ThinkStock PhotosPersistent Systems, incorporated in the year 1990, is a Mid Cap company (having a market cap of Rs 36826.69 Crore) operating in IT Software sector.
Persistent Systems key Products/Revenue Segments include Software Services and Software Licence for the year ending 31-Mar-2023.
Financials
For the quarter ended 30-06-2023, the company has reported a Consolidated Total Income of Rs 2342.82 Crore, up 3.51 % from last quarter Total Income of Rs 2263.30 Crore and up 23.37 % from last year same quarter Total Income of Rs 1899.09 Crore. Company has reported net profit after tax of Rs 228.77 Crore in latest quarter.
Investment Rationale
Due to negative surprise on margin and lower other income duringQ1FY24, the brokerage cut its FY24E EPS estimate by 6% but largely maintain its outer year EPS forecast.
The brokerage sees Persistent as a high quality asset with strong capabilities built around hyperscalers (which may eventually help in scaling up generative AI solutions as well)and SaaS companies.
Promoter/FII Holdings
Promoters held 31.06 per cent stake in the company as of 30-Jun-2023, while FIIs owned 20.5 per cent, DIIs 27.94 per cent.
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