S&P BSE 100 and S&P BSE SENSEX Next 50, reflecting our strong fundamentals, client confidence, and competitive edge in the global technology services market.

I am delighted to welcome Dhanashree Bhat as the Chief Operating Officer and Barath Narayanan as the Global BFSI and Europe Geo Head to support our ambitious growth plans. We remain fully committed to proactively delivering strategic business outcomes and maintaining operational rigor for our clients.”

Third Quarter FY24 Client Wins and Outcomes

The order booking for the quarter ended on December 31, 2023, was at $521.4 million in Total Contract Value (TCV) and at $392.1 million in Annual Contract Value (ACV) terms.

Some of the key wins for the quarter include:

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Software, Hi-Tech & Emerging Industries

  Transforming Salesforce-based applications, Connector Factory, and IT service management for a leading remote work tools and IT management provider

  Setting up greenfield IT under a managed services model for a leading publisher, which is a Private Equity led carve-out from a global media conglomerate

  Developing and supporting connectors of next-gen tools, including tools in the GenAI domain for two of the leading Hyperscalers

Banking, Financial Services & Insurance

  Building and maintaining applications across domains such as capital markets, payments, treasury, and customer support for one of the largest US banks

  Enhancing and supporting the new cloud-based core banking platform for a leading provider of financial technology to credit unions

  Modernizing the Security Operations Center to improve the security posture for the American operations of a large global financial conglomerate

Healthcare & Life Sciences

  Engineering key product suite, including building data analytics capabilities for chromatography, instrument support, and microarray image algorithms for a leading analytical instrument company

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  Upgrading and migrating the safety database while ensuring regulatory compliance for a Fortune 500 scientific instrumentation company

  Developing an AI-led drug discovery platform to enable quick decision-making for synthesis and biological evaluation for a leading contract research, development, and manufacturing organization

News in the Quarter

  Persistent Announces Strategic Collaboration Agreement with AWS to Accelerate Generative AI Adoption

  Persistent Included in Three Prestigious Capital Market Indices − MSCI India Index, S&P BSE 100 and S&P BSE SENSEX Next 50 Indices

  Persistent Launches First-of-its-Kind Open-Source Maintenance Service

  Persistent Expands Executive Leadership Team in Support of Its Ambitious Growth Plans

Awards and Recognitions

  Persistent Recognized as the “Most Promising Company” of the Year at CNBC-TV18’s India Business Leader Awards

  Persistent Won Four 2023 ISG Star of Excellence™ Awards Recognizing Highest Standard of Customer Service Excellence

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  Persistent Featured as a Generative AI Market Leader in HFS Horizons: Generative Enterprise™ Services, 2023 Report

  Persistent Cited as a Leader in Everest Group’s Data and Analytics Services for Mid-market Enterprises PEAK Matrix® 2023

  Persistent Named a Leader in Everest Group’s Talent Readiness for Next-Generation IT Services PEAK Matrix® 2023

About Persistent

With over 23,000 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.

www.persistent.com

Forward-looking and Cautionary Statements

For risks and uncertainties relating to forward-looking statements, please visit persistent.com/flcs 

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Fintech PR

Vantage Markets Wins “Best Range of Markets” Award from Compare Forex Brokers 2025

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PORT VILA, Vanuatu, Jan. 14, 2025 /PRNewswire/ — Vantage Markets has been honored with Best Range of Marketsaward for 2025 by Compare Forex Brokers, a leading authority in evaluating trading platforms. This accolade reflects Vantage’s commitment to offering an unparalleled range of tradable instruments, leverage options and suitability for diverse trading strategies while maintaining transparency, trust, and innovation.

Justin Grossbard, CEO and Head of Research at Compare Forex Brokers, commended Vantage for setting industry benchmarks, “Your commitment to providing a seamless trading experience, supported by innovative technology and a customer-focused approach, is truly commendable. Trust is at the heart of our industry, and Vantage Markets has continually set the benchmark for integrity and professionalism.”

The recognition celebrates Vantage’s dedication to offering a wide array of CFD markets, empowering traders with flexibility and choice.  This includes forex, commodities, indices, shares, ETFs, and bonds CFDs, ensuring clients have access to diverse trading opportunities supported by cutting-edge tools and a robust platform.

Marc Despallieres, Chief Strategy & Trading Officer at Vantage, expressed gratitude for the award, “Winning the ‘Best Range of Markets’ award from Compare Forex Brokers is a proud moment for us. It underscores our dedication to delivering exceptional trading experiences through innovation and trust. This achievement reflects the hard work of our team and the trust our clients place in us. We remain committed to pushing boundaries and providing our global community with unparalleled opportunities.”

As Vantage continues to evolve, the company is focused on maintaining its position as a leader in the trading industry by expanding its offerings, advancing technology, and fostering transparency.

For more information about Vantage Markets and its award-winning services, visit Vantage Markets.

About Vantage

Vantage Markets (or Vantage) is a multi-asset CFD broker offering clients access to a nimble and powerful service for trading Contracts for Difference (CFDs) products, including Forex, Commodities, Indices, Shares, ETFs, and Bonds.

With over 15 years of market experience, Vantage transcends the role of broker, providing a trusted trading ecosystem, an award-winning mobile trading app, and a user-friendly trading platform that empowers clients to seize trading opportunities. Download the Vantage App on App Store or Google Play.

trade smarter @vantage

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RISK WARNING: CFD trading carries significant risks. You could lose more than your initial investment.

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Connectivity emerges as a top priority when selecting commercial real estate

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New research shows connectivity overtakes pricing and amenities when making leasing decisions for office space.

