Persistent Systems rallies 7% on strong Q3 nos
Persistent Systems has rallied 7% to Rs 341 after reporting 25% quarter-on-quarter (q-oq) jump in net profit at Rs 40.58 crore for the quarter ended December 2011. Revenues grew 12% at Rs 268 crore on q-o-q basis. The operating profit margins improved by around 700 bps sequentially to 26%.
"The board of directors of the company at its meeting concluded on January 22, 2012, declared an interim dividend of 3.50 per share for the financial year 2011-12," the company said in a statement.
Dr Anand Deshpande, Chairman and Managing Director, Persistent Systems said, "We continue to see growth in cloud computing, analytics, collaboration and mobility. Inspite of the volatility in the market, we see a lot of business opportunities in this space. Improving internal efficiencies, optimizing operations, and delivering time-to-market solutions will continue to be the drivers of our growth."
A combined 20,000 shares have changed hands on the counter so far on both the exchanges.