Persistent Achieves Steady Growth: Revenue Up 13.7%, PAT Up 20.2% YoY

Persistent Systems  today announced the Company’s audited  financial results for the quarter ended December 31, 2023, as approved by the Board of  Directors. 

Consolidated Financial Highlights for the Quarter ended December 31, 2023 

Q3FY24 Margin% QoQ YoY  

Revenue (USD Million) 300.55 3.0% 13.7% Revenue (INR Million) 24,982.16 3.6% 15.2% EBITDA (INR Million) 4,418.34 17.7% 9.1% 10.0% PBT (INR Million) 3,893.01 15.6% 9.4% 20.6% PAT (INR Million) 2,861.34 11.5% 8.7% 20.2% 

The Board of Directors declared an Interim Dividend of ₹32 per share on the face value of ₹10 each for the Financial Year 2023-2024. In addition, the Board has recommended to the  shareholders a resolution to split the face value of shares from ₹10 per share to ₹5 per share. 

Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent:  

“We are proud to announce the 15th sequential quarter of growth and a significant milestone of  our first-ever quarter of $300M+ in revenue and $500M+ in TCV bookings. We are thankful for 

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the ongoing trust and support of our valued clients and partners, which has led to our sustained  growth.  

We are happy to declare an interim dividend of ₹32 per share for FY24. Our Board has also  recommended to the shareholders a resolution to split the face value of shares from ₹10 per  share to ₹5 per share.  

We were recognized as the “Most Promising Company” of the Year at the 2023 CNBC-TV18  India Business Leader Awards, acknowledging our sustained momentum. We were also  included in three prestigious capital market indices − MSCI India Index, S&P BSE 100 and S&P  BSE SENSEX Next 50, reflecting our strong fundamentals, client confidence, and competitive  edge in the global technology services market.  

I am delighted to welcome Dhanashree Bhat as the Chief Operating Officer and Barath  Narayanan as the Global BFSI and Europe Geo Head to support our ambitious growth plans.  We remain fully committed to proactively delivering strategic business outcomes and  maintaining operational rigor for our clients.” 

Third Quarter FY24 Client Wins and Outcomes 

The order booking for the quarter ended on December 31, 2023, was at $521.4 million in Total  Contract Value (TCV) and at $392.1 million in Annual Contract Value (ACV) terms. 

Some of the key wins for the quarter include: 

Software, Hi-Tech & Emerging Industries 

• Transforming Salesforce-based applications, Connector Factory, and IT service  management for a leading remote work tools and IT management provider 
• Setting up greenfield IT under a managed services model for a leading publisher, which is a  Private Equity led carve-out from a global media conglomerate 
• Developing and supporting connectors of next-gen tools, including tools in the GenAI  domain for two of the leading Hyperscalers 

Banking, Financial Services & Insurance 

• Building and maintaining applications across domains such as capital markets, payments,  treasury, and customer support for one of the largest US banks 
• Enhancing and supporting the new cloud-based core banking platform for a leading provider  of financial technology to credit unions

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• Modernizing the Security Operations Center to improve the security posture for the  American operations of a large global financial conglomerate 

Healthcare & Life Sciences 

• Engineering key product suite, including building data analytics capabilities for  chromatography, instrument support, and microarray image algorithms for a leading  analytical instrument company 
• Upgrading and migrating the safety database while ensuring regulatory compliance for a  Fortune 500 scientific instrumentation company  
• Developing an AI-led drug discovery platform to enable quick decision-making for synthesis  and biological evaluation for a leading contract research, development, and manufacturing  organization 

News in the Quarter 

• Persistent Announces Strategic Collaboration Agreement with AWS to Accelerate  Generative AI Adoption 
• Persistent Included in Three Prestigious Capital Market Indices − MSCI India Index, S&P  BSE 100 and S&P BSE SENSEX Next 50 Indices 
• Persistent Launches First-of-its-Kind Open-Source Maintenance Service \ Persistent Expands Executive Leadership Team in Support of Its Ambitious Growth Plans