Persistent Systems up 5% on strong TCV, in-line revenue growth in Q3

The company said it won several large deals across industries and service lines, driving 20 per cent sequential growth in total contract value (TCV) bookings during the quarter.

Shares of Persistent Systems were up 5 per cent at Rs 4,161.75 on the BSE in Thursday’s intra-day trade in an otherwise subdued market after the company reported a 6 per cent sequential increase in revenues at Rs 2,169.37 crore for the quarter ended December 2022 (Q3FY23), meeting Street estimates. The company reported 11th sequential quarter of revenue growth.

It's earnings before interest and tax (Ebit) was up 11.57 per cent at Rs 333.21 crore, while margin expanded to 15.36 per cent. Net profit grew 8.15 per cent quarter-on-quarter