Persistent Systems on track to hit $1-billion turnover | The Financial Express

Persistent Systems on track to hit $1-billion turnover

Anand Deshpande, founder and chairman & MD, Persistent Systems, said the company had surpassed $1 billion in annualised revenue run rate. “We did $255 million in the last quarter and by the end of the year, we should be at the $1 billion mark,” he said.

Persistent Systems on track to hit $1-billion turnover
Deshpande said the Persistent leadership team would be brainstorming in January 2023 to discuss about what the next billion would look like and where it would come from.

Three years ago, Pune-based IT company Persistent Systems had set a target of hitting the $1-billion turnover mark in FY23. It seems to be on track to achieve this with close to $500 million reported in H1FY23.

Anand Deshpande, founder and chairman & MD, Persistent Systems, said the company had surpassed $1 billion in annualised revenue run rate. “We did $255 million in the last quarter and by the end of the year, we should be at the $1 billion mark,” he said.

The company has now set its sights on doubling revenue to $2 billion in four years. Deshpande said the Persistent leadership team would be brainstorming in January 2023 to discuss about what the next billion would look like and where it would come from.

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Deshpande, who turned 60 this year and has led the company for 30 years, says the next phase of growth would be driven by professionals who are leading the company. He said he has been working on transitioning his company from being family-driven to a professionally managed company.

Three years ago, he moved away from the CEO position. Sandeep Kalra currently leads the team as the CEO and executive director. Sunil Sapre, CFO and ED, is also a key part of the leadership team.

Deshpande said all businesses go through S-curves where the company starts, grows and flattens, then grows again. Persistent Systems was at a beginning of the new S-curve and the professional leadership would be taking the company to the next growth cycle, he said.

The company would continue to be playing in areas where technology was happening. According to Deshpande, technology at the macro level in the next five to seven years would revolve around ‘ABCDEFG’ — AI, biology/ biotech, crypto and cybersecurity, data/digital, energy, fintech and governance.

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First published on: 24-11-2022 at 03:15 IST