Persistent Systems hits record high after Q1 PAT grows 10% QoQ

Persistent Systems jumped 4.78% to Rs 2,964.30 after the IT firm reported a 9.79% jump in consolidated net profit to Rs 151.24 crore in Q1 June 2021 (Q1 FY22) over Rs 137.75 crore in Q4 March 2021 (Q4 FY21).

Consolidated revenue from operations grew 10.47% to Rs 1,229.92 crore in Q1 June 2021 from Rs 1,113.35 crore in Q4 March 2021. Profit before tax climbed 9.83% to Rs 203.05 crore in Q1 FY22 as against Rs 184.87 crore in Q4 FY21. The Q1 result was declared post market hours yesterday, 22 July 2021.

Consolidated EBITDA soared 7% Q-o-Q (quarter-on-quarter) and 37.6% Y-o-Y (year-on-year) to Rs 201.52 crore, with margins at 16.4% during the quarter. The order booking for the quarter ended on 30 June 2021 stood at $244.8 million in Total Contract Value (TCV) and at $188.83 million in Annual Contract Value (ACV).

Sandeep Kalra, the chief executive officer (CEO) and executive director of Persistent Systems, has stated: "The 9.2% sequential growth and 27.3% year-on-year growth that we delivered this quarter was amongst the highest ever. I'm especially proud of our team for this achievement during these challenging times. We won several large digital engineering and enterprise modernization deals. These deals reinforce the differentiated value we deliver to both technology companies and enterprise clients. Our commitment to client success remains central. Our focus on deepening client relationships, disciplined execution, and operational excellence are foundational to achieving consistent, profitable growth. During this quarter, we also acquired Sureline Systems, to bolster our cloud capabilities."

Persistent Systems' consolidated net profit surged 68% to Rs 151.24 crore on a 24.1% increase in net sales to Rs 1,229.92 crore in Q1 June 2021 (Q1 FY22) over Q1 June 2020 (Q1 FY21).

The firm will pay an interim dividend of Rs 14 per equity share and declare a final dividend of Rs 6 per equity share for the FY 2020-21.

Persistent Systems is a global services and solutions company delivering digital engineering and enterprise modernization. The scrip hit a record high at Rs 3,080.85 during intraday trade.

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