Persistent Systems Q4 PAT down 5% QoQ to Rs 83.82 cr

Persistent Systems' consolidated net profit fell 4.7% to Rs 83.82 crore on a 0.4% increase in revenue to Rs 926.3 crore in Q4 March 2020 over Q3 December 2019.

Consolidated EBITDA stood at Rs 127.6 crore in Q4 March 2020, rising by 3.4% quarter on quarter (QoQ).

Persistent Systems' consolidated net profit declined 3.2% to Rs 340.28 crore on a 5.9% increase in revenue to Rs 3565.80 crore in the year ended March 2020 (FY20) over the the year ended March 2019 (FY19).

Commenting on company's performance, Christopher O'Connor, CEO & Executive Director, Persistent Systems said, We closed FY20 very strong, for the first time in Persistent's history crossing the half billion-dollar mark in revenue. We had particular strength in our Technology Services Unit, which delivered a robust quarter driven through solid expansion. We continued a strong expansion of new logos across the business. While Covid-19 is presenting challenges, it is also unearthing business opportunities as every organization now understands that the status quo is not a viable option. Our prescient adoption of cloud technologies internally allowed us to enable more than 99% of our employees to work from home within the first week. This helped us ensure business continuity for our customers.

The company said it has 72 active clients as of 31 March, which includes 20 large clients above $3 million. Attrition rate for Q4 March 2020 stood at 14.3% against 16.7% reported last year in the same period.

Shares of Persistent Systems were up 7.88% at Rs 5403. The result was announced after market yesterday, 5 May 2020.

Persistent Systems is engaged in the business of building software products. The firm offers complete product life cycle services.

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