Persistent Q2 net up 2.4% year-o-year

Mid-cap IT product and solutions firm Persistent Systems reported net profit of Rs 73.5 crore for the second quarter ended September 30, 2016 up 2.3 per cent year-on-year and revenue grew 29.7 per cent year-on-year. 

On a sequential basis, however, the growth--both net profit and topline—was flat. Profit and revenue both grew by a mere 0.3 per cent, as it IP (intellectual property) led business was down 0.8 per cent and services segment grew 0.9 per cent. 

“Our focus on the how of digital continues to drive momentum with customers who are co-innovating with us to craft new software-driven experiences. Growing recognition from customers, partners and industry analysts further validates continuous transformation by design as the way to be a software-driven or digital business. We believe that our strategy of enhanced focus on IP-driven and digital business will result in continued growth of the Company as we respond to changing market conditions,” Anand Deshpande, Chairman and Managing Director, Persistent Systems.

EBIDTA for the quarter grew 4.8 per cent to Rs 110.8 crore for the quarter.