Stocks

Persistent Systems gains over 4 per cent on strong Q2 numbers

Internet Desk | Updated on October 26, 2020 Published on October 26, 2020

Shares of Persistent Systems have risen as much as 4 per cent to ₹1,220/apiece, snapping its five-day losing streak.

Mid-sized IT firm had reported on October 24 an increase of 13.92 per cent in top-line sales for the September quarter at ₹1,007.75 crore. The operating profits for the said quarter were up by 54.68 per cent at ₹122.43 crore while the net profit was up by 18.5 per cent at ₹101.99 crore on a year-on-year basis.

This had an impact on the margins too. For the second quarter FY21, the operating profit margins expanded by 325 basis points at 12.15 per cent while the net profit margins for the quarter was up just 40 bps at 10.12 per cent due to the impact of lower other income and higher tax impact.

The stock is technically in a bullish range from July 27 and has generated 41.72 per cent return since then.

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Published on October 26, 2020
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