Mid Cap Stock Declares Rs 28/Share Dividend, Net Profit Jumps 35% In Q3: Buy?

Mid tier IT Software stock, Persistent Systems Ltd on Wednesday declared a 34.9% year-on-year (YoY) surge in its net profit at Rs 237.9 crore for Q3 that ended December 31, 2022. In the corresponding quarter last year, Persistent Systems declared a net profit at Rs 176 crore.

Apart from this, the company has also announced an interim dividend of Rs 28 per share on the Face Value of Rs 10 each for FY 2022-23. Check details below:

1. Persistent Systems Approves Rs 28 Per Share Interim Dividend

According to the regulatory filing of Persistent Systems, "We wish to inform you that the Board of Directors at its meeting held on January 18, 2023, has approved payment of an Interim Dividend of INR 28/- (INR Twenty-Eight only) per Equity Share of INR 10 each for the Financial Year 2022-23." The record date is January 27, 2023.

2. Persistent Systems Q3 Results

The company registered a rise of 45.4% in the revenue from operations at Rs 2169.3 crore during the Oct-December 2022 period. Revenue from operations was declared at Rs 1491.7 crore in the corresponding quarter last year.

Meanwhile, EBITDA of Persistent Systems declared at Rs 401.5 crore up 59.9% YoY. Total expenses of Persistent Systems surged 43.83% YoY to Rs 1849.6 crore during the quarter.

3. Persistent Systems Stock Performance & Return

The last trading price of the stock is Rs 3961.50 apiece with an intraday dip of 0.33% on BSE. The stock's 52-week high is Rs 4950.35 apiece and 52-week low is Rs 3091 apiece, respectively. The company has a market capitalisation of Rs 30,275.76 crore. The stock has surged 7% in last 3-months, declined 8% in last 1-year, and surged 462% in last 3-years.

4. HDFC Securities Assigns Buy Call To Persistent Systems

Brokerage firm HDFC Securities in its October 21, 2022 report assigned buy call to the stock with a target price of Rs 5060 apiece. If you buy Persistent Systems now, you will get potential 28% return.

Disclaimer

The stock has been picked from the brokerage report of HDFC Securities. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.