Persistent Systems slips after muted Q2 outcome

Persistent Systems fell 2.46% to Rs 661.10 at 12:44 IST on BSE after consolidated net profit rose 0.3% to Rs 73.49 crore on 0.3% increase in revenue to Rs 704.01 crore in Q2 September 2016 over Q1 June 2016.

The result was announced on Saturday, 22 October 2016.

Meanwhile, the BSE Sensex was up 100.52 points, or 0.36%, to 28,177.70.

On BSE, so far 7,515 shares were traded in the counter, compared with average daily volume of 10,276 shares in the past one quarter. The stock hit a high of Rs 679.80 and a low of Rs 656 so far during the day. The stock hit a 52-week high of Rs 796.75 on 21 March 2016. The stock hit a 52-week low of Rs 501.10 on 28 September 2016. The stock had outperformed the market over the past 30 days till 21 October 2016, rising 12.54% compared with 2.42% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 3.06% as against Sensex's 0.99% rise.

The mid-cap company has equity capital of Rs 80 crore. Face value per share is Rs 10.

On a consolidated basis, Persistent Systems' earnings before interest, taxes, depreciation and Amortization (EBITDA) rose 4.8% to Rs 110.77 crore in Q2 September 2016 over Q1 June 2016.

Dr. Anand Deshpande, chairman and managing director, Persistent Systems said that the company believes that its strategy of enhanced focus on IP-driven and digital business will result in continued growth of the company as its responds to changing market conditions.

Persistent Systems builds software that drives the business of our customers; serving software product companies and enterprises with software at the core of their digital transformation.

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