ETMarkets.comICICI Direct has buy call on Persistent Systems with a target price of Rs 5330. The current market price of Persistent Systems is Rs 4694.85. Time period given by analyst is 3 months when Persistent Systems price can reach defined target. ICICI Direct recommended to keep stop loss at Rs 4390.
Persistent Systems, incorporated in the year 1990, is a Mid Cap company (having a market cap of Rs 35956.82 Crore) operating in IT Software sector.
Persistent Systems key Products/Revenue Segments include Software Services and Software Licence for the year ending 31-Mar-2022.
Financials
For the quarter ended 31-03-2023, the company has reported a Consolidated Total Income of Rs 2263.30 Crore, up 2.78 % from last quarter Total Income of Rs 2202.12 Crore and up 34.73 % from last year same quarter Total Income of Rs 1679.93 Crore. Company has reported net profit after tax of Rs 251.51 Crore in latest quarter.
The company’s top management includes Dr.Anand Deshpande, Dr.Ambuj Goyal, Mr.Arvind Goel, Ms.Avani Davda, Prof.Deepak Phatak, Mr.Praveen Kadle, Dr.Anant Jhingran, Ms.Roshini Bakshi, Mr.Sunil Sapre, Mr.Sandeep Kalra, Mr.Dan l Lewin. Company has Walker Chandiok & Co. LLP as its auditors. As on 31-03-2023, the company has a total of 8 Crore shares outstanding.
Investment Rationale
Promoter/FII Holdings
Promoters held 31.26 per cent stake in the company as of 31-Mar-2023, while FIIs owned 20.55 per cent, DIIs 27.6 per cent.
Persistent Systems, incorporated in the year 1990, is a Mid Cap company (having a market cap of Rs 35956.82 Crore) operating in IT Software sector.
Persistent Systems key Products/Revenue Segments include Software Services and Software Licence for the year ending 31-Mar-2022.
Financials
For the quarter ended 31-03-2023, the company has reported a Consolidated Total Income of Rs 2263.30 Crore, up 2.78 % from last quarter Total Income of Rs 2202.12 Crore and up 34.73 % from last year same quarter Total Income of Rs 1679.93 Crore. Company has reported net profit after tax of Rs 251.51 Crore in latest quarter.
The company’s top management includes Dr.Anand Deshpande, Dr.Ambuj Goyal, Mr.Arvind Goel, Ms.Avani Davda, Prof.Deepak Phatak, Mr.Praveen Kadle, Dr.Anant Jhingran, Ms.Roshini Bakshi, Mr.Sunil Sapre, Mr.Sandeep Kalra, Mr.Dan l Lewin. Company has Walker Chandiok & Co. LLP as its auditors. As on 31-03-2023, the company has a total of 8 Crore shares outstanding.
Investment Rationale
Persistent has been one of the few relative outperformers within IT pack that has managed to reclaim its life highs. Over past few months, stock formed a higher base around 4300-4400 zone and resumed its uptrend post earnings.
Promoter/FII Holdings
Promoters held 31.26 per cent stake in the company as of 31-Mar-2023, while FIIs owned 20.55 per cent, DIIs 27.6 per cent.
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