Pune-based Persistent Systems Crosses USD 1 Billion in Annual Revenue

Pune-based mid-tier IT company, Persistent Systems Ltd, has reported a consolidated net profit of Rs. 251.50 crore in their fourth-quarter ended March 2023, an increase of 5.7% sequentially from Rs. 237.90 crore. The company also posted a consolidated revenue from operations for the quarter ended at Rs. 2,254.5 crore, up 4% on a quarter-on-quarter basis from Rs. 2,169.40 crore.

The company's net profit increased by 35% year-on-year to Rs. 237.90 crore in the previous quarter.

Sandeep Kalra, Chief Executive Officer and Executive Director at Persistent acknowledged that the current fiscal year of 2023 was a “momentous” one for the company as it reached several key milestones like attaining USD 1 billion in annual revenue and saw its inclusion in three key indices of the National Stock Exchange of India including the Nifty IT index. 

“We have been nimble, proactive, and disciplined, allowing us to build a healthy booking pipeline and maintain competitive advantage. We’re truly grateful to our clients, partners, investors, and team members for their unwavering trust. As we move to the next phase of growth, we will continue to strengthen our partner ecosystem, maintain operational rigor, and deepen our capabilities to scale our Digital Engineering expertise and drive business value for our clients,” he stated. 

The board has recommended a final dividend of Rs. 12 per equity share and a special dividend of Rs. 10 per equity share of Rs. 10 each for FY 2022-23, according to a company filing. The special dividend, which will be given together with the final payout, is recommended for reaching $1 billion in annual revenue. 

The company also said in the filing that the order booking for the quarter under review was at USD 421.60 million in annual contract value terms.