Persistent Systems Q1 Results: Pune-based Technology services company logs 8% rise in Q1 net profit

Persistent Systems Q1 Result: Pune-based Technology services company Persistent Systems on Thursday announced an 8 per cent rise in net profit to Rs 228 crore in the June quarter. It registered a 23.6 per cent increase in revenue to Rs 2,321 crore in the first quarter of this fiscal, up from Rs 1,878 crore in the year-ago quarter, according to a company filing.

The company's profit declined 9 per cent sequentially, while revenue grew 3 per cent from Rs 2,254 crore in the fourth quarter of the previous fiscal year.

Sandeep Kalra, Persistent Systems Chief Executive Officer (CEO) and Executive Director, said the company's revenue crossed USD 1 billion (about Rs 8,200 crore) in 2022-23.

"We commenced the year (FY24) by celebrating a significant milestone of surpassing USD 1 billion in annual revenue... We have sustained our growth momentum despite the challenging macroeconomic conditions," Kalra said in a statement.

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The company announced a final dividend of Rs 12 per share and a special dividend of Rs 10 per share on achieving USD 1 billion in annual revenue, bringing the total dividend for the fiscal year up by Rs 50 per share, compared to Rs 31 per share in FY22.

It also announced that Ajit Ranade has joined its board as an independent director.

"We... Extend our warm welcome to Ajit Ranade, a renowned academician, corporate executive, economist, and thought leader, as an independent director to our Board," the CEO said.