Persistent Systems eyes revenue of Rs 675-cr in FY10

Persistent Systems, which listed on the bourses today, said it targets a revenue of Rs 675-crore in FY10 from both domestic and overseas markets.

"For the first nine-months of FY10 (till December 2009), our revenue stood at Rs 492-crore. We expect at least Rs 675-crore of revenue in FY 10 from both domestic and oversea market," Persistent Systems' Managing Director, Anand Deshpande, told reporters here.

"We are growing... We will continue to maintain our growth of at least 20-25 per cent in the years ahead," Deshpande said.

Persistent is an outsourced product development (OPD) specialty company, offering customers the benefits of offshore delivery.

It designs, develops and maintains software systems and solutions, creates new applications and enhances the functionality of customers existing software products. The company plans to increase its headcount to 4,900 from the present 4,600 by end-FY11.

"We will be hiring at least 300 professionals for our domestic offices by the end this fiscal (FY11)," he said. 

On the National Stock Exchange, the company's scrip listed 16.65 per cent higher at Rs 361.60. It touched a high of Rs 447.30, up 44.29 per cent over the issue price.