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Persistent $ revenue up 4.2% QoQ to $79.5mn, declares bonus

Mid-tier IT firm Persistent Systems declared its consolidated dollar revenues grew 4.2 percent sequentially to USD 79.5 million — a growth of 13.7 percent year-on-year.

Persistent $   revenue up 4.2% QoQ to $  79.5mn, declares bonus

The News International Team

Mid-tier IT firm Persistent Systems  declared its consolidated dollar revenues grew 4.2 percent sequentially to USD 79.5 million — a growth of 13.7 percent year-on-year, filings to the exchanges showed today. The revenue number was in line with a CNBC-TV18 poll that had forecast USD 80 million.

In rupee terms, revenues grew 6.6 percent QoQ (and 14.3 percent YoY) to Rs 494.63 crore.

At the operating level, earnings before interest, taxes, depreciation and amortization (EBITDA) stood at Rs 99.5 crore, a 4 percent QoQ rise (margin at 20.1 percent). This was lower than the Rs 117.1 crore expected by analysts.

While net profit stood at Rs 74.4 crore, 4.4 percent higher, compared to a forecast of Rs 78.3 crore.

“Technology and innovation continue to be at the center of our strategy to focus on the ‘How’ of digital transformation,” CMD Anand Deshpande said. “During the quarter, we strengthened our leadership team to drive this technology-led strategy along with forming new partnerships and enhancing how we train our employees on the technologies that drive digital transformation.”

The board had proposed a 1:1 stock bonus, Persistent said, while also declaring a Rs 10 per share interim dividend .

“2015 is an important year for the company as we celebrate our 25th year. We propose to celebrate the year with multiple different activities that are being planned,” Deshpande said.

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