Persistent Systems net profit up 70%

Persistent Systems, outsourced software product development services firm recorded consolidated net profit of Rs 115 crore for the year ended March 31 up by 70.2 per cent as compared to Rs 60 crore last year, Persistant  said in a filing to the Bombay Stock Exchange (BSE). Revenue for the year increased by 1.2 per cent to Rs 601 crore.   

Dr. Anand Deshpande, Chairman and Managing Director, Persistent Systems said, “FY ’09-‘10 has been another exciting year for us and I am delighted that we are listed on Indian Stock Exchanges.

The listing marks a new beginning for Persistent and I would like to thank all our employees and investors for reposing confidence in us. We believe that we are very fortunate to be in our position – as a leader in a differentiated and a fast growing market.”

 The Board of Directors recommended that the dividend pay-out be maintained in between the range of 10-30 per cent of the consolidated Profit After Tax.

The Board declared an interim dividend of Rs 1.50 per share and recommended a final dividend of Re. 0.50 per share. Including the first interim dividend of Re. 0.50 per share declared in October 2009, the total dividend recommended for the year is Rs. 2.50 per share. Persistent Systems got listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on April 6, 2010.