Info-tech

Persistent Systems to hire 6,000 people this fiscal

KV Kurmanath Hyderabad | Updated on July 24, 2021

Sunil Sapre, Executive Director and Chief Financial Officer

Will include a mix of 2,000 freshers and 4,000 lateral employees

Technology services and solutions company Persistent Systems plans to hire 6,000 employees this financial year. This would include a mix of 2,000 freshers and about 4,000 lateral employees.

“We are looking at a 1:2 (two lateral staff to every fresher) ratio. We might hire about 1,000 laterals a quarter this year,” Sunil Sapre, Executive Director and Chief Financial Officer of the Pune-based firm, told BusinessLine.

The company has 14,904 employees as of June 30 against 10,829 in the same quarter last year.

The US, which contributes about 80 per cent to the company’s revenue, is resuming operations in most places after the pandemic. “Some States (in the US) are still witnessing restrictions. We are going and meeting (clients) in the States where work has resumed. We see a 30-40 per cent resumption in normal meetings,” he said.

Q1 net up

In the first quarter ended June 30, the company posted net profit of ₹151.24 crore against ₹90 crore in the same quarter the previous year, a growth of 68 per cent.

Its revenue grew 24.1 per cent to ₹1,229.9 crore (₹991.39 crore).

The company’s annual general meeting, held on July 21, okayed a final dividend payment of ₹6 a share.

“We reported growth in the first quarter of 2020-21 despite the pandemic. The number of clients that contribute more than $5 million increased to 21 from 17 and those that contribute $1-5 million increased to 76 from 66,” he said.

Salary hike

The company hiked salaries for its employees in India by 8-10 per cent and for those in the US by 3-4 per cent. It has 13,710 employees working in India and 1,256 in the US.

Published on July 23, 2021

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