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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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DOHA, Qatar, May 4, 2024 /PRNewswire/ — QNB Group, the largest financial institution in the Middle East and Africa, is proud to announce the signing of renowned actor Ahmed Helmy as its new brand ambassador.
The announcement comes in line with the Group’s vision and the values of innovation and excellence reflected by its brand. Ahmed Helmy, one of the most influential artists of his generation in the region and humanitarian and artistic commitment, making him the ideal ambassador to consolidate brand values and contribute to the Group’s efforts to build a better future for all.
In his new role, Ahmed will strengthen the Bank’s image as a leading financial institution committed to providing the best customer experience, attracting a new customer base, supporting the Group’s vision and brand and building customer relationships.
Commenting on the announcement, Ms. Heba Ali Al Tamimi, Senior Executive Vice President, QNB Group Communications, said: “We are delighted to welcome Ahmed Helmy as our brand ambassador. His exceptional career makes him the right personality to represent our brand. We hope that this collaboration will support QNB Group’s commitment to providing the best innovative solutions and services, reinforcing our position as a leading financial institution, while making a lasting impact in the communities in which we operate and strengthening the QNB’s position as a trusted financial partner in the region.”
This partnership reflects the shared values of Ahmed Helmy with QNB, a banking icon committed to the highest standards of innovation, excellence and success.
QNB Group currently ranks as the most valuable bank brand in the Middle East and Africa. Through its subsidiaries and associate companies, the Group’s presence spans more than 28 countries across three continents providing a comprehensive range of advanced products and services. The total number of employees is 30,000, operating from approximately 900 locations, with an ATM network of 5000 machines.
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Latest News
REALTY ONE GROUP CELEBRATES 19TH ANNIVERSARY WITH GLOBAL ‘ONE DAY’ OF VOLUNTEERING & GIVING BACK
Food Banks, Children, Veterans, Pets and Many More Benefit from the Global Franchisor’s Charitable ONE Day
LAGUNA NIGUEL, Calif., May 3, 2024 /PRNewswire/ — Realty ONE Group International, a modern, purpose-driven lifestyle brand and ONE of the fastest growing franchisors in the world, celebrate its May 1st anniversary – this year marks 19 years – with a day of volunteering and giving back across the globe. The ONE Family of U.S. real estate professionals from coast to coast as well as offices and affiliates in 20 more countries, generously donated thousands of hours on Wednesday helping children, veterans, food banks, pets and so many more.
“Being a part of our ONE Family means we are driven to make a positive impact in our communities, helping each other whenever and wherever we can,” said Kuba Jewgieniew, CEO and Founder of Realty ONE Group International. “Giving back is in our DNA because we know that ONE act of kindness can change a life!”
The internet was flooded Wednesday with images of Realty ONE Group agents and entire offices handing out food, repairing homes, collecting backpacks, and serving in so many other ways. In less than 24 hours, with more locations still submitting volunteer impact forms, the franchisor impacted over 334,000 lives and donated more than $60,000 in just this ONE day.
Realty ONE Group’s ONE Cares, the 501(c)3 charitable arm of the organization, drives the ‘Community’ in the franchisor’s 6C’s values which also include Connect, Cares, Coaching, COOLTURE, and Commission. In 2023, the global franchisor transformed more than 200,000 lives.
Realty ONE Group International claimed the No. 1 spot for real estate franchisors for the third year in a row on Entrepreneur’s highly competitive 2024 Franchise 500® list. The only modern, lifestyle brand in the industry now has more than 19,000 real estate professionals in more than 400 locations in 49 U.S. states, Washington D.C. and 20 more countries and territories.
Learn more at www.OwnAOne.com.
About Realty ONE Group International
Realty ONE Group International is one of the fastest growing, modern, purpose-driven lifestyle brands in real estate whose ONE Purpose is to open doors across the globe – ONE home, ONE dream, ONE life at a time. The organization has rapidly grown to more than 19,000 real estate professionals in over 400 locations across 20 countries and territories because of its proven business model, full-service brokerages, dynamic COOLTURE, superior business coaching through ONE University, outstanding support and its proprietary technology, zONE. Realty ONE Group International has been named the number ONE real estate brand by Entrepreneur Magazine for three consecutive years and continues to surge ahead, opening doors, not only for its clients but for real estate professionals and franchise owners. To learn more, visit www.RealtyONEGroup.com.
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The May edition of FinTech Magazine includes an exclusive interview with Old Mutual’s May Govender and TruStage’s Danielle Sesko.
LONDON, May 3, 2024 /PRNewswire/ — BizClik, the UK’s fastest-growing publishing company, has published the latest edition of FinTech Magazine. This publication is a highly regarded voice within the Financial Sector for its in-depth reports and interviews with prominent figures in the industry.
FinTech Magazine
This month’s edition features an extensive lead report with May Govender, Chief Information Officer at Old Mutual, on how cloud migration drives the company’s transformation journey.
“As an insurance organisation, it’s imperative for us to stay abreast of these customer trends and meet their evolving expectations.”
The edition also contains extensive interviews with key thought leaders from Absa Group, TruStage, Woodruff Sawyer and more, and takes a look at the Top 10 digital wallets.
You can visit FinTech Magazine for daily news and analysis of the ever-changing financial industry.
About BizClik
BizClik is one of the fastest-growing digital media companies in the UK, host to a growing portfolio of industry-leading global brands and communities.
BizClik’s expanding portfolio includes Technology, AI, FinTech, InsurTech, Supply Chain, Procurement, Energy, Mining, Manufacturing, Healthcare, Mobile, Data Centre, Cyber, and Sustainability.
For more information, please visit our website.
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