Persistent Systems gains after Q2 PAT rises 7% QoQ

Persistent Systems advanced 2.72% to Rs 4041.45 after the company reported 6.9% rise in consolidated net profit to Rs 161.75 crore on a 9.9% increase in revenue to Rs 1,351.24 crore in Q2 FY22 over Q1 FY22.

EBITDA improved by 11.4% to Rs 224.39 crore in Q2 FY22 from Rs 201.52 crore in Q1 FY22. EBITDA margin was 16.6% as on 30 September 2021 as against 16.4% as on 30 June 2021.

Profit before tax in Q2 FY22 stood at Rs 217.63 crore, up by 7.2% from Rs 203.05 crore in Q1 FY22.

In dollar terms, the company's revenue in the second quarter was $182.32 million (up 9.3% QoQ and up 34% YoY).

The IT firm's net profit and revenue has risen by 58.6% and 34.1%, respectively, in Q2 FY22 as compared with Q2 FY21.

The order booking for the quarter ended on 30 September 2021 was at $282.5 million in total contract value (TCV) and at $201.1 million in annual contract value (ACV).

The company's headcount at the end of the September 2021 quarter was 15,879 people.

The TTM attrition rate was 23.6% in Q2 FY22 as against 16.6% in Q1 FY22 and 11.7% in Q2 FY21.

Sandeep Kalra, chief executive officer and executive director, Persistent Systems, said: We are delighted to share that Persistent ended the quarter on a record high note once again delivering industry-leading performance, including year-over-year revenue growth of 34% and continued margin improvement. During the quarter, we announced the acquisition of Software Corporation International and Shree Partners, forming a new Payments business unit and furthering our expertise in Cloud and IT Infrastructure.

Persistent Systems is a global services and solutions company delivering digital engineering and enterprise modernization services.

The scrip has outperformed the market in past one year, up 231.38% as against 52.82% rise in the benchmark Sensex.

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