Persistent Systems jumps on good Q1 numbers

Persistent Systems soared 10.46% to Rs 854 after consolidated net profit rose 7.37% to Rs 90 crore on 7.01% increase in revenue from operations to Rs 991.38 crore in Q1 June 2020 over Q4 March 2020.

Consolidated profit before tax (PBT) gained 7.96% to Rs 122.04 crore in Q1 June 2020 as against Rs 113.04 crore in Q4 March 2020. Current tax expense for the quarter jumped 17.67% at Rs 43.07 crore as against Rs 36.60 crore in Q4 March 2019. The result was declared on Saturday, 25 July 2020.

EBITDA grew 14.7% M-o-M (month-on-month) and surged 21.8% Y-o-Y (year-on-year) to Rs 146.43 crore in Q1 June 2020. In terms of US$, revenue rose 3.1% Q-o-Q and 9.5% Y-o-Y to $131.02 million during the quarter.

Commenting on the Q1 earnings, Christopher O'Connor, the chief executive officer (CEO) and executive director of Persistent Systems, has said that: "In this quarter of the pandemic Persistent achieved 3.1% growth, cumulatively achieved by both business units. Client curiosity on digital solutions has never been higher, which enabled us to share our solutions broadly. The growth came on top of improved business operations."

Sandeep Kalra, executive director & president of Technology Services Unit in Persistent Systems, stated that: "Our strong year-over-year and quarter-over-quarter growth in Q1 was led by BFSI as it continues to be a standout, as does Cloud; the former recognizing the need for new ways of reaching customers digitally and the latter enabling this transformation across industries. The quarter gone by also saw us win a number of large deals with existing and new customers even in the face of the ongoing pandemic."

Persistent Systems is a global solutions company delivering digital business acceleration, enterprise modernization and digital product engineering for businesses across all industries and geographies.

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