After posting highest quarterly revenue growth in 5 yrs in Q1, Persistent Systems to hire 2,000 freshers this year

By: |
July 24, 2021 3:30 AM

“We have been aggressively hiring ahead of the curve. In the last two quarters, we have hired 1,650 and 1,250 people, respectively, and this quarter we hired 1,224 people,” Sapre said. They would be onboarding another 2,000 freshers this year, Sapre said.

Every company, large or small, is saying they would clock double-digit growth. If everybody grows by double digits and major portion of growth is being serviced in India, there will be a war for talent, he pointed out.

After posting the highest quarterly revenue growth in five years in the first quarter of the current financial year, Persistent Systems is looking to hire 2,000 freshers. With digital transformation projects and cloud adoption work increasingly being off-shored, the need for talent is growing.

In the June quarter, Persistent’s revenue grew 24.1% YoY and 10.5% QoQ to Rs 1,229.92 crore. Profits grew by 68% YoY to Rs 151.24 crore.Sunil Sapre, executive director and CFO, Persistent, said they had been hiring and would continue to do so. “We have been aggressively hiring ahead of the curve. In the last two quarters, we have hired 1,650 and 1,250 people, respectively, and this quarter we hired 1,224 people,” Sapre said. They would be onboarding another 2,000 freshers this year, Sapre said.

Every company, large or small, is saying they would clock double-digit growth. If everybody grows by double digits and major portion of growth is being serviced in India, there will be a war for talent, he pointed out. Persistent’s attrition rate in the last 12 months has been 16.6%. According to him, the demand supply mismatch was in favour of talent and they would have to live with attrition and manage it with a mix of fresh hires and lateral hires. They intend to get better pricing from clients for quality resources.

According to Sapre, digital transformation project work that used to be executed on-site is now being done remotely and more economically, and this has fuelled growth for both large and mid-sized companies. It acquired Sureline Systems during the June quarter for $2.5 million. This was to bolster Persistent’s cloud transformation offerings and solutions with the specialised team of cloud experts from Sureline Systems.

Based in San Jose, California, and Pune, Sureline Systems delivers cloud migration. While digital transformation and cloud are growing businesses, product engineering remained the main business for Persistent and accounted for 60-65% of the revenues.

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