Info-tech

Persistent Systems Q2 net up 36%

PTI New Delhi | Updated on March 13, 2018 Published on October 21, 2013

Software services firm Persistent Systems today reported a 36 per cent increase in consolidated net profit at Rs 60.79 crore for the second quarter ended September 30, 2013, helped by currency depreciation and growth in its (intellectual property) IP-led business.

The Pune-based firm had posted a net profit of Rs 44.65 crore in the year-ago period.

Consolidated revenue for the July-September quarter this fiscal rose 32 per cent to Rs 432.37 crore from Rs 326.86 crore in the same quarter last fiscal.

“We have had outstanding results in the second quarter helped by our IP-led business and the depreciation in Indian rupee against the US dollar, which helped our margins by 270 basis points,” Persistent Systems Chairman and CEO Anand Deshpande told PTI.

IP-led revenues for the quarter stood at $13.10 million against $9.49 million in the previous quarter, a Q-o-Q growth of 38 per cent.

In dollar terms, the company posted a revenue of $68.45 million, representing year-on-year (Y-o-Y) growth of 14 per cent and quarter-on-quarter (Q-o-Q) growth of 8.6 per cent.

“We focused our strategy around product engineering, enterprise platform approach and product IP, which has enabled the company to grow and scale up resulting in new business opportunities with leading enterprises,” Deshpande added.

Region-wise, North Americas led by the US accounted for 84.64 per cent of the company’s revenue. Persistent registered a forex loss of Rs 10 crore during the quarter under review.

The company added 313 employees during the July-September quarter taking its total headcount to 7,457 as of September 30, 2013.

“We expect to hire 600 people by the end of this fiscal, which will increase our headcount to over 8,000,” Deshpande said.

Published on October 21, 2013
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