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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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HONG KONG, Aug. 7, 2024 /PRNewswire/ — COCA, a pioneering force in the crypto wallet and financial services industry, has achieved several remarkable milestones in Q2 2024. Thanks to the steadfast support of its user community, COCA has launched new features, expanded its partnerships, and garnered prestigious accolades, further solidifying its position as a leader in the crypto space.
Launch of Physical Cards
COCA has introduced its highly anticipated physical cards, which are now available globally and compatible with Apple Pay and Google Pay. These cards allow users to make transactions with ease, earning cashback rewards on their purchases. This significant launch marks a step forward in integrating crypto with everyday financial activities, enhancing user convenience and financial flexibility.
Wallet Growth Milestone
The company has reached a significant milestone with 510,000 active wallets, reflecting a 102% growth quarter-on-quarter. This surge in active wallets highlights the increasing trust and adoption of COCA’s platform, as more users join the COCA community to manage their crypto assets securely and efficiently.
Transaction Volume Surge
In Q2 2024, COCA processed over USD 450,000 in transactions through its platform, demonstrating the robust usage and popularity of its financial services. This impressive transaction volume underscores COCA’s commitment to providing smooth and efficient crypto payment solutions.
Integration with Revolut
COCA has made it easier for users to fund their wallets by integrating with Revolut. This new feature allows seamless loading of crypto assets, enhancing the overall user experience and accessibility of COCA’s services.
Award Recognition
COCA has been honoured with the “Best Startup” award in the Financial Revolution category at CONF3RENCE & BLOCKCHANCE 2024. This award is a testament to COCA’s innovative approach and significant impact on the future of finance, recognizing its efforts in driving forward the digital financial ecosystem.
New Strategic Partnerships
COCA has formed strategic partnerships with industry leaders such as Wirex Pay and GoMining. These collaborations aim to provide users with enhanced rewards and a superior overall experience. The partnerships signify COCA’s dedication to expanding its ecosystem and delivering greater value to its users.
Welcoming Pavel Matveev
COCA is excited to announce the addition of Pavel Matveev, Founder of Wirex, to its team as a Strategy and Product Advisor. Pavel’s extensive experience and visionary approach are expected to drive COCA’s strategic initiatives and product development, contributing to the company’s continued growth and innovation.
Season 2 Point System Launch
Season 2 of COCA’s popular point system has launched, offering users the opportunity to earn points through various activities, including trades, referrals, holding assets, and spending with COCA cards. With a prize pool of USDT 3500 and 5 Wirex Pay Nodes, this season promises exciting rewards and increased user engagement. The season ends on August 9th, so users are encouraged to participate actively.
NFT Giveaway
In a special giveaway, COCA distributed 1000 GoMining NFTs to lucky users. These NFTs provide unique benefits, including enhanced mining capabilities and exclusive digital collectibles, adding significant value to the user experience.
For further details on COCA’s Q2 achievements and upcoming initiatives, visit the company’s blog.
Website: coca.xyz
COCA continues to redefine the crypto experience with its innovative solutions, seamless integrations, and user-focused approach. The company’s recent milestones and future plans highlight its commitment to leading the way in the digital financial landscape.
About COCA
COCA is a next-generation crypto super app designed to simplify and secure the crypto experience for users worldwide. With innovations in security, usability, and integration, COCA is at the forefront of the digital asset revolution. For more information, visit coca.xyz.
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VICTORIA, Seychelles, Aug. 7, 2024 /PRNewswire/ — KuCoin, a leading global cryptocurrency exchange, is excited to announce the launch of GemPool, its innovative new platform that allows users to acquire token airdrops as a reward for staking their crypto assets. This unique product is designed to provide early access to emerging crypto projects while offering rewards for their existing holdings at zero cost. By staking respective tokens in separate pools, users can farm new tokens and gain a foothold in the latest developments within the cryptocurrency market.
GemPool also offers flexible staking terms, allowing users to stake and un-stake their assets anytime within the designated period without lock-up restrictions. This flexibility ensures that users can manage their assets according to their preferences and market conditions. Additionally, GemPool provides zero-cost rewards, enabling users to earn tokens while holding their existing cryptocurrencies. By staking their tokens, users contribute to the growth of promising new projects, supporting innovation and development within the crypto space. With completion of tasks offered, users are eligible to earn multiplier bonus and receive more rewards.
Users can participate by staking KCS, USDT, or other specified assets in designated pools. The rewards are earned according to the respective yields of the pools, ensuring a fair and exciting experience for all users.
For more information on how to participate and the benefits of GemPool, please visit the KuCoin GemPool page.
About KuCoin
Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 900 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 34 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/.
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Latest News
Trust Wallet Launches Gamified Education Platform and Loyalty Program to Enhance and Reward Web3 Learning
DUBAI, UAE, Aug. 7, 2024 /PRNewswire/ — Trust Wallet, the world’s leading self-custody Web3 wallet and Web3 gateway trusted by over 130 million users, has launched Trust Wallet Quests, a gamified education platform within the Trust Wallet mobile app which encourages users to earn points while exploring and learning about Web3.
Users can engage in task-based challenges ranging from quizzes to complex problem-solving scenarios composed of various DeFi and Web3 activities, all designed to deepen their understanding of blockchain technology and decentralized applications (dApps), and expose them to exciting opportunities within Web3. As an incentive, users will earn Trust Points, a loyalty-based points system designed to reward user activity within the Trust Wallet mobile app. With Trust Points, users can earn rewards upon the completion of specific tasks, making Web3 more rewarding and fun.
In the future, Trust Points will offer additional gamification features, such as unlocking achievements, badges, and levels. This interactive approach not only boosts individual learning but also contributes to broader community education and adoption of decentralized technologies, making Trust Wallet Quests a dynamic and exciting way to reward loyal users and engage with communities in Web3.
On the motive for launching Trust Wallet Quests, Eowyn Chen, CEO of Trust Wallet, stated: “The complex technology and fast-paced industry can be intimidating for both new and seasoned users. The introduction of Quests on Trust Wallet further solidifies our commitment to making it easier for millions to navigate Web3, aligning perfectly with our mission to build a seamless Web3 hub and open ecosystem for all.”
Nate Zou, Head of Product at Trust Wallet, highlighted what to expect from Trust Points and Trust Wallet Quests: “Trust Points and Quests are just the first iteration of a much-needed reward system for our community. Within 2024, we have plans to build on this, combining rewards with many of our other web3 product offerings. Overall, we envision this points system not only changing how users engage with Trust Wallet, but also encouraging more collaboration between Trust Wallet, our users and other web3 ecosystem players.”
Trust Wallet Quests and Trust Points are now available on both Android and iOS versions of Trust Wallet’s mobile app. Download here: https://short.trustwallet.com/TrustWalletQuests
About Trust Wallet
Trust Wallet is the self-custody, multi-chain Web3 wallet and Web3 gateway for people who want to fully own, control, and leverage the power of their digital assets. From beginners to experienced users, Trust Wallet makes it easier, safer, and convenient for millions of people around the world to experience Web3, access dApps securely, store and manage their crypto and NFTs, buy, sell, and stake crypto to earn rewards, all in one place and without limits.
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