Persistent Systems (BSE & NSE: PERSISTENT) announced the Company’s audited financial results for the quarter ended December 31, 2022, as approved by the Board of Directors.
Consolidated Financial Highlights for the Quarter ended December 31, 2022
|Q3FY23||Margin%||Q-o-Q Growth||Y-o-Y Growth|
|Revenue (USD Million)||264.35||3.4%||32.8%|
|Revenue (INR Million)||21,693.68||5.9%||45.4%|
|EBITDA (INR Million)||4,015.55||18.5%||9.1%||59.9%|
|PBT (INR Million)*||3,227.88||14.9%||9.2%||36.5%|
|PAT (INR Million)*||2,379.54||11.0%||8.2%||34.9%|
*after reversal of export incentive
The Board of Directors declared an Interim Dividend of ₹28 per share on the face value of ₹10 each for the Financial Year 2022-2023.
Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent:
“We are delighted to announce the 11th sequential quarter of revenue growth, fueled by our continued investments in innovative technologies and our differentiated Digital Engineering expertise. In this dynamic macro-economic environment, we are closely collaborating with our clients and partner ecosystem to create competitive advantage and drive business value. As a result, we won several large deals across industries and service lines, driving 20% sequential growth in total contract value (TCV) bookings.
In addition, we received multiple analyst and advisor accolades ranking us as a Leader, including in the Everest Group Software Product Engineering Services PEAK Matrix®, the Zinnov Zones Engineering Research & Development Services 2022 report, and the ISG Provider Lens™ Next-Gen ADM Services U.S. 2022.”
Third Quarter FY23 Client Wins and Outcomes
The order booking for the quarter ended on December 31, 2022, was at $440.2 million in Total Contract Value (TCV) and at $326.3 million in Annual Contract Value (ACV) terms.
Some of the key wins for the quarter include:
Software, Hi-Tech & Emerging Industries
\ Establishing a dedicated Global Technology Center to drive operational cost optimization for one of the largest e-commerce companies.
\ Supporting software migration and setting up IT operations processes for a recently acquired benefits administration software provider.
\ Providing end-to-end product development in virtualization domain for a Canadian software company.
Banking, Financial Services & Insurance
\ Transforming legacy check platform and enabling cloud readiness to future-proof the business for one of the largest US banks.
\ Revamping existing applications to improve customer experience and scaling business growth for one of the leading banks.
\ Providing HR application development support to build new and enhance existing features for a payroll services company.
Healthcare & Life Sciences
\ Enabling the cloud migration journey and automating processes to reduce complexity and operational challenges for a health tech company.
\ Leveraging enterprise integration expertise to improve the quality and delivery of service to business users for a multinational medical devices and healthcare company.
\ Modernizing the technology stack to streamline operations and enhance customer service for a laboratory equipment provider.