Persistent Systems on Saturday reported an 8.7% sequential and a 20.2% year-on-year growth in net profit to Rs 266.34 crore for the October-December quarter.
The firm’s sequential revenue grew by 3.6% to Rs 2,498.2 crore. This was a 15.2% y-o-y growth in revenues on the back or strong order book and steady performance across all key industry segments, the company said.
Persistent dollar revenue was up 3% sequentially at $300.55 million. The Persistent board has approved a stock split and declared an interim dividend of Rs 32 per share. The company will split the face value of shares from Rs 10 to Rs 5.
The company’s shares closed at Rs 7,933.20, up 0.91% on the BSE on Saturday.
Sandeep Kalra, executive director and CEO, Persistent, said this was the 15th sequential quarter-on-quarter growth for the company.
It was also the first-ever $300 million revenue and $500 million TCV booking milestone for the company.
During the December quarter, Persistent improved its profit margins to 11.5% from 10.9% in Q2FY23. EBIT margin was up 82 basis points at 14.53%.
The order booking during the quarter was $521.4 million in Total Contract Value (TCV) and $392.1 million in Annual Contract Values (ACV).
Total headcount at the end of the third quarter was up 3.2% y-o-y to 23,336 with employee utilisation improving to 81.5% from 77.68% a year ago. Attrition during the quarter halved to 11.9% from 21.6% a year ago.
The company announced that Dhanashree Bhatt has taken over as Persistent’s chief operating officer.
She moved from TechMahindra, where she was chief delivery officer (CMT). Bharat Narayanan has joined as Persistent’s Global BFSI and Europe Geo head. Narayanan was previously heading digital and cloud business globally for Wipro.