Persistent Systems Q2 Results FY2024, Net profit at Rs.2632.8 million

On 18th October 2023, Persistent Systems announced its quarterly results.

Key Highlights:

- In USD, Revenue stood at $291.71 million, up by 14.1% YoY. In INR, Revenue stood at Rs.24,116 million, up by 17.7% YoY
- PBT was reported at Rs. 3557.63 million
- In INR, Net profit was at Rs.2632.8 million, up by 19.7% YoY
- The order booking for the quarter ended on September 30, 2023, was at $479.3 million in Total Contract Value (TCV) and at $315.9 million in Annual Contract Value (ACV) terms.

Segment Highlights:

- Industry segment growth was led by  BFSI vertical which grew 32.3%, Healthcare, Life Sciences was at 19.3%, Software, Hi-Tech & Emerging Industries was at 48.4% .
- Among major markets, North America grew 79.2% and Europe grew 9.5%.India grew by 9.7% and Rest of the World grew 1.6%

Commenting on the results, Sandeep Kalra, Chief Executive Officer and Managing Director said: “We are pleased to announce yet another quarter of strong revenue growth, fueled by client trust in our Digital Engineering and Enterprise Modernization capabilities. Our proactive approach and ability to adapt has enabled us to thrive in this uncertain macroeconomic environment leading to our highest-ever TCV with more than $475M in bookings in Q2FY24. Our recognition as a Challenger in the 2023 Gartner Magic Quadrant for Public Cloud IT Transformation Services is a result of our continued focus and investment in deepening our hyperscaler capabilities. We remain steadfast in our endeavor to excel and are confident in our ability to build on this success. I am also extremely proud to share that we won the Golden Peacock Award for Excellence in Corporate Governance for 2023. This is an acknowledgement of our unwavering commitment to the highest standards of corporate governance.”