Pivots to AI-led, platform-driven services approach
PUNE, India and SANTA CLARA, Calif., July 18, 2024 /PRNewswire/ -- Persistent Systems
(BSE: 533179) (NSE: PERSISTENT) today announced the Company's
audited financial results for the quarter ended June 30, 2024, as approved by the Board of
Directors.
Consolidated Financial Highlights for the Quarter ended
June 30, 2024
|
Q1FY25
|
Margin%
|
QoQ
|
YoY
|
Revenue (USD
Million)
|
328.2
|
|
5.6 %
|
16.0 %
|
Revenue (INR
Million)
|
27,371.7
|
|
5.7 %
|
17.9 %
|
EBITDA (INR
Million)
|
4,552.1
|
16.6 %
|
0.2 %
|
7.6 %
|
PBT (INR
Million)
|
4,005.4
|
14.6 %
|
1.3 %
|
30.4 %
|
PAT (INR
Million)
|
3,064.2
|
11.2 %
|
-2.8 %
|
33.9 %
|
The 34th Annual General Meeting of the Company was
held on July 16, 2024. All the
resolutions, including final dividend payment of INR 10 per share,
were approved by the members with requisite majority.
Sandeep
Kalra, Chief Executive Officer and Executive Director,
Persistent:
"I am pleased to announce our 17th consecutive
quarter of revenue growth, underscoring our clients' sustained
trust and confidence in us. Our continued success is driven by
resilience, innovation, and a strategic focus on future
readiness.
We have pivoted to an AI-led, platform-driven services
approach, deepening our hyperscaler partnerships and developing a
suite of innovative solutions. Recognizing our transformative
digital solutions, ISG, the leading advisory firm, ranks us as a
Leader for Digital Engineering services in the US and Europe 2024, for the second year in a
row.
Ms. Roshini Bakshi retired as
an Independent Director from our Board after a decade. We thank her
for her leadership and guidance. We are delighted to welcome Ms.
Anjali Joshi as an Independent
Director. Her vast expertise as a technology leader will enrich our
Board and guide us on our growth journey."
First Quarter FY25 Client Wins and Outcomes
The order booking for the quarter ended on June 30, 2024, was at $462.8 million in Total Contract Value (TCV) and
at $337.3 million in Annual Contract
Value (ACV) terms.
Some of the key wins for the quarter include:
Software, Hi-Tech & Emerging Industries
- Delivering engineering and support services to accelerate the
virtual private cloud roadmap and provide managed services for one
of the largest US-based technology companies
- Consolidating R&D operations globally and enhancing
productivity to advance the AI, data, and SaaS strategy of a
leading European network lifecycle automation company
- Setting up greenfield IT and security operations with managed
services model to ensure timely transition for an application
security testing firm, a PE-led carve-out from a top semiconductor
company
Banking, Financial Services & Insurance
- Modernizing customer data applications, enhancing risk and
sales business KPIs, and implementing GenAI to improve customer
experience for an American financial services and wealth management
company
- Building a cloud-native payment rail solution to enable
real-time payments for the customers of one of the largest US-based
fintech companies
- Transforming legacy platforms and digitizing processes to
elevate the experience of business banking customers for a leading
Australian multinational bank
Healthcare & Life Sciences
- Enhancing the software platform that tracks sample processing
as well as reagent and instrument usage to improve turnaround time
and reduce manual errors for a leading precision oncology
company
- Migrating on-prem clinical and claim data warehouse to a
cloud-based platform to boost analytics efficiency for a
multinational health insurance company
- Undertaking product lifecycle management of critical
applications for genetic condition diagnostics to increase
operational efficiency for a leading US-based diagnostics
company
News in the Quarter
- Persistent Acquires Starfish Associates, Strengthening its
Position in AI-powered Contact Center and Unified
Communications
- Persistent Enters into Strategic Partnership Agreement to Drive
Innovative Solutions Powered by Google Cloud
- Persistent Achieves Premier Services Partner Status with
Snowflake, Boosting Data Management and Analytics Capabilities
- Persistent Transforms Enterprise Data Management with iAURA, a
Portfolio of AI-Powered Data Solutions
Awards and Recognitions
- Persistent's Founder, Chairman, and Managing Director, Dr.
Anand Deshpande honored with the
Association of Computing Machinery Presidential Award 2023
- Persistent ranked a Leader in ISG Provider Lens™ Digital
Engineering Services Quadrant Report U.S. 2024
- Persistent named a Leader in ISG Provider Lens™ Digital
Engineering Services Quadrant Report for Europe, 2024
- Persistent cited a Leader and Rising Star in ISG's Provider
Lens™ Salesforce Ecosystem Partners 2024 Report
- Persistent Recognized for Excellence in Governance and
Executive Leadership in Institutional Investor's 2024 Asia
Executive Team Survey
- Persistent won the "Masters of Risk" award in the Risk
Governance category at the CNBC-TV18 India Risk Management
Awards
About Persistent
Persistent Systems (BSE & NSE: PERSISTENT) is a global
services and solutions company delivering Digital Engineering and
Enterprise Modernization to businesses across industries. With over
23,500 employees located in 19 countries, the Company is committed
to innovation and client success. Persistent offers a comprehensive
suite of services, including AI-enabled software engineering,
product development, data and analytics, CX transformation, cloud
computing, and intelligent automation. The Company has been
recognized as the "Most Promising Company" of the Year by CNBC-TV18
at the 2023 India Business Leader Awards. As a participant of the
United Nations Global Compact, Persistent is committed to aligning
strategies and operations with universal principles on human
rights, labor, environment, and anti-corruption, as well as take
actions that advance societal goals.
www.persistent.com
Forward-looking and Cautionary Statements
For risks and uncertainties relating to forward-looking
statements, please visit persistent.com/flcs
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