Persistent Systems reports strong growth in Q3FY24: 13.7% increase in revenue, 20.2% rise in PAT
Persistent Systems (BSE & NSE: PERSISTENT) today announced audited financial results for the quarter ending December 31, 2023, showing steady growth. The consolidated financial highlights for the quarter reveal a 13.7% year-on-year increase in revenue, amounting to USD 300.55 million. In Indian Rupee terms, this translates to a revenue of INR 24,982.16 million, marking a 15.2% increase. Furthermore, the company’s Profit Before Tax (PBT) and Profit After Tax (PAT) grew by 20.6% and 20.2% year-on-year, respectively.
Interim Dividend and Stock Split
The Board of Directors declared an interim dividend of ₹32 per share for the financial year 2023-2024. Additionally, the Board recommended a stock split from ₹10 per share to ₹5 per share, subject to shareholder approval, aiming to enhance the liquidity of its shares and make them more accessible to a broader investor base.
Persistent Systems Achieves Milestone with Substantial Q3FY24 Growth and Stock Split
Sandeep Kalra’s Commentary
Sandeep Kalra, CEO and Executive Director of Persistent, expressed pride in the company’s 15th consecutive quarter of growth. He highlighted the achievement of crossing $300 million in revenue and $500 million in Total Contract Value (TCV) bookings. Kalra acknowledged the trust and support of clients and partners in driving Persistent’s growth.
Recognition and Market Presence
Persistent was named the “Most Promising Company” of the Year at the 2023 CNBC-TV18 India Business Leader Awards. The company also made it to the MSCI India Index, S&P BSE 100, and S&P BSE SENSEX Next 50, indicating strong fundamentals and client confidence.
New Leadership Appointments
The company welcomed Dhanashree Bhat as the Chief Operating Officer and Barath Narayanan as the Global BFSI and Europe Geo Head, strengthening its leadership team for future growth.
Key Client Wins in Diverse Sectors
Persistent reported a TCV of $521.4 million and an Annual Contract Value (ACV) of $392.1 million for the quarter. The company secured significant contracts across various industries, including software, banking, healthcare, and life sciences, showcasing its versatility and expertise in the IT services sector.
Persistent Systems’ financial performance in Q3 reflects its commitment to delivering strategic business outcomes and maintaining operational rigor. The company’s continuous growth trajectory and market recognition establish it as a formidable player in the global technology services market.