Hot Pursuit     25-Apr-23
Persistent Systems Q4 PAT up 5.7% QoQ; annual revenue surpasses $1 billion mark
Persistent Systems recorded 5.7% increase in consolidated net profit to Rs 251.51 crore on a 3.9% rise in revenue to Rs 2,254.47 crore in Q4 FY23 over Q3 FY23.

As compared with Q4 FY22, the company's net profit and revenue are higher by 25.1% and 37.6%, respectively.

EBITDA for the fourth quarter was Rs 416.31 crore, up 3.7% QoQ and up 48.1% YoY.

In US dollar terms, the IT firm's revenue stood at $274.55 million, up 3.9% QoQ and up 26.3% YoY.

The board of directors of the company has recommended final dividend of Rs 12 per share and special dividend of Rs 10 per share on achieving $1 billion in annual revenue.

In January 2023, the board declared an interim dividend of Rs 28 per share making the total dividend Rs 50 per share. The final dividend recommended by the board is subject to the approval of the members during the ensuing annual general meeting.

The order booking for the quarter ended on 31 March 2023 was at $421.6 million in total contract value (TCV) and at $310.4 million in annual contract value (ACV) terms.

Persistent Systems' net profit jumped by 33.4% to Rs 921.09 crore on a 46.2% increase in revenue to Rs 8,350.59 crore in FY23 over FY22.

Sandeep Kalra, chief executive officer and executive director, Persistent: “Fiscal year 2023 was momentous for Persistent as we achieved several key milestones including attaining $1 billion in annual revenue and inclusion in three key indices of the National Stock Exchange of India including the Nifty IT index, among others.”

Persistent Systems is a global services and solutions company delivering digital engineering and enterprise modernization. The company works with the industry leaders including 14 of the 30 most innovative companies as identified by BCG, 8 of the top 10 largest banks in the US and India, and numerous innovators across the healthcare and software ecosystems.

The scrip shed 0.47% to currently trade at Rs 4419.75 on the BSE.

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