Persistent Systems Limited — Audit Report / Information 2019

Apr 27, 2019

NSE & BSE / 2019-20 / 009

April 27, 2019

The Manager, Corporate Services, National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (E), Mumbai 400051

14th Floor, P J Towers, Dalal Street, Mumbai 400001

The Manager, Corporate Services, BSE Limited

Ref: Symbol: PERSISTENT

Ref: Scrip Code: 533179

Dear Sir/ Madam,

Sub: Proceedings of the Meeting of the Board of Directors

We wish to inform you that the Board of Directors, at its meeting held on April 26, 2019 and concluded at 171 S HRS (1ST) on Arri( 77, 701 q, hr1s tr1kf'n thf' following rif'r.isions:

• A. Pursuant to Regulation 33 and all other applicable regulations, if any of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Audited Financial Results for the quarter and year ended March 31, 2019 have been approved. Accordingly, we enclose the following documents:
  • 1. Auditors' Report dated April 27, 2019 on the Consolidated Financial Results of the Company for the quarter and year ended March 31, 2019;
  • 1. Consolidated Financial Results of the Company for the quarter and year ended March 31, 2019;
  • 1. Auditors' Report dated April 27, 2019 on the Unconsolidated Financial Results of the Company for the quarter and year ended March 31, 2019;
  • 1. Unconsolidated Financial Results of the Company for the quarter and year ended March 31, 2019

Pursuant to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a declaration that the Statutory Auditors of the Company have issued an Audit Report with unmodified opinion on the Audited Financial Results of the Company (Standalone and Consolidated) for the quarter and year ended March 31, 2019 is attached for your ready reference.

B. The Board has recommended Final Dividend of INR 3.00 per share for FY 2018-19. This Final Dividend is subject to the approval of Members at the ensuing 29t h Annual General Meeting which will be held on or before September 30, 2019. The Book Closure for the purpose of payment of Final Dividend for the Financial Year 2018-19 will be determined later.

Page 1 of2

Persistent Systems Limited, Bhageerath, 402, Senapati Bapat Road, Pune 411016 I Tel : +91 (20) 670 30000 Persistent Systems Inc., 2055, Laurelwood Rd, Suite 210, Santa Clara, CA 95054, USA I Tel : +1 (408) 216 7010 CIN - L 72300PN1990PLC056696 I Fax - +91 (20) 6703 0009 I e-mail - info@persistent.com I Website - www.persistent.com C. The Board has appointed Mr. Christopher O'Connor as Chief Executive Officer with immediate effect. He has also been appointed as an Additional Director (Executive Director) with immediate effect for a period of 3 (Three) years subject to the approval of the Members in the next General Meeting of the Company.

Please acknowledge the receipt.

Thanking you,

Yours sincerely, For Persistent y terns Limited

Compahy Secretary ICSI Membership Number: ACS 20507

Encl: As above

Persistent Systems Limited

Regd. Office : Bhageerath, 402, Senapati Bapat Road, Pune 411016, India Ph. No. +91(20)67030000; Fax +91(20)67030009; Email : info@persistent.com, 'www.persistent.com'. CIN L72300PN1990PLC056696 PERSISTENT

