Persistent Systems jumped 4.78% to Rs 2,964.30 after the IT firm reported a 9.79% jump in consolidated net profit to Rs 151.24 crore in Q1 June 2021 (Q1 FY22) over Rs 137.75 crore in Q4 March 2021 (Q4 FY21).
Consolidated revenue from operations grew 10.47% to Rs 1,229.92 crore in Q1 June 2021 from Rs 1,113.35 crore in Q4 March 2021. Profit before tax climbed 9.83% to Rs 203.05 crore in Q1 FY22 as against Rs 184.87 crore in Q4 FY21. The Q1 result was declared post market hours yesterday, 22 July 2021.
Consolidated EBITDA soared 7% Q-o-Q (quarter-on-quarter) and 37.6% Y-o-Y (year-on-year) to Rs 201.52 crore, with margins at 16.4% during the quarter. The order booking for the quarter ended on 30 June 2021 stood at $244.8 million in Total Contract Value (TCV) and at $188.83 million in Annual Contract Value (ACV).
Sandeep Kalra, the chief executive officer (CEO) and executive director of Persistent Systems, has stated: "The 9.2% sequential growth and 27.3% year-on-year growth that we delivered this quarter was amongst the highest ever. I'm especially proud of our team for this achievement during these challenging times. We won several large digital engineering and enterprise modernization deals. These deals reinforce the differentiated value we deliver to both technology companies and enterprise clients. Our commitment to client success remains central. Our focus on deepening client relationships, disciplined execution, and operational excellence are foundational to achieving consistent, profitable growth. During this quarter, we also acquired Sureline Systems, to bolster our cloud capabilities."
Persistent Systems' consolidated net profit surged 68% to Rs 151.24 crore on a 24.1% increase in net sales to Rs 1,229.92 crore in Q1 June 2021 (Q1 FY22) over Q1 June 2020 (Q1 FY21).
The firm will pay an interim dividend of Rs 14 per equity share and declare a final dividend of Rs 6 per equity share for the FY 2020-21.
Persistent Systems is a global services and solutions company delivering digital engineering and enterprise modernization. The scrip hit a record high at Rs 3,080.85 during intraday trade.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU