 "Persistent Systems to acquire US-based Akumina")
Pune-based IT product and services firm, Persistent Systems, reported a net profit of Rs 80.8 crore for the fourth quarter of FY16. The company’s net profit grew 6.3% year-on-year.
Revenue for the quarter grew at 36% at Rs 677.2 crore, from Rs 497.4 crore in the same quarter last year.
On a sequential basis, the US dollar revenue grew by 12% to $100.43 million.
The company also reported good momentum in revenue from its IP-led business. For the Q4, IP-led revenue was at 28.2%, a growth of 57% on a YoY basis and for the full year growth was 25.8%.
For the financial year 2015-16, Persistent's net profit came in at Rs 297.3 crore a rise of 2.3%, and revenue grew 22.3% to touch Rs 2,312.3 crore.
Anand Deshpande, Chairman and Managing Director, Persistent Systems said, “Our 25th year has been monumental with significant strategic acquisitions, partnerships and the new alignment of the company into four key growth business lines – Digital, IBM Alliance, Services and Accelerite. This transformation positions us for our long-term success.”