Audited consolidated financial results of Persistent Systems Limited

				for the quarter and year ended March 31, 2019			�in Million
Sr.				Quarter ended		Year ended
No.	Particulars		March 31,	December 31,	March 31,	March 31,	March 31,
	1 Revenue from operations (net)		2019 (Audited)8,318.54	2018 (Audited}8,642.49	2018 (Audited)7,525.46	2019 (Audited)33,659.41	2018 (Audited)30,337.03
	2 Other income		283.96	229.93	320.87	876.55	1,191.01
	3 Total income	{1+2)	8,602.50	8,872.42		7,846.33 34,535.96 31,528.04
	4 Expenses
	- Employee benefits expense		4,859.47	4,909.33	4,484.65	19,249.53	18,316.46
	- Cost of professionals		862.83	905.89	866.68	3,490.45	3,180.63
	-Finance costs		1.03	0.67	0.32	3.05	0.79
	- Depreciation and amortization expense		376.80	396.32	420.89	1,572.51	1,584.87
	- Other expensesTotal Expenses		1,389.237,489.36	1,365.007,577.21	1,090.30	5,357.036,862.84 29,672.57 27,235.43	4,152.68
	5 Profit before exceptional	(3-4)	1,113.14	1,295.21	983.49	4,863.39	4,292.61
	items and tax
	6 Exceptional items		--	--	--	--	--
	7 Profit before tax	(5-6)	1,113.14	1,295.21	983.49	4,863.39	4,292.61
	8 Tax expense
	- Current tax		298.75	266.03	274.74	1,343.20	1,203.99
	- Tax charge / ( credit) in respect ofearlier years		12.52	73.39	(25.29)	88.81	(71.19)
	- Deferred tax charge / ( credit)		(42.86)	38.62	(3.02)	(85.41)	(71.07)
	Total tax expense		268.41	378.04	246.43	1,346.60	1,061.73
	9 Profit for the period / year from	(7-8)	844.73	917.17	737.06	3,516.79	3,230.88
	continuing operations
	10 Profit/ {Loss} for the period / year		--	--	--	--	--
	from discontinued operations		--	--	--	--	--
	11 Tax expense of discontinuedoperations
	12 Profit/ {Loss) for the period/ year	(10-11)	--	-	--	--	--
	from discontinued operations {after tax)
	13 Profit for the period / year	{9+12)	844.73	917.17	737.06	3,516.79	3,230.88
	14 Other comprehensive income
	A. Items that will not be reclassified
	to profit and loss
	- Remeasurements of the defined benefitliabilities / (assets) (net of tax)		12.19	(33.50)	38.63	(47.15)	106.88
			12.19	(33.50)	38.63	(47.15)	106.88
	B. Items that may be reclassified to
	profit and loss
	- Effective portion of cash flow hedge		115.57	351.15	(60.11)	168.43	(191.81)
	(net of tax)
	- Exchange differences in translating thefinancial statements of foreign operations		(58.42)	(165.47)	96.65	113.82	77.70
			57.15	185.68	36.54	282.25	(114.11)
	Total other comprehensive income	{A+B)	69.34	152.18	75.17	235.10	(7.23)
	for the period / year
	15 Total comprehensive income for the (13+14)		914.07	1,069.35	812.23	3,751.89	3,223.65
	period / year {Comprising Profit /
	{Loss) and Other ComprehensiveIncome for the period / year)
	16 Paid-up equity share capital		791.19	800.00	800.00	791.19	800.00
	(Face value of share" 10 each)
	17 Reserves excluding revaluation reserves						20,471.99
	at the beginning of the period / year
	18 Earnings per equity share{for continuing operations) in"
	- Basic		10.59	11.46	9.21	43.99	40.39
	- Diluted		10.59	11.46	9.21	43.99	40.39
	19 Earnings per equity share
	{for discontinued operations) in"
	- Basic		----	----	----	----	----
	- Diluted
	20 Earnings per equity share{for discontinued and continuing
	operations) in"
	- Basic		10.59	11.46	9.21	43.99	40.39
	- Diluted		10.59	11.46	9.21	43.99	40.39
	21 Dividend per share {in ")
	Interim dividend		--	8	--	8	7
	Final dividend		3	--	3	3	3
	Total dividend		3	8	3	11	10
				Audited unconsolidated financial information			�in Million
				Quarter ended			Year ended
Sr.No.	Particulars		March 31	December 31,	March 31	March 31	March 31,
			2019 (Audited)	2018 (Audited}	2018 (Audited)	2019 (Audited)	2018 (Audited)
	1 Revenue from operations (net)		5,162.71	4,879.75	4,380.05	19,598.67	17,327.49
	2 Profit before tax		961.69	910.44	1,312.62	4,383.76	4,552.16

Notes:

3 Profit after tax 720.00 610.01 1,028.61 3,150.08 3,421.17

1 The audited condensed consolidated financial statements for the quarter and year ended March 31, 2019, have been taken on record by the Board of Directors at its meeting concluded on April 27, 2019 as recommended by the Audit Committee at its meeting held on April 26, 2019. The statutory auditors have expressed an unqualified audit opinion.

2 Adoption of Ind AS 115 - Revenue from contracts with customers:Effective April 1, 2018, the Group adopted Ind AS 115 "Revenue from Contracts with Customers" using the cumulative catch-up transition method which is applied to contracts that were not completed as of April 1, 2018. Accordingly, the comparatives have not been retrospectively adjusted. The effect on adoption of Ind AS 115 was insignificant on the financial statements.

