Persistent Systems advances as QoQ PAT grows 2.16%

The IT firm's consolidated net profit rose 2.16% to Rs 87.93 crore on a 4.31% increase in net sales to Rs 922.73 crore in Q3 December 2019 over Q2 September 2019.

Consolidated net profit fell 4.1% to Rs 87.93 crore on a 6.8% rise in net sales to Rs 922.73 crore in Q3 December 2019 over Q3 December 2018. The Q3 result was declared after trading hours yesterday, 30 January 2020.

Consolidated profit before tax declined 1.36% to Rs 113.98 crore in Q3 December 2019 as against Rs 115.56 crore in Q2 September 2019. Tax expense, during the quarter, jumped 37.20% to Rs 39.57 crore as compared to Rs 28.84 crore in Q2 September 2019. Tax expense during the quarter fell 8.33% from Rs 93.59 crore in corresponding quarter last year.

Consolidated EBITDA grew 1.5% to Rs 123.43 crore in Q3 December 2019 over Q2 September 2019.

The board has approved the payment of interim dividend of Rs 9 per equity share for the financial year 2019-20. The record date is on Friday, 7 February 2020.

Commenting on the Q3 results, Christopher O'Connor, the CEO & executive director of Persistent Systems, has said that, This quarter, we saw the validation of our new go-to-market approach, starting in BFSI with our largest deal of the quarter. By designing and delivering a composable digital mosaic for all of our industry and technology categories, we accelerate time to value for our clients and increase business agility.

At its core, this strategy combines Persistent's deep industry and solution expertise with a flexible, open partner ecosystem, tailored to each client. Our unique boutique-at-scale approach and capabilities radically reduce two core challenges organizations face in transforming into a modern digital enterprise; complexity of choice and integration, he added.

Sandeep Kalra, the executive director & president of Technology Services Unit in Persistent Systems, has said that, In Technology Services Unit (TSU), we saw a secular growth across BFSI, Healthcare & Life Sciences and ISVs as well as uniformed growth across our top 20 customers.

Persistent Systems is engaged in the business of building software products. The firm offers complete product life cycle services. The company's segments include infrastructure and systems, telecom and wireless, life science and healthcare, and financial services.

Shares of the IT services provider rose 3.19% to Rs 709.55. It hit an intraday high of Rs 715.15 and an intraday low of Rs 691.80.

Powered by Capital Market - Live News