IT company Persistent Systems on Wednesday reported 34.9% year-on-year growth in net profit to Rs 237.95 crore for the December quarter, driven by several large deals across industries and service lines. Persistent’s revenues rose by 32.8% y-o-y to Rs 2,169.36 crore. The company’s Q3FY23 margins were at 15.3%, compared to 14% in the year-ago period.
Sandeep Kalra, CEO and executive director, said this was the 11th sequential quarter of revenue growth, fuelled by continued investments in innovative technologies and differentiated digital engineering expertise. The firm won several large deals across industries and service lines, driving 20% sequential growth in total contract value (TCV) bookings, Kalra said. Order booking for the quarter ended December was at $440.2 million in TCV and at $326.3 million in annual contract value terms.
Nearly 77.1% of the revenues during the quarter came from North and Central America, 12.3% from India and 9% from Europe. The software, hi-tech and emerging industries segment business accounted for 47.8% of the revenues, while the BFSI segment accounted for 32.6% of the revenues. The share of healthcare and life sciences was at 19.7%.
The company’s attrition during the quarter reduced to 21.6% from 26.9% a year ago. The total headcount was 22,598 employees. Persistent opened new facilities in Indore, Bengaluru, London and Pune during the quarter.
Persistent declared an interim dividend of Rs 28 per share of the face value of Rs 10 each for FY23. The company’s stock ended 0.33% lower on Wednesday to close at Rs 3,961.50 on the BSE.