Pune-based product and technology services provider Persistent Systems reported a net profit of Rs 44.64 crore up 37.8 per cent on a year-on-year basis.
Traction in the company’s Intellectual property (IP) focused business drove Persistent’s revenue for the second quarter ended September 30, 2012. Revenue for the quarter grew 37.2 per cent year-on-year at Rs 326.86 crore.
IP led revenue for the quarter jumped by 48 per cent year-on-year from $7.65 million to $11.36 million.
“We begin to see the positive results of our investments in IP, strategic alliances, and key platforms,with IP led revenues leading the way this quarter. We also saw a surge in deals in the media/entertainment industry, specifically in the area of Big Data Analytics. We continue to remain positive on the market opportunities in our technology and industry focus areas and the confidence demonstrated by our customers is a testimony to this,” said Anand Deshpande, Chairman and Managing Director, Persistent Systems.
EBIDTA for the quarter was Rs 89 crore, representing a Y-o-Y growth of 96.3 per cent, and Q-o-Q growth of 10.3 per cent.
Continuing on its IP led strategy, the company announced the acquisition of US-based Doyenz’s rCloud, a cloud platform business continuity solution which provides backup and disaster recovery for physical and virtual servers.
This acquisition furthers Persistent Systems’ objectives in growing its IP-led business, and strengthens the Company’s cloud computing and SMB offerings, said the company. “During this year we have made three acquisitions which give us niche capabilities in our chosen strategy,” added Deshpande.