Persistent Systems net profit rises 45.9% at Rs 176.4 crore in Q3

Mid-cap IT product and services player Persistent Systems reported net profit of Rs 176.4 crore for the third quarter of FY22, up 45.9 per cent year-on-year and 9.1 per cent sequentially.

Revenue at Rs 1,491.7 crore grew 38.7 per cent year-on-year and was up 10.4 per cent sequentially. Margins for the quarter came in at 16.8 per cent.

“This sustained momentum is a result of our strong capabilities in designing and engineering new digital experiences, revenue streams, and business models for our clients. As we progress on our growth journey, we will continue to enable our clients with differentiated digital engineering expertise and solutions to help them disrupt their industries and create more value for their customers,” said Sandeep Kalra, CEO and executive director, Persistent Systems.

The order booking for the quarter ended on December 31, 2021 was at $334.3M in Total Contract Value (TCV) and at $291.3M in Annual Contract Value (ACV).

The Board of Directors declared an Interim Dividend of Rs 20 per share on the face value of Rs 10 each for the Financial Year 2021-2022.

The company also announced the appointment of Avani Davda to Persistent’s Board of Directors and continued to add executives to its leadership team. Persistent also onboarded the first member to the Persistent Advisor Network, Werner Boeing, former Roche Diagnostics CIO.