Persistent Systems Q2 profit jumps 58.6% to Rs 161.7 crore

During the quarter, the company had announced the acquisition of Software Corporation International and Shree Partners, forming a new Payments business unit and furthering its expertise in cloud and IT Infrastructure.

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Tech firm Persistent Systems on Tuesday reported a 58.6 per cent rise in consolidated net profit to Rs 161.7 crore for the September 2021 quarter.

The company had registered a profit of Rs 101.9 crore in the year-ago period, it said in a statement.

Revenue from operations increased 34.1 per cent to Rs 1,351.2 crore during the quarter under review as against Rs 1,007.7 crore a year ago, it added.

In dollar terms, the company’s revenue grew 34 per cent to USD 182.32 million during the quarter from USD 136.09 million in the same period last fiscal.

We are delighted to share that Persistent ended the quarter on a record high note – once again delivering industry-leading performance, including year-over-year revenue growth of 34 per cent and continued margin improvement,” Persistent Systems Chief Executive Officer and Executive Director Sandeep Kalra said.

During the quarter, the company had announced the acquisition of Software Corporation International and Shree Partners, forming a new Payments business unit and furthering its expertise in cloud and IT Infrastructure.

Persistent’s order booking for the quarter ended September 30, 2021, was at USD 282.5 million in Total Contract Value (TCV) and at USD 201.1 million in Annual Contract Value (ACV).

The company’s headcount at the end of the September 2021 quarter was 15,879 people.