Hot Pursuit     22-Apr-24
Persistent Systems drops after mgmt expects flat margin for FY25; EBIT margin remains flat at 14.5% QoQ in Q4
Persistent Systems tumbled 9.58% after the company’s management guided for flat margin for financial year 2025.
Revenue from operations rose 3.7% QoQ to Rs 2,590.52 crore in Q4 FY24.

During the quarter, EBIT margin remained flat at 14.5% as compared with Q3 FY24.

As compared with Q4 FY23, the company’s net profit and revenue from operations were higher by 25.4% and 14.9% respectively.

Profit before tax stood at Rs 395.49 crore in Q4 FY24, registering the growth of 1.6% QoQ and 16.1% YoY.

EBITDA was at Rs 454.36 crore in Q4 FY24, up 2.8% QoQ and 9.1% YoY. EBITDA margin stood at 17.5% in Q4 FY24 as compared with 17.7% in Q3 FY24.

In US dollar terms, the IT firm's revenue was at $310.89 million in Q4 FY24, up 3.4% QoQ and up 13.2% YoY.

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.

On financial year basis, the company’s consolidated net profit jumped 18.7% to Rs 1,093.49 crore on 14.5% increase in revenue from operations to Rs 118.60 crore in FY24 over FY23.

The company’s board has declared the final dividend of Rs 10 per share having face value of Rs 5 each for FY24.

Anand Deshpande, founder, chairman and managing director, Persistent Systems, said: “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.”

Sandeep Kalra, chief executive officer and executive director, Persistent Systems, said: ““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. 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.”

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 counter tumbled 8.18% to Rs 3569.55 on the BSE.

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