Persistent Q3 profit up 16pc to Rs 74.4 cr

Mid-sized IT firm Persistent Systems today posted 16 per cent rise in net profit at Rs 74.4 crore for the quarter ended December 31, 2014.
The company had posted a net profit of Rs 64.1 crore for the same quarter last fiscal, Persistent said in a statement.
Its revenues increased 14.3 per cent to Rs 494.6 crore for the quarter under review from Rs 432.7 crore in the October-December quarter of previous fiscal.
"Technology and innovation continue to be at the centre of our strategy to focus on the 'How' of digital transformation," Persistent Systems Chairman and Managing Director Anand Deshpande said.

During the quarter, Persistent strengthened its leadership team to drive this technology-led strategy along with forming new partnerships and enhancing how employees are trained on the technologies that drive digital transformation, he added.
In dollar terms, its revenues were up 13.7 per cent to USD 79.52 million in the quarter under review.

During the said quarter, Persistent appointed Siddhartha Chatterjee as Chief Technology Officer and Thomas Klein as General Counsel and Senior Vice President Corporate Development.
The company said its services business grew 12.1 per cent to USD 64.42 million and accounted for 81 per cent of the revenues, while IP-led business was up 21.2 per cent to USD 15.1 million in the October-December 2014 quarter.

Infrastructure and systems accounted for 55.3 per cent of the revenues, followed by Telecom (16 per cent), financial services (15.1 per cent) and life sciences (13.6 per cent).
In terms of geographies, North America contributed 84.7 per cent to the revenues, Europe 7.1 per cent and Rest of World (RoW) 8.2 per cent.