The Economic Times daily newspaper is available online now.

    Persistent Systems Q3 Results: Profit rises 35% YoY to Rs 238 crore, announces Rs 28/share dividend

    Synopsis

    ​Persistent clocked a 45.4% increase in the revenue from operations at Rs 2,169.3 crore during the October-December 2022 period, which stood at Rs 1,491.7 crore in the year-ago period, whereas the operating EBITDA of the company stood at 401.5 crore in Q3FY23, up 59.9% YoY.

    Persistent Systems Q3 Results: Profit rises 35% YoY to Rs 238 crore, announces Rs 28/share dividendAgencies

    INSIGHTS

    Read Stock Insights by ET for a quick analysis

    Explore Now
    IT firm Persistent Systems on Wednesday reported a 34.9% year-on-year (YoY) rise in its net profit to Rs 237.9 crore for the quarter ended December 31, 2022. The company had reported a net profit of Rs 176.4 crore in the same quarter of the previous fiscal year.

    Persistent clocked a 45.4% increase in the revenue from operations at Rs 2,169.3 crore during the October-December 2022 period, which stood at Rs 1,491.7 crore in the year-ago period, whereas the operating EBITDA of the company stood at 401.5 crore in Q3FY23, up 59.9% YoY.

    The total expenses of the company spiked 43.83% YoY to Rs 1,849.6 crore during the quarter.

    The order booking for the quarter ended on December 31, 2022, was at $440.2 million in total contract value (TCV) and $326.3 million in annual contract value (ACV) terms.

    The board of directors also declared an interim dividend of Rs 28 per share for the Financial Year 2022-2023.

    In today's trade, shares of Persistent Systems ended 0.33% lower at Rs 3,961.5

    “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," Sandeep Kalra, Chief Executive Officer and Executive Director of Persistent said.

    "As a result, we won several large deals across industries and service lines, driving 20% sequential growth in total contract value (TCV) bookings," Kalra added.

    Persistent Systems is an outperformer stock in the IT sector with a return of 19% in the last six months. However, the stock in the past one year has generated a negative return of 7%.

    With over 22,500 employees located in 18 countries, Persistent Systems is a global services and solutions company delivering Digital Engineering and Enterprise Modernization.




    ( Originally published on Jan 18, 2023 )
    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more


    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
    The Economic Times

    Stories you might be interested in