Mid-tier IT services firm Persistent Systems reported a 6% sequential increase in net profit to Rs 325 crore for the quarter ended September. Year-on-year, net profit surged 23.4%, driven by the company’s focus on an AI-led services strategy.
The company’s consolidated revenue also saw a 6% quarter-on-quarter rise to Rs 2,897.1 crore, marking a 20% year-on-year increase. However, the operating margin (EBIT) remained flat sequentially at 14%.
Sandeep Kalra, CEO and executive director of Persistent, said, “We are proud to announce our 18th consecutive quarter of revenue growth, with $345.5 million in revenue, an 18.4% year-over-year increase. During 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.
Persistent reported a strong quarter for deal wins, with total contract value (TCV) reaching $529 million, up from $462.8 million in the June quarter. Annual contract value (ACV) also rose to $348.3 million, compared to $337.3 million in the previous quarter.
The company’s workforce declined by 282 employees in the September quarter, bringing the total headcount to 23,237. Attrition increased slightly to 12%, up from 11.9% in the previous quarter.
From: financialexpress
Financial News