LONDON, Jan. 14, 2025 /PRNewswire/ — A recent study commissioned by Boldyn Networks (Boldyn) reveals that Wi-Fi and cellular connectivity are among the most important considerations for business leaders when choosing their next premises. The report ‘Location. Location. Connectivity.’ surveyed over 2,000 business leaders across the US and UK and found that connectivity now outranks price and amenities when it comes to leasing decisions. While location still ranks as the top factor, Wi-Fi connectivity is a close second, followed by cellular connectivity. And with a staggering number of business leaders (79% in the US/77% in the UK) looking to move to a new building within the next five years, these findings reflect the growing importance of reliable connectivity for commercial tenants.

The significance of connectivity extends beyond just leasing decisions. The report also reveals that four in five business leaders surveyed believe that seamless connectivity has a direct impact on employee productivity. In fact, connectivity is so important to day-to-day operations that nearly every respondent (96% US/94% UK) said they’re willing to pay more in rent to get more robust and reliable connectivity at their premises.

“To meet tenants’ connectivity expectations, today’s leading property owners are prioritizing network infrastructure. Exceptional connectivity fuels business operations, enhances productivity, and boosts employee satisfaction,” stated Jason Caliento, Chief Commercial Officer, US. “At Boldyn we are proud to collaborate with visionary real estate owners and developers across the country who understand the value of investing in advanced network solutions. Together, we design, build, and operate customized network solutions that cater to their unique connectivity needs for the long term.”

The demand for smart building technologies is also on the rise. Nine out of ten US and UK business leaders agree that smart building systems would be good for their business and would improve the tenant experience.

The global smart building market is expected to reach $568.02 billion by 2032,

driven by the need for sustainable, tech-enabled spaces. With real estate responsible for 40% of global carbon emissions, smart technologies—reliant on robust connectivity—will play a crucial role in creating a greener future.

“With the UK driving towards all new buildings being net-zero by 2030, smarter, connected buildings will become a significant way for business leaders to reduce their carbon footprint, optimize energy use and improve operational efficiency” said Gearoid Collins, Commercial Director, Real Estate, Enterprise, Windfarms, UK & Ireland. “And employee expectations are changing towards smart and sustainable workplaces. We’re placing great emphasis on ensuring that business connectivity can support new services and applications that will change how we work today and tomorrow.”

Read Boldyn’s report here: Location. Location. Connectivity.

Read the full press release here.

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[email protected] 

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Thunes and Hyperwallet, a PayPal Service, Expand Payout Access for Merchants Across Asia-Pacific

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SAN FRANCISCO, Jan. 14, 2025 /PRNewswire/ — 14 January 2025 – Thunes, the Smart Superhighway to move money around the world, today welcomes Hyperwallet, a PayPal service for global payouts, as a Member of Thunes’ Direct Global Network. As part of this network, Hyperwallet customers can quickly and reliably send money in real-time to more than 450 million mobile wallets and bank accounts across Bangladesh, Indonesia, Malaysia, Philippines, South Korea, and Vietnam[i].

According to a 2024 report by Deloitte on cross-border payments, the Asia Pacific region makes up nearly 70% of global digital wallet spend. With this new alliance, Hyperwallet can help its expansive global merchant base, including some of the world’s best-known ride-hailing super apps, marketplaces and social media platforms, offer customers their preferred method of access to funds.

Floris de Kort, CEO of Thunes, said: “Welcoming PayPal’s Hyperwallet into our Direct Global Network underscores our ability to provide powerful new capabilities to top-tier fintechs. With our extensive network that directly, transparently and dependably connects to over 7 billion bank accounts and mobile wallets worldwide, combined with our SmartX Treasury System and our Fortress Compliance Platform, Thunes is uniquely positioned to support Hyperwallet to increase its reach in fast growing geographies to enhance its cross-border payment services.”

Payout preferences for consumers vary widely across the APAC region depending on banking penetration, the proliferation of real-time payment schemes and the usage of digital wallets in each market. Thunes recently released “From Cash to QR Codes: Unpacking Southeast Asia’s Diverse Payments Culture,” exploring the region’s evolving payment landscape and showcasing digital wallet payment adoption rates of over 30% in countries like the Philippines and Indonesia.

About Thunes:

Thunes is the Smart Superhighway to move money around the world. Thunes’ proprietary Direct Global Network allows Members to make payments in real-time in over 130 countries and more than 80 currencies. Thunes’ Network connects directly to over 7 billion mobile wallets and bank accounts worldwide, as well as 15 billion cards via more than 320 different payment methods, such as GCash, M-Pesa, Airtel, MTN, Orange, JazzCash, Easypaisa, AliPay, WeChat Pay and many more. Thunes’ Direct Global Network differentiates itself through its worldwide reach, in-house SmartX Treasury System and Fortress Compliance Platform, ensuring Members of the Network receive unrivaled speed, control, visibility, protection, and cost efficiencies when making real-time payments, globally. Members of Thunes’ Direct Global Network include gig economy giants like Uber and Deliveroo, super-apps like Grab and WeChat, MTOs, fintechs, PSPs and banks. Headquartered in Singapore, Thunes has offices in 14 locations, including Abidjan, Barcelona, Beijing, Dubai, Hong Kong, Johannesburg, London, Manila, Nairobi, Paris, Riyadh, San Francisco and Shanghai. For more information, visit: https://www.thunes.com/

[i] To date, this is currently live in Korea, with additional markets to light up in 2025.

View original content:https://www.prnewswire.co.uk/news-releases/thunes-and-hyperwallet-a-paypal-service-expand-payout-access-for-merchants-across-asia-pacific-302349236.html

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