Persistent Systems gains after Q1 PAT rises 5.3% QoQ to Rs 212 cr

Persistent Systems rose 1.42% to Rs 3614.85 after the company's consolidated net profit rose 5.3% to Rs 211.61 crore on 14.7% increase in revenue to Rs 1878.11 crore in Q1 June 2022 over Q4 March 2022.

The IT solution provider's consolidated net profit rose 39.9% and revenue increased 52.7% in Q1 June 2022 over Q1 June 2021.

The company's EBITDA stood at Rs 333.29 crore during the quarter, up 18.5% quarter-on-quarter (QoQ) and up 65.4% year-on-year (YoY).

Profit before tax was reported at Rs 281.87 crore during the quarter, up 5.5% QoQ and up 38.8% YoY.

In Dollar terms, the company's revenue was reported at $241.52 million during the quarter, up 11.1% QoQ and up 44.8% YoY.

The order booking for the quarter ended on 30 June 2022, was at $394 million in Total Contract Value (TCV) and at $263 million in Annual Contract Value (ACV).

Sandeep Kalra, chief executive officer and executive director, said: "We are delighted to start the new fiscal year with an exceptional performance delivering 11.1% sequential and 44.8% year-over-year growth as well as our highest ever TCV booking of $394M. We strengthened our team by adding over 3,000 colleagues, pushing us beyond the 20,000-employee mark.

Our differentiated Digital Engineering expertise, trusted delivery model, robust client relationships and strong partner ecosystem continue to fuel our growth. In addition, we are confidently working with our clients to help them navigate and thrive in the evolving economic environment."

The company's TTM attrition rate was 24.8% in Q1 FY23 as against 26.6% in Q4 FY22 and 16.6% in Q1 FY22.

Persistent Systems is a global services and solutions company delivering digital engineering and enterprise modernization.

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