Persistent Systems’ share price surged 3.40% following the company’s issuance of LoC to US arm in order to avail banking facility of $30 million
Persistent Systems, led by Anand Deshpande, has been an integral part of the Indian IT services growth for over three decades. Deshpande is excited about ongoing innovations in the tech sector, particularly in artificial intelligence (AI).
The company’s revenue crossed $1 billion in FY23, showing a remarkable 35% year-on-year growth. This achievement, though significant, reflects the rapid expansion in the industry. Anand Deshpande, who owns approximately 30% of the company, has guided it through various business challenges, requiring bold decision-making and strategic realignment.
Zooming in on Q2FY24, the company continued its stellar performance. Total consumption for the quarter stood at an impressive Rs 2,637 crore, representing a solid 20 percent YoY growth. Additionally, retail collections in Q2 FY24 reached Rs 638 crore, registering an impressive 23 percent growth compared to the previous year. These figures underscore The Phoenix Mills’ steadfast upward trajectory and robust financial standing.
At 12:10 PM the shares of the company were trading 3.40% up or at ₹5786
