 "IT firm Persistent Systems' Q1 net profit up 68% to Rs 151.2 crore")
IT firm Persistent Systems on Thursday reported a 68 per cent jump in consolidated net profit to Rs 151.2 crore for the April-June quarter of this year.
The company had posted a net profit of Rs 90 crore in the year-ago period, Persistent Systems said in a regulatory filing.
Its revenue from operations grew 24.1 per cent to Rs 1,229.9 crore in the reported quarter as compared with Rs 991.3 crore in the April-June 2020 period, it added.
In dollar terms, the company's revenue rose 27.3 per cent to USD 166.82 million from the year-ago period.
"The 9.2 per cent sequential growth and 27.3 per cent year-on-year growth that we delivered this quarter was amongst the highest ever. I'm especially proud of our team for this achievement during these challenging times," Persistent Systems Chief Executive Officer and Executive Director Sandeep Kalra said.
He added that the company won several large digital engineering and enterprise modernisation deals.
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"These deals reinforce the differentiated value we deliver to both technology companies and enterprise clients. Our commitment to client success remains central. Our focus on deepening client relationships, disciplined execution, and operational excellence are foundational to achieving consistent, profitable growth," he said.
During this quarter, Persistent also acquired Sureline Systems to bolster its cloud capabilities, Kalra added.
The order booking for the quarter ended on June 30, 2021, was at USD 244.8 million in Total Contract Value (TCV) and at USD 188.83 million in Annual Contract Value (ACV).
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