You are here: Home » Markets » News
Business Standard

Persistent Systems reports 7% rise in net profit to Rs 880 mn in Q2

Total income of the company increased to Rs 8.58 million in the September quarter of 2018-19 as against Rs 7.94 billion in the year-ago period, it said in a regulatory filing

Topics
Persistent Systems

Press Trust of India  |  New Delhi 

Persistent
Persistent | Photo: Twitter

Tech firm Sunday reported a 7 per cent rise in its consolidated net profit to Rs 881 million
for the second quarter ended September 2018.

The company had registered a net profit of Rs 826.2 million in the July-September period of 2017-18.

Total income of the company increased to Rs 8.58 million in the September quarter of 2018-19 as against Rs 7.94 billion in the year-ago period, it said in a regulatory filing.

Segment-wise, revenue from Technology services were up 11 per cent and that of Alliance was up 18.5 per cent. Its revenue from Accelerite (products) during the quarter fell by 27 per cent.

The company said it recognised itself into these three business units from April 1, 2018 which form the operating segments for revenue break-up.

Persistent said its wholly owned subsidiary Inc has completed the acquisition of Herald Technologies Inc, a US-based healthcare start-up on August 24, 2018 and the second quarter results also include business from Herald.

Among others, the company said that it has deposits with IL&FS group firm the interest on which has not been defaulted by the latter and it will continue to monitor the related matters.

"As of September 30, 2018, Limited had deposits of Rs 430 million with the financial institutions Infrastructure Leasing & Financial Services Ltd (IL&FS) and IL&FS Financial Services Ltd. These are due for maturity from January 2019 to June 2019. As of September 30, 2018, there have been no defaults in payment of interest on the aforesaid deposits," it said.

Accordingly, the management of the Persistent Systems believes that there is no immediate need to recognize any impairment on these deposits.

The company will continue to monitor the developments in this matter for the purpose of determining the financial reporting impact, if any," it said.

In August, credit rating agency ICRA had significantly downgraded the IL& FS Group's rating and subsequently the government and various regulators have intervened in the matter.

Persistent is a global company specialising in software products, services and technology innovation.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sun, October 21 2018. 17:50 IST
RECOMMENDED FOR YOU
.