Persistent Systems Q1 Net falls 2.3% to Rs 67.21 cr

IT firm Persistent Systems today said its net profit has declined 2.3 per cent to Rs 67.21 crore for the quarter ended June 30, 2015.
This is against a net profit of Rs 68.80 crore for the same quarter last year, Persistent said in a statement.
However, the company's revenues grew 15 per cent to Rs 500.41 crore in the quarter under review from Rs 434.98 crore in the April-June 2014 quarter.
In dollar terms, the company's revenues grew 8.2 per cent year-on-year to USD 78.61 million in the said quarter.
"This was an important quarter for the company as we've seen our strategy for digital, based on data, interfaces and apps being widely embraced. This quarter we signed one of our largest deals and it was digital," Persistent Systems Chairman and Managing Director Anand Deshpande said.

Persistent continues to strengthen its product portfolio under 'Accelerite' brand and expects to see good traction with customers as they develop their next generation products, he added.

"We see an exciting roadmap for technology, and with our investments in IP, partnerships with market leaders coupled with the investments made in training our teams, we are confident of the future growth prospects of the company," he said.
Persistent added 49 new customers across geographies and industries.
Persistent said it has signed an agreement with Intel Overseas Funding Corporation on July 23, 2015 to acquire the stock of Aepona Holding along with its 5 subsidiaries, certain IP and related rights for Aepona Products.

During the quarter, the company acquired Convirture (May) and RGen Solutions (July).
In terms of verticals, Infrastructure and Systems accounted for 54.2 per cent of the quarter's revenues, followed by Financial Services (16.6 per cent), telecom (14.9 per cent) and Life Sciences (14.3 per cent).
North Americas accounted for 84.4 per cent of the company's revenues, while Europe and Rest of World accounted for 6.3 per cent and 9.3 per cent, respectively.