Persistent Q3 net up 16% yoy

Pune-based Persistent Systems reported a growth of 16% in its net profit for the third quarter ended December 31, 2014 at Rs 74.46 crore and a sequential growth of 4.4%.

Revenue of the company at Rs 494.68 crore grew 14.3% on a year-on-year basis and was up 6.6% compared to the quarter ended September 30, 2014.

In US dollar terms the company reported growth of 4.2% sequentially at $79.52 million. The growth driver for the quarter was the company's services business which grew 4.9% compared to last quarter. IP led business grew 1.9% on a q-o-q basis.

"2015 is an important year for the company as we celebrate our 25th year. Technology and innovation continue to be at the center of our strategy to focus on the 'How' of digital transformation. During the quarter, we strengthened our leadership team to drive this technology-led strategy along with forming new partnerships and enhancing how we train our employees on the technologies that drive digital transformation," said Anand Deshpande, Chairman and Managing Director, Persistent Systems.

The company declared an interim dividend of Rs 10 per share.

EBIDTA margins for the quarter were at 20.1% slightly down from 21.4% sequentially.