Persistent Q4 profit slips 20% QoQ on seasonal IP weakness

IT Midcap Persistent Systems posted 5 per cent dip in sequential revenue to Rs 7.5 billion and 19.6 per cent dip in profit over the same period to Rs 737 million for the fourth quarter.

On a year on year basis the company saw revenue grow 3.5 per cent and profits grow by 1.3 per cent beating street estimates. Dollar revenue grew 7.3 per cent to $116.95 million in Q4.

The company took a 20.6 per cent hit on its IP led revenue over the past quarter. Last month Persistent's shares crashed almost 10 per cent after the company said Intellectual property