Persistent Systems Q3 net profit up 12% at Rs 92 cr

IT firm Persistent Systems today reported a 11.94 per cent increase in its consolidated net profit to Rs 91.67 crore for the third quarter ended December 31, 2017.
It had posted a net profit of Rs 81.89 crore for the October-December quarter in the last fiscal, the company said in a BSE filing.
Its total income rose 4.35 per cent to Rs 811.16 crore during the quarter under review as against Rs 777.33 crore in the corresponding quarter a year ago.
In dollar terms, the company's revenue was up 3.8 per cent at USD 122.53 million.
"We continue to make good progress on our journey of transformation. We observe that businesses are using machine learning and artificial intelligence on the cloud to redefine themselves to become software driven," Persistent Systems CMD Dr Anand Deshpande said.

Persistent Systems' total expenses increased 4.35 per cent to Rs 693.65 crore as compared to Rs 665.55 crore.
Meanwhile, in a separate filing, Persistent Systems informed that its board today declared an interim dividend of Rs 7 per share on the face value of Rs 10 each for FY 2017-18.
"The Board of Directors has appointed Sunil Sapre, Chief Financial Officer as an Additional Director (Executive Director and Chief Financial Officer) of the company with immediate effect for a period of three years," it said.