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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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