Dear valued Shareowners
As I write this for our 30th Annual Report for FY 2019-20 we areexperiencing an unprecedented pandemic that has resulted in economically challengingtimes.
I pray that you and your families are safe and in good health.
Ensuring the safety and well-being of our employees and their families was our highestpriority and I am glad to report that all are safe and doing well. We enabled work fromhome as soon as lockdown was announced and I commend our HR and IT teams in getting thisexecuted quickly and ensuring all customer commitments were met without delay. We believe work-from-anywherewill become the new norm creating new business models and opportunities.
In this time of need as a responsible corporate citizen we must also contribute. I amproud that Persistent donated Rs. 25 Crores (US$3.3 million) to relief and research forCOVID-19 globally. Many employees also made voluntary contributions to support theiralocal communities.
But crisis also provides new opportunities. With zero travel we actively engaged withour customers and partners on video calls to explore how we could be meaningful partners.These relationships are the foundation of our business in the years to come.
We also achieved several significant milestones during the year. We crossed the 10000employee mark and exceeded half a billion dollars in revenues for the first time. Wehave a new leadership team in place with CEO Chris O'Connor and President Sandeep Kalranow leading the company. Last but not least we celebrated 30 years of incorporation onMay30.
The revenues for the year were US$501.6 million or Rs.35658 million a 5.9%revenue growth year on year. The profit for the year was Rs.3402 million. We alsocompleted a share buyback and paid shareholders a dividend ofRs.12 per share.
The technology roadmap for the future is robust and the current crisis has onlyaccentuated the need for businesses to deploy digital technologies urgently.
We continue to build software products for those defining technology and partner withmarket leaders. Our digital mosaic approach helps enterprises manage the complexity ofchoice and integration to rapidly deploy digital solutions.
The 30-year journey of the company has been exciting and rewarding and I would like tothank all the stakeholders for their support over the years. I look forward to yourcontinued support.
Founder Chairman and Managing Director