Persistent Systems Q3 net profit up 30 pct at Rs 64.20 cr

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Persistent Systems also declared an interim dividend of Rs 8 per share. Reuters Persistent Systems also declared an interim dividend of Rs 8 per share. Reuters
SummaryThe Pune-based Persistent Systems had posted a net profit of Rs 49 crore in year-ago period...

Software services firm Persistent Systems today reported 30 per cent rise in consolidated net profit at Rs 64.20 crore for the quarter ended December 31, 2013, aided by growth in services business and improved operational efficiency.

The Pune-based firm had posted a net profit of Rs 49.51 crore in the year-ago period.

Consolidated revenues of the firm rose by 30 per cent to Rs 432.76 crore in October-December, 2013, from Rs 332.99 crore in the same period of 2012-13, the company said in a BSE filing.

"We delivered another strong quarter with 3.8 per cent q-o-q growth in services and improved operational efficiencies," Persistent Systems Chairman and CEO Anand Deshpande said.

The firm's continued investment in technology has helped Persistent establish a leadership position in the Social, Mobile, Analytics, Cloud (SMAC) space, he added.

In US dollars, revenue rose by 15.1 per cent to USD 69.94 million in the third quarter of 2013-14 compared to the year- ago period.

Persistent also declared an interim dividend of Rs 8 per share.

The firm added 63 clients during the December quarter.

Geography-wise, North America accounted for 83.1 per cent of the revenues followed by Europe at 6 per cent and Asia Pacific at 10.9 per cent.

The firm hired 145 people (net) during the quarter taking its total headcount to 7,602 as of December 2013.

Cash and cash equivalents stood at Rs 594 crore as of December 31, 2013.

"We continue to focus on products and IP-led revenue, tracking new industry trends and encouraging innovative ideas that solve real-world problems," Deshpande said.

During the quarter, Persistent Venture Fund invested in two US companies.

The Persistent Venture Fund is an early-stage investment fund focused on supporting innovation in Social, Mobile, Analytics and Cloud computing technologies.

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