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Persistent Systems Surge 8% On Robust Q1 Earnings

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Persistent Systems announced a 68 percent increase in consolidated net profit for the April-June quarter of this year, at Rs 151.2 crore. This quarter's increase was among the strongest in the company's history. Profits after tax were Rs 151.20 crore, up 9.8 percent sequentially and 68 percent year over year.

 

During early trading hours on Friday, Persistent Systems' stock hit a new 52-week high of Rs 3,080.85.

Persistent Systems Surge 8% On Robust Q1 Earnings

The total contract value (TCV) of orders booked for the quarter ending June 30, 2021 was $244.8 million, with an annual contract value of $188.83 million (ACV).

Persistent Systems helps firms implement and modernise their businesses by providing software engineering and strategy services. It features its own software and frameworks, as well as pre-built integration and acceleration capabilities. It's also worked with companies like Salesforce and Amazon Web Services.

Persistent has been named a Top 15 Sourcing Standout for Managed Services in the Global ISG IndexTM "Booming 15" Category for the fifth consecutive quarter.

Stock gained 236.34 percent over three years, compared to 50.8 percent for the Nifty Midcap 100. Annual sales growth of 16.16 percent surpassed the company's three-year CAGR of 10.75 percent. Persistent Systems Ltd., founded in 1990, is a Mid Cap business in the IT Software sector with a market capitalization of Rs 22,630.97 crore.

Read more about: persistent systems
Story first published: Friday, July 23, 2021, 11:57 [IST]
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