Persistent Systems Q4 net profit up 11.4% at Rs 76 crore

Pune-based mid sized IT company Persistent Systems has recorded profit of Rs 76 crore up by 11.4% for the fourth quarter ended March 31, 2015 from Rs 67.2 crore in the corresponding quarter. Revenue for the quarter grew 11.5% to Rs 498 crore from Rs 446.74 crore for the same quarter last fiscal.

Commenting on the results, Anand Deshpande, chairman and managing director, Persistent Systems said, "While we had strong performance across most of our business, due to a change in priorities of one of our large customers, revenue growth came in slightly weaker than anticipated this quarter. The overall demand environment continues to be favorable and we are optimistic about our market positioning and the foundation we have laid to usher in greater revenue growth in FY16."

The company has recommended final dividend of Rs 2.50 per share for FY 2014-15 and Special Silver Jubilee Dividend of Rs 2.50 per share, on the expanded capital base post 1:1 Bonus issue in March 2015. The annual revenue of the company stood at Rs 1,891.25 crore for the year ended March 2015, as compare to Rs 1,692 crore, up by 13.3% over the previous year.