Persistent Systems Q3 net profit up 22% to Rs 49 cr

Written by PTI | New Delhi | Updated: Apr 23 2013, 00:40am hrs
Technology company Persistent Systems today posted a 22 per cent rise in net profit to Rs 49.5 crore for the October-December quarter of 2012.

The company's net profit stood at Rs 40.5 crore in the year-ago period.

Persistent Systems' total income during the third quarter grew 24 per cent to Rs 332.98 crore from Rs 267.73 crore in the year-ago period, the company said in a statement.

"The growth in revenues was driven by Product Engineering Services which grew steadily quarter on quarter. Our IP (intellectual property) story continues to be good.

"We are seeing good client traction across our focus areas - cloud computing, collaboration, analytics and mobility," Persistent Systems Executive Director and COO Nitin Kulkarni said.

He added that the overall business sentiments are good. "The customers are bullish and they are investing in these technologies. We added 20 new clients during the quarter."

Post the announcement, shares of the company tumbled on the BSE, trading at Rs 525 a piece at 1420 hrs, down 6.59 per cent from their previous close.

The company also announced the appointment of Sridhar Jagannathan as the Chief Innovation Officer. He will be responsible for "driving innovation in products, solutions and services".

Persistent System declared an interim dividend of 6 per share for 2012-13 fiscal.