Persistent Systems net profit declines by 13%

Persistent Systems, an outsourced software product development services player, reported a decline of 13 per cent in its net profit at Rs 29.14 crore for the quarter ended June 30, 2011 as compared to Rs 33.41 crore for the corresponding quarter in the fiscal 2010-11.

However, according to its audited financial results for the first quarter ending on June 30, 2011 the company has posted a revenue growth of 20 per cent quarter-on-quarter to Rs 171.31 crore from Rs 145.46 crore.

“FY 12 has started on a very positive note for Persistent. We achieved US$ 50 million (Rs 222.87 crores) revenue for the first time in a quarter and this is an important landmark. We have also signed a couple of strategic partnerships in the life sciences and enterprise collaboration domain this quarter and continued our expansion in Europe and APAC,” Anand Deshpande, chairman and managing director, Persistent Systems said.

Some of the key highlights for the company were acquisition of French software business from Agilent Technologies, co-investments with Life Technologies to develop instruments in the personalised medicine space and expand footprint in Japan by entering into a strategic partnership with Realcom.

The company announced the final dividend of 1.50 per share while the total dividend declared for the financial year 2010-11 is 5.50 per share (including one-time special dividend of 2 per share) as against 2.50 for the financial year 2009·10.