Mid-tier IT services firm Persistent Systems reported an 25.36 percent rise in net profit to Rs 315.3 crore year-on-year for the fourth quarter ended March 31.
Consolidated revenue for the fourth quarter stood at Rs 2,590 crore, a rise of 14.9 percent year-on-year.
The company reported total contract value (TCV) of $447.7 million in Q4, a decrease from $475 million in the previous quarter, which was then its highest-ever deal win.
The EBIT margin or operating margin flat at 14.5% quarter-on-quarter. Last year, Persistent Systems had said that it expected to improve margins by 200-300 basis over the next two to three years. One basis point is one-hundredth of a percentage point.
The Board has recommended a final dividend of Rs 10 per Equity Share having a face value of Rs 5 for the Financial Year 2023-24.
This final dividend is subject to the approval of Members at the ensuing Annual General Meeting which will be held on or before September 30. The Book Closure for the purpose of payment of the said Dividend for the Financial Year 2023-24 will be determined later.
In January 2024, the Board had declared an interim dividend of Rs 32 per share on the face value of Rs 10 per share.
Anand Deshpande, Founder and MD of Persistent, attributes success to innovation, resilience, and strategic vision, driving client digital transformations. Deshpande said, “Our continued success this fiscal year is a testament to our innovative spirit, remarkable resilience, and strategic foresight, powering the digital transformation journeys of our clients. We approach every challenge as an opportunity and every achievement as a stepping-stone for future endeavors. Our determination to excel in everything we do has helped us set new benchmarks in the industry. We will continue to push the boundaries to scale new heights in the coming year.”
Sandeep Kalra, CEO and Executive Director of Persistent, expresses gratitude to the team, clients, partners, and investors for their trust and support. Looking ahead, the company is confident in driving sustainable growth through strategic investments in disruptive technologies like AI, he said.
Kalra said, “As we reflect on fiscal year 2024, I would like to extend my gratitude towards our incredible team, clients, partners, and investors, whose continued trust has powered our impressive journey. Our industry-leading growth, strong operational rigor, and commitment to building differentiated capabilities led to Persistent’s recognition as the “Most Promising Company” of the Year by CNBC-TV18 at the 2023 India Business Leader Awards. We were also included in three prestigious capital market indices – MSCI India Index, S&P BSE 100, and S&P BSE SENSEX Next 50. As we enter the new fiscal year, we are confident in our ability to drive sustainable growth with strategic investments in disruptive technologies like AI and are excited about the road ahead.”
At the end of last trading session on April 19, the scrip settled at Rs 3918 apiece at the BSE, which was 2 percent higher (or Rs 76.75) as against the previous day's close.
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