Persistent Systems crosses Rs 1,000 cr revenue

Pune based mid-cap IT firm Persistent Systems has reported revenue of Rs 1000.31 crore for the year ended March 2012, as compare to Rs 775.8 crore the previous year, up by 28.9 per cent.

The company has recorded profit of Rs 41.21 crore up by 24.2 per cent for the fourth quarter ended March 31, 2012. In the corresponding quarter previous year the profit was Rs 33.14 .

Revenue for the quarter grew 27.3 per cent to Rs 270.6 crore from Rs 212.8 crore for the same quarter last fiscal.

Commenting on results, Anand Deshpande, chairman and managing director, Persistent Systems said, "We witnessed FY12 as an important year of global expansion as we established development centres in Grenoble, France and Kuala Lumpur, Malaysia and invested in supporting research in cloud computing and life sciences at Indiana University in Bloomington, in USA. During the year, we have seen customer validation of our strategy as we continue to focus on fundamentals and make investments in key technology areas such as cloud, collaboration, analytics and mobility.” 

“In the life sciences space, we bolstered our domain expertise with the acquisition of Agilent’s France based team that has expertise in analytical instruments. Further, we also made investments in personalized medicine with Life Technologies," he said.

For the fiscal 2011-12, the company reported net profit of Rs 141.78 crore up by 28 per cent as compare to Rs 139.73 crore in 2010-11.  The compay’s employee strength increased to 6,628 in 2011-12 from 6,360 in the previous year.

It has acquired Openwave System's location manager business and set up an engineering centre in Malaysia.  Its Board of Directors, has recommended a dividend of Rs 2.50.