Persistent Systems (BSE & NSE: PERSISTENT), announced the Company’s audited financial results for the quarter ended June 30, 2020, as approved by the Board of Directors.
Consolidated Financial Highlights for the Quarter ended June 30, 2020:
| Q1FY21 | Q-o-Q Growth | Y-o-Y Growth | |
|---|---|---|---|
| Revenue (INR Million) | 9,913.85 | 7.0% | 19.1% |
| EBITDA (INR Million) | 1,464.36 | 14.7% | 21.8% |
| PBT (INR Million) | 1,220.44 | 8.0% | 11.2% |
| PAT (INR Million) | 900.08 | 7.4% | 9.1% |
| Revenue (USD Million) | 131.02 | 3.1% | 9.5% |
“In this quarter of the pandemic, Persistent achieved 3.1% growth, cumulatively achieved by both business units. Client curiosity on digital solutions has never been higher, which enabled us to share our solutions broadly. The growth came on top of improved business operations.”
Sandeep Kalra, Executive Director & President — Technology Services Unit, Persistent Systems“Our strong year-over-year and quarter-over-quarter growth in Q1 was led by BFSI as it continues to be a standout, as does Cloud; the former recognizing the need for new ways of reaching customers digitally and the latter enabling this transformation across industries. The quarter gone by also saw us win a number of large deals with existing and new customers even in the face of the ongoing pandemic.”
The 30th Annual General Meeting of the Company was held on Friday, July 24, 2020. All the proposed resolutions were approved by the shareholders. Mr. Prakash Telang and Mr. Kiran Umrootkar, Independent Directors of the Company retired from the Board upon completion of their term of ten years. The company expresses its deep gratitude for their contributions.
First Quarter FY21 Client Wins and Outcomes
Banking, Financial Services and Insurance
- Top 10 Global Bank: Innovate and modernize payments for commercial unit
- Direct Writer of Surety Bonds & Insurance: Modern platform to customize and purchase insurance plans, ensuring seamless migrations of legacy systems
- US Retirement, Healthcare and Education Savings: End-to-end AI-enabled IT Service and asset management platform
Healthcare & Life Sciences
- Large Pharmacy Benefits Manager: Platform enabling nurse practitioner and caregiver collaboration, optimize patient care
- Drug and Medical Device Database Provider: E-prescription platform connecting PMRs, PBMs and pharmacies across the United States
- Integrated Healthcare Provider & Insurance Company: Patient engagement platform to mediate and monitor patients, improve patient experiences and reduce need for hospital visits
Industrial
- Industrial Leading Aerospace Manufacturer: Engineering lifecycle management and related services
- Leading Audio Communications Equipment Manufacturer: IPM solution to upgrade product catalogue
- Canadian Rail Network Consortium: Engineering lifecycle management solutions for modernization
Software and Hi-Tech
- Leading Enterprise Software company in Data Virtualization Space: Global Technology Center to accelerate & scale product development & support
- Top 5 Tech Leader: Pioneering Smart Campus & Incentive Management Programs, leveraging IoT & Data Expertise
- Global Environmental Health, Safety and Compliance Software Developer: Quality management systems