Persistent Systems Reports Strong Q1FY25 Results with 5.7% QoQ Revenue Growth

On July 18, 2024, Persistent Systems announced its audited financial results for the quarter ending June 30, 2024.

The company reported revenue of ₹27,371.7 million, reflecting a 5.7% increase quarter-over-quarter and a 17.9% increase year-over-year. The net profit stood at ₹3,064.2 million, up by 33.9% year-over-year.

The 34th Annual General Meeting of the company was held on July 16, 2024. All resolutions, including the final dividend payment of ₹10 per share, were approved by the members with the requisite majority.

First Quarter FY25 Client Wins and Outcomes

For the quarter ending June 30, 2024, the order booking stood at $462.8 million in Total Contract Value (TCV) and $337.3 million in Annual Contract Value (ACV). Key wins for the quarter include:

Software, Hi-Tech & Emerging Industries

• Providing engineering and support services to advance the virtual private cloud roadmap and managed services for a major US-based technology company.
• Consolidating global R&D operations and enhancing productivity to support the AI, data, and SaaS strategy for a leading European network lifecycle automation company.
• Establishing greenfield IT and security operations with a managed services model to ensure a timely transition for an application security testing firm, a PE-led carve-out from a top semiconductor company.

Banking, Financial Services & Insurance

• Modernising customer data applications, enhancing risk and sales business KPIs, and implementing GenAI to improve customer experience for an American financial services and wealth management company.
• Building a cloud-native payment rail solution to enable real-time payments for customers of one of the largest US-based fintech companies.
• Transforming legacy platforms and digitising processes to enhance the experience of business banking customers for a leading Australian multinational bank.

Healthcare & Life Sciences

• Enhancing the software platform that tracks sample processing, reagent, and instrument usage to improve turnaround time and reduce manual errors for a leading precision oncology company.
• Migrating on-prem clinical and claim data warehouse to a cloud-based platform to boost analytics efficiency for a multinational health insurance company.
• Managing the product life cycle of critical applications for genetic condition diagnostics to increase operational efficiency for a leading US-based diagnostics company.

The Chief Executive Officer and Executive Director of Persistent, Sandeep Kalra, said, “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. We have pivoted to an AI-led, platform-driven services approach, deepening our hyperscaler partnerships and developing a suite of innovative solutions. Recognising our transformative digital solutions, ISG, the leading advisory firm, ranks us as a Leader for Digital Engineering services in the US and Europe 2024 for the second year in a row.”

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.