Persistent Systems crosses $1 billion in annual revenue

The IT company reported a profit of Rs 251.5 crore for the quarter ended March 2023, 6.9 percent below the CNBC-TV18 estimate of Rs 270 crore. However, the profit has increased sequentially.

The company failed to beat profit and EBIT estimates, while rupee revenue, margin and dollar revenue came in-line with expectations.

In the previous quarter, the mid-tier IT company reported a 34.9 percent year-on-year jump in net profit at Rs 237.9 crore.

Sandeep Kalra, Chief Executive Officer and Executive Director said, “Fiscal year 2023 was momentous for Persistent as we achieved several key milestones including attaining $1 billion in annual revenue and inclusion in three key indices of the National Stock Exchange of India including the Nifty IT index, among others."

The company said in a filing that the order booking for the quarter under review was at $421.6 million in total contract value (TCV) and at $310.4 million in annual contract value (ACV) terms.

The company's board have also recommended a final dividend of Rs 12 per share and a special dividend of Rs 10 per share on achieving $1 billion in annual revenue, on the face value of Rs 10 each. In January, the board of directors declared an interim dividend of Rs 28 per share on the face value of Rs 10 each for the financial year 2022-2023.