Persistent's net up 22% at Rs 49.5 cr

Pune headquarter mid-cap IT firm Persistent Systems, an outsourced software product development services player, announced the Company’s financial results for the first quarter ended December 31, 2012 with a revenue figure of Rs  341.37 crore as compared to the same quarter last year at Rs  278.66, representing a year on year growth of 24 per cent.

The company has posted 22% per cent rise in its profit after tax (PAT) at Rs  49.5 crore in the quarter of December 31, 2012 as compared to Rs 40.5 crore in the same quarter last year. 

Commenting on results, Anand Deshpande, Chairman and Managing Director, Persistent Systems said, “We continue to see growth in Product Engineering Services which grew steadily quarter on quarter, reaffirming that our core business continues to be strong. We have strengthened and expanded our partnership with Dassault Systèmes and with our most recent acquisition of NovaQuest, we are extending PLM business across new industry verticals. IP revenue continues to grow steadily and we see tremendous business opportunities across all our focus areas in cloud computing, collaboration, analytics and mobility.”  

Persistent System declared an interim dividend of Rs 6 per share for 2012-13 fiscal.