Persistent Q1 net profit declines 5.6 pc to Rs 82.4 crore

IT firm Persistent Systems on Thursday reported a 5.6 per cent fall in consolidated net profit to Rs 82.4 crore for the June 2019 quarter.

The company had posted a net profit of Rs 87.3 crore in the year-ago period, Persistent Systems said in a regulatory filing.

Its revenue from operations declined marginally to Rs 832.1 crore in the June 2019 quarter as compared with Rs 834.2 crore in the April-June 2018 period, it added.

In dollar terms, the company's revenue slipped 3.2 per cent to USD 119.62 million from the year-ago period.

"In my first quarter at the company, we found our fundamentals are sound as evidenced by our key wins, outstanding client satisfaction and our total team strength crossing 10,000 employees, a first in our company history," Persistent Systems Chief Executive Officer and Executive Director Christopher O'Connor said.

He added that the company's focus remains on sustained profitable growth.

Persistent's total headcount stood at 10,167 people with addition of 205 people in the quarter. Attrition was 17.1 per cent on trailing 12-month basis.