Persistent Systems drops after Q1 PAT slips 2% QoQ to Rs 306 cr

Persistent Systems tumbled 5.01% to Rs 4647.80 after the IT company's consolidated net profit fell 2.82% to Rs 306.42 crore in Q1 FY25 as against with Rs 315.32 crore posted in Q4 FY24.

Revenue from operations stood at Rs 2,737.17 crore in the first quarter of FY25, up 5.66% QoQ and 17.92% YoY.

Profit before tax (PBT) was at Rs 400.54 crore in Q1 FY24, registering a growth of 1.27% QoQ and 30.44% YoY.

EBITDA in Q1 FY25 stood at Rs 455.21 crore, marginally rose 0.2% QoQ and up 7.6% YoY. EBITDA margin stood at 16.5% in Q1 FY25.

In dollar terms, the IT firm's revenue was at $328.2 million in Q1 FY25, up 5.6% QoQ and up 16% YoY.

The order booking for the quarter ended on 30 June 2024 was at $462.8 million in total contract value (TCV) and at $337.3 million in annual contract value (ACV) terms (includes renewals & new bookings).

Sandeep Kalra, chief executive officer (CEO) and executive director, Persistent, said, I am pleased to announce our 17th consecutive quarter of revenue growth, underscoring our clients sustained trust and confidence in us. Our continued success is driven by resilience, innovation, and a strategic focus on future readiness. We have pivoted to an AI-led, platform-driven services approach, deepening our hyperscaler partnerships and developing a suite of innovative solutions. Recognizing our transformative digital solutions, ISG, the leading advisory firm, ranks us as a Leader for Digital Engineering services in the US and Europe 2024, for the second year in a row.

Persistent Systems is a global services and solutions company delivering digital engineering and enterprise modernization. The company works with the industry leaders including 14 of the 30 most innovative companies as identified by BCG, 8 of the top 10 largest banks in the US and India, and numerous innovators across the healthcare and software ecosystems.

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