Shares of Persistent Systems slipped over 7% on the NSE in opening deals on Friday, July 19, following the release of the company’s June quarter (Q1FY25) results.
Persistent Systems reported a 5.6% sequential growth in revenue in US dollar terms at $328.2 million. On a year-on-year basis, this represents a 16% increase. Revenue in rupee terms rose 5.7% quarter-on-quarter and 17.9% year-on-year to ₹2,737.17 crore. EBITDA for the quarter was ₹455.21 crore, up 0.2% QoQ and 7.6% YoY. Profit after tax rose 33.9% YoY to ₹306.42 crore but slipped 2.8% on a QoQ basis.
Sandeep Kalra, Chief Executive Officer and Executive Director, commented, “I am pleased to announce our 17th consecutive quarter of revenue growth, underscoring our clients’ sustained trust and confidence in us. Our continued success is driven by resilience, innovation, and a strategic focus on future readiness.”
However, the company’s EBIT margin decreased by 50 basis points to 14% from 14.5% in the previous quarter. This margin drop contributed to the decline in share price.
The order booking for the quarter ended June 30, 2024, was $462.8 million in total contract value and $337.3 million in annual contract value terms.
As of 11:05 AM, shares were trading 5.28% lower at ₹4,637.40 on NSE.
