Mid-tier IT services firm Persistent Systems on October 22 reported 23.4 percent year-on-year jump in net profit at Rs 325 crore for the second quarter ended September 30, as compared to Rs 263.26 crores in  the same quarter in the previous fiscal year. This was driven by the company's focus on advancing its AI-led, platform driven services strategy.

Consolidated revenue for the first quarter stood at Rs 2,897.15 crore, increasing by 20.1 percent YoY from Rs 2,411.67 crore in Q2FY24. Revenue was up 5.8 percent on a QoQ basis.

Net profit increased by 6.1 percent on a QoQ basis.  The EBIT, or operating margin, remained flat sequentially at 14 percent in Q2.

Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent said: “We are proud to announce the 18th sequential quarter of revenue growth, delivering $345.5 million revenue, an 18.4% increase year-over-year. In the same period, our PAT grew by 23.4% in rupee terms."

"This quarter, we continued to strengthen our capabilities and advance our AI-led, platform driven services strategy. We brought on Starfish Associates to elevate our AI-powered contact

center modernization; the addition of Arrka expands our comprehensive offerings in digital

governance, including data privacy, AI governance, and cybersecurity," he added.

The order booking or deal wins for the quarter was at $529 million in Total Contract Value (TCV) and at $348.3 million in Annual Contract Value (ACV) terms.

Persistent's headcount declined by 282 employees in Q2; total headcount stood at 23,237. Attrition was slight up sequentially at 12 percent from 11.9 percent in Q1.

Ahead of the results, Persistent’s share price fell 1.26 percent today to end at Rs 5,181.65 on NSE.

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Published on:Oct 22, 2024 04:30 pm