Persistent's Q1 net up 20.7% at Rs 69 cr

Revenue for the quarter at Rs 435 cr too logged in a growth of 21.7%

Pune-headquartered IT product & solutions firm Persistent Systems share price were up almost 5% as the company reported a growth of 20.7% in its net profit at Rs 68.8 crore from Rs 57 crore in the same period last year.

Revenue for the quarter at Rs 434.9 crore too logged in a growth of 21.7% when compared to Rs 357.2 crore in the corresponding quarter last year.

"We continue to grow double digit both in terms of revenue and profitability. Our platform based technology strategy is working well and we see rising interest from enterprises to leverage the new technology stack. We launched new releases of our products over the last two quarters which has helped the IP led business to grow over 50% from last year and constitutes 20% of our revenue this quarter," said Anand Deshpande, Chairman and Managing Director, Persistent Systems.

During the quarter Persistent acquired assets of Hoonz Planet, a Pune based web discovery solutions provider.