Hot Pursuit     22-Jan-24
Persistent Systems Q3 PAT grows 9% QoQ to Rs 286 cr
The IT company’s consolidated net profit rose 8.68% to Rs 286.13 crore on 3.59% increase in revenue from operations to Rs 2,498.22 crore in Q3 FY24 over Q2 FY24.

As compared with Q3 FY23, the company's net profit and revenue were higher by 20.25% and 15.16%, respectively.

Profit before tax was at Rs 389.30 crore in the third quarter of FY24, registering a growth of 9.43% QoQ and 20.6% YoY.

EBITDA in Q3 FY24 stood at Rs 441.83 crore, up 9.1% QoQ and 10% YoY. EBITDA margin improved to 17.7% in Q3 FY24 as against 16.8% in Q2 FY24 and 18.5% in Q3 FY23.

In US dollar terms, the IT firm's revenue was at $300.55 million in Q3 FY24, up 3% QoQ and up 13.7% YoY.

The order booking for the quarter ended on 31 December 2023, was at $521.4 million in total contract value (TCV) and at $392.1 million in annual contract value (ACV) terms.

Meanwhile, the company’s board declared an interim dividend of Rs 32 per share for FY24. The record date for the same is fixed on Tuesday, 30 January 2024 and the dividend will be paid within a period of 30 days of its declaration by 18 February 2024.

Subsequently, the firm’s board has approved the sub-division of one equity share having a face value of Rs 10 each into two equity shares of Rs 5 each fully paid-up, subject to approval of members of the company.

The firm added that the sub-division is expected to be completed within three months from date of members’ approval.

Separately, the board of directors has also approved the merger of Capiot Software (wholly owned subsidiary of the company) by absorption into Persistent Systems, to achieve entity rationalization and operational efficiency within the group. The merger is subject to the receipt of necessary approvals through the National Company Law Tribunal route.

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.

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