Persistent Systems posts 17% rise in net profit

Persistent Systems, an outsourced software product development services player, announced its financial results and posted a rise in its net profit to Rs 32.411crore for the quarter ended 30 September, 2011 as compared to Rs 27.568 crore for quarter ended 30 June, 2011 thereby showing a rise by 17.5 per cent.

The company recorded its revenues at Rs 238.173 crore for September quarter of 2011 showing a rise of 6.4 per cent from Rs 223.784 crore in the earlier quarter of the same year. “We continue to see growth in our cloud and mobility practice, with customers constantly looking for cost effective, time-to-market solutions. We are confident in meeting these demands by continually innovating and strengthening our offerings," said Anand Deshpande, chairman and managing director, Persistent Systems.

"Persistent is a technology company and we thrive on technology disruptions. Considering the way technology and markets are evolving, we are confident in maintaining our leadership in the outsourced software development space by optimising our operations and improving our internal efficiencies despite the challenges posed," he added.