Fintech PR
Persistent Delivers Steady Growth Revenue up 13.7% YoY, PAT up 20.2% YoY
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)  |
300.55 |
3.0 % |
13.7 % |
|
|
Revenue (INR Million) |
24,982.16 |
3.6 % |
15.2 % |
|
|
EBITDA (INR Million) |
4,418.34 |
17.7 % |
9.1 % |
10.0 % |
|
PBT (INR Million) |
3,893.01 |
15.6 % |
9.4 % |
20.6 % |
|
PAT (INR Million) |
2,861.34 |
11.5 % |
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.
“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:
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
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 Launches First-of-its-Kind Open-Source Maintenance Service
Persistent Expands Executive Leadership Team in Support of Its Ambitious Growth Plans
Awards and Recognitions
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.
Forward-looking and Cautionary Statements
For risks and uncertainties relating to forward-looking statements, please visit persistent.com/flcs
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WEST ATLANTIC CITY, N.J., March 14, 2025 /PRNewswire/ — The Great Bay Insurance Group (the “Group”), a leading provider of coastal homeowners’ insurance in New Jersey, today announced the following leadership changes. Timothy J. Byrne, Jr., has been named as President of the Group and Ronald R. Lovatt has been named President of Great Bay Insurance Company, a wholly owned affiliate of the Group.
Mr. Byrne Jr. has nearly 15 years of industry experience and previously served as the Group’s Chief Operating Officer overseeing the Groups operations and underwriting strategies.
Mr. Timothy J. Byrne, Sr., Chief Executive Officer of the Group, added, “I’m excited to announce the promotion of Tim Jr. to the role of President of The Great Bay Insurance Group and Ron to the role of President of Great Bay Insurance Company. Tim Jr. and Ron have been an integral part of the Group since its founding in 2019.”
As President, Tim Jr. will provide oversight for all corporate support functions and will continue to report to Tim Sr.
Mr. Byrne Jr. holds a BS in Economic and Mathematics from the University of Vermont, an MBA in Risk Management and Insurance from St. John’s University and holds a CPCU designation.
Mr. Lovatt has 40 years of broad insurance industry experience in leadership capacities with international, national, regional and start-up insurance companies. Ron is a founding member of The Great Bay Insurance Group, working with Tim Sr. & Tim Jr. to launch Great Bay in late 2019. Ron currently serves as Chief Underwriting Officer & Chief Claims Officer for The Great Bay Insurance Group, has an MBA from The Wharton School of the University of Pennsylvania, and a Bachelor of Science degree in Economics, Finance, Accounting & Marketing from Miami University.
Contact:
Investor Relations
Brian Schleider, CPA
Chief Financial Officer
609-434-2000, x102
brian.schleider@greatbayinsure.com
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Fintech PR
Forward Global responds to surge in UK shareholder activism with launch of UK Corporate Contests Practice
LONDON, March 14, 2025 /PRNewswire/ — International risk management firm Forward Global launched its UK Corporate Contests Practice on Tuesday in response to what is described as “all-time high of shareholder activism” in London and Paris.
Speaking ahead of the launch on Tuesday night, Brendan Foo, Partner and Global Head of Corporate Contests at Forward Global, said “As activism gains currency as an asset class, savvy investors are looking toward the UK and Europe to generate alpha. Indeed, in 2025 alone, we have seen an unprecedented demand for our services not just in our traditional strongholds of the US and Canada, but also in the UK and Europe. This reflects the surge in activist (and active) engagements, with which our team is uniquely well-placed to assist.”
Forward Global’s Corporate Contests Practice was established to meet demand from law firms, investors, and advisers to provide a comprehensive suite of services to support companies in high-stakes shareholder engagements. In keeping with the firm’s established activism practice in the US, the new London offering will deliver investigative and intelligence work such as vetting board nominees, relationship mapping, scrutinizing the track records of both incumbents and challengers, and conducting deep-dive reputation analyses. In Europe, Forward Global’s Patrice Lambert-de Diesbach offers clients battle-tested expertise in investor relations and financial communications.
Shareholder activism in the UK has expanded significantly, with campaigns becoming more frequent and sophisticated. In 2023, the number of new public activist campaigns in Europe surged by 68%, with the UK remaining a primary target. US-based activist investors have also increased their focus on UK firms, launching 40% of all UK activist campaigns in 2024. With contested boardroom battles and regulatory shifts on the rise, the expansion of Forward Global’s Corporate Contests practice into the UK is well-timed, equipping issuers with the intelligence and strategies needed to navigate this evolving landscape.
The firm launched the new practice at an exclusive gathering at the International Institute of Strategic Studies in London, bringing together leading voices from the shareholder activism space to discuss the evolving landscape of transatlantic shareholder activism.
The panel discussion, featuring Brendan Foo, Patrick J. McHugh of Okapi Partners, and Sebastian Fain of Freshfields, explored critical considerations for US investors entering the UK market and vice versa, differences in engagement styles across jurisdictions, and strategies for issuers to proactively engage with both activist and active investors. Panelists also examined the impact of anti-DEI and ESG sentiment on investor relations in the UK, as well as how issuers can adapt to evolving regulatory and institutional expectations.
John Watts, Managing Partner of Forward Global UK, added, “Forward Global’s new UK Corporate Contests Practice is designed to provide companies with the strategic intelligence and investigative depth needed to navigate an increasingly complex activist landscape. Our team is committed to equipping clients with the tools to engage proactively with investors, safeguard their strategic interests, and strengthen shareholder relations across Europe.”
Notes for Editors
Forward Global is an international group, with its historic headquarters in France, boasting five main offices in Paris, Brussels, London, Miami, and Washington. As a leading player in risk management with over 450 employees and 30 partners, Forward Global offers an integrated approach across the three major risks: digital, economic, and informational.
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NEW YORK, March 14, 2025 /PRNewswire/ — The New York Stock Exchange (NYSE) provides a daily pre-market update directly from the NYSE Trading Floor. Access today’s NYSE Pre-market update for market insights before trading begins.
Alison Kosik delivers the pre-market update on March 14th
- Investors welcomed a cooler-than-expected Producer Price Index reading for the month of February as tariff talk continues out of Washington D.C.
- Attention shifts to the Federal Reserve decisions coming next week as inflation data suggests the rate of inflation growth could be slowing.
- S&P 500 looks to rebound after ending yesterday in correction territory, which is a decline of at least 10% from a recent high.
Watch NYSE TV Live every weekday 9:00-10:00am ET
Video – https://mma.prnewswire.com/media/2641945/NYSE_March_14_2025_Market_Update.mp4
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