Persistent Systems Q2 PAT rises 4% QoQ to Rs 220 cr

The IT solution provider's consolidated net profit rose 4% to Rs 220.01 crore on 9.1% increase in revenue to Rs 2048.64 crore in Q2 September 2022 over Q1 June 2022.

Persistent Systems' consolidated net profit rose 36% and revenue increased 51.6% in Q2 September 2022 over Q2 September 2021.

The company's EBITDA stood at Rs 367.96 crore during the quarter, up 10.4% quarter-on-quarter (QoQ) and up 64% year-on-year (YoY). EBITDA margin stood at 18% in Q2 FY23.

Profit before tax was reported at Rs 295.60 crore during the quarter, up 4.9% QoQ and up 35.8% YoY.

In Dollar terms, the company's revenue was reported at $255.56 million during the quarter, up 5.8% QoQ and up 40.2% YoY. Constant currency revenue growth stood at 6.6% QoQ.

The order booking for the quarter ended on 30 September 2022, was at $367.8 million in Total Contract Value (TCV) and at $271.2 million in Annual Contract Value (ACV).

Employee related expenses rose 10.7% QoQ and 50.8% YoY to Rs 1324.51 crore in Q2 FY23. Attrition rate (TTM basis) stood at 23.7% in Q2FY23 as against 24.8% in Q1FY23 and 23.6% in Q2FY22.

Anand Deshpande, founder, chairman and managing director, Persistent: "As we cross $1 billion in annualized revenue run rate and INR 2,000 crore in quarterly revenue, I want to thank all the employees, clients and partners that contributed to our growth journey along the way. We have achieved this milestone through continued passion and persistence."

Sandeep Kalra, chief executive officer and executive director, Persistent: "We are proud to announce another quarter of strong performance as we surpassed $1 billion in annualized revenue run rate delivering 5.8% sequential and 40.2% year-over-year growth."

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

Shares of Persistent Systems fell 0.77% to settle at Rs 3663.85 on the BSE.

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