IT company Persistent Systems reported an 8.1% year-on-year rise in net profit to Rs 228.76 crore and a 23.6% increase in revenues to Rs 2,321 crore for the April-June quarter of FY24.
Sandeep Kalra, CEO and executive director, said after surpassing $1 billion in annual revenues in FY23, Persistent had sustained the growth momentum in Q1FY24 despite the challenging macroeconomic conditions. The order book was at $380.3 million in total contract value (TCV) and at $ 271.9 million in annual contract value (ACV) terms.
Persistent’s digital engineering leadership, extensive experience across key industries, curated partner ecosystem, and the ability to stay ahead of disruptive technology trends have led to success, Kalra said.
Around 79.2% of Persistent’s revenues came from North America, European market share was 9.7% and India accounted for 9.9% of the revenues.
The software, hi-tech and emerging technology segment accounted for 48.1% of the revenues with the banking and financial services and insurance segment accounting for 37.3% and the healthcare and life sciences segment share was at 18.6%. The number of large clients during the June quarter had gone up to 38 from 26 in the same period last year. The top ten clients accounted for 35.6% of the revenues.
Persistent’s employee count was at 23,130 with attrition levels falling to 15.55% during the quarter compared to 24.8% in the June 2022 quarter.
Ajit Ranade, academician and economist, was inducted as an independent director on the Persistent board.