Persistent Announces Another Quarter of Consistent Growth with Revenue Up 32.8%
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Reports 34.9% Y-o-Y PAT growth and declares Interim Dividend of ₹28 per share
SANTA CLARA, Calif. and PUNE, India, Jan. 18, 2023 /PRNewswire/ --
News Summary
Persistent Systems (BSE: PERSISTENT) (NSE: PERSISTENT) today announced the Company's audited financial results for the quarter ended December 31, 2022, as approved by the Board of Directors.
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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.
Awards and Recognitions
- Persistent recognized as a Leader in Everest Group's Software Product Engineering Services PEAK Matrix® for overall, BFSI, and Healthcare
- Persistent Marks a Decade as a Leader in Zinnov Zones Engineering Research and Development Services Ratings
- Persistent won the Appian APJ Innovation Award 2022
- Persistent won two awards at the prestigious 25th Annual Marketing Excellence Awards from Momentum ITSMA
- Persistent Named a Leader in Agile Application Development Projects in ISG Provider Lens™ Next-Gen ADM Services U.S. 2022
News in the Quarter
- BQ Prime: Slowdown Fears: Is It Really Different For I.T. Companies This Time? | Outlook 2023, featuring Sandeep Kalra
- Persistent Partners with Microsoft to Accelerate Its Growth
- Software AG and Persistent Announce Partnership to Deliver Innovative Industry Solutions for the Connected Enterprise
- Persistent Launches Innovative Cyber Recovery Solution with Google Cloud
- CDInsights: You've Migrated to the Cloud, Now What? 4 Critical Cost-Saving Practices, featuring Nitha Puthran
- CNBC TV18: This is how traditionally non-tech industries are transitioning to software-driven business models, featuring Vijay Iyer
- Dice: 'Tech Connects' Podcast: The Keys to Digital Transformation, featuring Dominique Bastos
About Persistent
With over 22,500 employees located in 18 countries, Persistent Systems (BSE & NSE: PERSISTENT) is a global services and solutions company delivering Digital Engineering and Enterprise Modernization. We work with the industry leaders including 14 of the 30 most innovative companies as identified by BCG, 80% of the largest banks in the US and India, and numerous innovators across the healthcare and software ecosystems. As a participant of the United Nations Global Compact, Persistent is committed to aligning strategies and operations with universal principles on human rights, labor, environment, and anti-corruption, as well as take actions that advance societal goals. Persistent was named to the Forbes Asia Best Under a Billion 2021 list, representing consistent top-and bottom-line performance as well as growth.
www.persistent.com
Forward-looking and Cautionary Statements
For risks and uncertainties relating to forward-looking statements, please visit persistent.com/FLCS
Media Contacts:
Emma Handler
Rhea Mistry
Persistent Systems (Global)
Archetype
+1 617 633 1635
+91 992 058 2926
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