Persistent Systems Q4 net profit up 26% YoY to Rs 52 cr

Moneycontrol Bureau

Software services provider Persistent Systems' fourth quarter consolidated net profit rose 26 percent year-on-year (5 percent sequentially) to Rs 52 crore.

The Pune-based company's consolidated revenue for the three-month period was up 23 percent from a year ago (0.3 percent quarter-on-quarter) to Rs 334 crore.

In US Dollar terms, Persistent's revenue gained 15 percent YoY (2 percent QoQ) to USD 62 million.

Its earnings were boosted by other income, which more than doubled sequentially to Rs 17 crore from Rs 8 crore.

EBITDA (earnings before interest, taxes, depreciation and amortization) for the quarter was up 7 percent YoY (1 percent QoQ) to Rs 84 crore.

For the full year (FY2013), the company said consolidated net profit rose 32 percent to Rs 188 crore, while revenue was up 29 percent to Rs 1,295 crore.

Its dollar revenue was up 15 percent to USD 238 million.

"Our growth is a result of continued execution of key strategic initiatives in platform solutions and IP led business. Specifically, we have doubled our IP revenue during the year and have seen robust growth in platform solutions," said, Anand Deshpande, CMD.

Persistent Systems' shares closed at Rs 547.20 on NSE on Monday, down 0.4 percent.The results were announced after markets closed.