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Persistent Q4 net profit rises 64 percent to Rs 137.75 crore

Persistent Q4 net profit rises 64 percent to Rs 137.75 crore
May 02
15:33 2021

The Persistent scrip close 2.01 per cent up at Rs 2,038.55 per share on BSE, as against a correction of 1.98 per cent on the benchmark.

PTI

May 01, 2021 / 03:29 PM IST

Representative Image

Representative Image

Pune-headquartered software company Persistent Systems reported a 64.3 per cent jump in the March quarter net profit to Rs 137.75 crore on higher revenues.

The mid-size company posted a 32.4 per cent growth in FY21 net profit to Rs 450.67 crore, on the back of a 17.4 per cent rise in revenues at Rs 4,187.88 crore. During the March quarter, its revenues increased to Rs 1,133 crore, which was attributed by its chief executive Sandeep Kalra to healthy growth in the technology services vertical.

The company is confident of the demand momentum sustaining for another 2-3 years more as clients look to go digital, Kalra said on Friday. He said the company has been hiring aggressively over the last few quarters, given the overall increase in demand it sees, and added 1,242 employees in the March quarter to take its overall strength to 13,680 people at the end of FY21.

The company, however, declined to give an outlook on the hiring front saying it does not share any guidance on future performance. The company, which has cash and equivalent of over USD 268 million as of March 31, will be looking for acquisitions with a view to adding skill sets and domain expertise in focus areas, Kalra said, making it clear that it will not take the inorganic route for increasing its size alone.

The USD 1 billion revenue goal is still being chased and may even be met ahead of the four-year deadline announced earlier, he said, adding that the March quarter revenues make it a USD 610 million company on an annualised basis. The company board has recommended a dividend of Rs 6 per share, taking the overall payout to Rs 20, including the interim dividend for FY21.

The Persistent scrip close 2.01 per cent up at Rs 2,038.55 per share on BSE, as against a correction of 1.98 per cent on the benchmark.

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