Persistent Systems profit up 11.4 per cent
PUNE: Persistent Systems reported a profit after tax of Rs81.8cr for the quarter ended 31st December 2016, up 11.4% over the previous quarter and up 5.7% over the corresponding quarter last year. Revenue for the quarter stood at Rs 745.53cr, up 5.9% Q-o-Q and 25.9% Y-o-Y. In dollar terms the revenue was $110.03 mn, up 4.6% Q-o-Q and 22.7% Y-o-Y. EBIDTA was up 13.5% Q-o-Q at RS 111.7cr. The board of directors have declared an interim dividend of Rs 6 per share, as against Rs 5 per share for the corresponding period last year.
Anand Deshpande, CMD, Persistent Systems said, ““We had a good quarter. In a challenging market for traditional IT services, our strategy to focus on IP-driven and digital business is differentiating us. Our focus on the how of digital is driving our traction, such as in financial services and healthcare, with new customers and in new projects won during the quarter. This quarter also saw more partner awards and recognitions for us, leadership positions in analyst reports, and the best validation of all – one of our customers winning an award and headlining a story of how technology innovation is making the world a healthier place.”
The company also announced that Dr Anant Jhingran has resigned from his position as Independent Director in order to focus on other professional commitments; his resignation is effective November 3, 2016.