• 3 As reported in the previous quarters, Persistent Systems Limited ("the Parent Company'') has deposits of" 430 million with the financial institutions viz. Infrastructure Leasing & Financial Services Ltd. (IL&FS) and IL&FS Financial Services Ltd. (referred to as "IL&FS Group'') as on the balance sheet date. These are due for maturity from January 2019 to June 2019, of which" 345 million are overdue as on March 31, 2019. The Group has not accrued any interest on these deposits since April 1, 2018. The amount due till March 31, 2019 and interest due have not been received as on date. In view of the uncertainty prevailing with respect to recovery of outstanding balances from IL&FS Group, Management of the Parent Company has provided an amount of" 182.50 million for impairment in value of deposits as of March 31, 2019. The provision currently reflects the exposure that may arise given the uncertainty. With the resolution plan in progress, the Management of the Parent Company is hopeful of recovery though with a time lag. The Parent Company continues to monitor developments in the matter and is committed to take steps including legal action that may be necessary to ensure full recovery of the said deposits.
• 4 The Board of Directors, at its meeting in January 2019, approved the buyback of the Company's fully paid-up equity shares of the face value on 10 each from its shareholders/beneficial owners excluding promoters, promoter group and persons who are in control of the Company, via the "open market" route through the stock exchanges, for a total amount not exceeding" 2,250 million ("Maximum Buyback Size''), and at a price not exceeding" 750 per Equity Share (''Maximum Buyback Price''). The indicative maximum number of Equity Shares bought back at the above mentioned maximum price would be 3,000,000. If the Equity Shares are bought back at a price below the Maximum Buyback Price of" 750, the actual number of equity shares bought back could exceed the above indicative Maximum Buyback quantity but will always be subject to the Maximum Buyback Size.The Buyback shall be from the open market purchases through the stock exchanges, by the order matching mechanism except 'all or none' order matching system, as provided under the Buyback Regulations. The Company will fund the buyback from its securities premium account, free reserves and/or such other source as may be permitted. The buyback of equity shares through the stock exchanges commenced on February 8, 2019 and is expected to be completed by August 7, 2019 or reaching the Maximum Buyback Size, whichever is earlier. During the period from February 8, 2019 to March 31, 2019, 881,098 equity shares were purchased from the stock exchanges and have been extinguished till date. Consequently, the paid-up capital of the Company has been reduced from" 800.00 million to"791.12 million comprising of79,118,902 Equity Shares of" 10 each.
• 5 The Company has appointed Mr. Christopher O'Connor as the Chief Executive Officer with immediate effect. He is also been appointed as an Additional Director (Executive Director) with immediate effect for a period of 3 (Three) years subject to the approval of the Members in the next General Meeting of the Company.
• 6 The Board has recommended Final Dividend of" 3.00 per share for FY 2018-19. This Final Dividend is subject to the approval of Members at the ensuing 29th Annual General Meeting which will be held on or before September 30, 2019. The Book Closure for the purpose of payment ofFinal Dividend for the Financial Year 2018-19 will be determined later.
• 7 Figures for the previous periods/year have been regrouped wherever necessary to conform to current periods' presentation.

Audited consolidated statement of assets and liabilities

�in Million

	As at
Particulars	Mardh 31,	March 31,2019 (Audited) 2018 (Audited)
ASSETS
Non-current assets
Property, Plant and Equipment	2,331.24	2,581.30
capital work-in-progress	12.10	7.71
Goodwill	81.24	76.61
Other Intangible assets	1,595.41	2,463.54
Intangible assets under development	303.54	44.72
Financial assets
- Investments	4,345.71	2,881.04
- Loans	164.00	142.73
- Other non-current financial assets	349.29	37.43
Deferred tax assets (net)	405.05	642.01
Other non-current assets	68.31	91.57
Total non-current assets	9,655.89	8,968.66
Current assets
Financial assets
- Investments	3,295.53	5,916.31
- Trade receivables (net)	4,923.01	4,847.40
- cash and cash equivalents	1,739.45	1,343.72
- Other bank balances	4,984.39	1,070.25
- Loans	7.87	6.63
- Other current financial assets	2,377.00	2,758.25
Current tax assets (net)	185.06	233.50
Other current assets	1,387.79	1,563.41
Total current assets	18,900.10	17,739.47
TOTAL ASSETS	28,555.99	26,708.13
EQUITY AND LIABILITIES
Equity
Equity share capital	791.19	800.00
Other equity	22 655.61	20 471.99
Total Equity	23,446.80	21,271.99
Liabilities
Non- current liabilities
Financial liabilities
- Borrowings	11.97	16.55
Provisions	252.80	159.75
Deferred tax liabilities (net)	--	270.41
Total Non-current liabilities	264.77	446.71
Current liabilities
Financial liabilities
- Trade payables	1,517.07	1,673.08
- Other financial liabilities	441.93	396.33
Other current liabilities	1,124.27	1,201.02
Provisions	1,686.35	1,599.49
Current tax liabilities (net)	74.80	119.51
Total current liabilities	4,844.42	4,989.43
TOTAL EQUITY AND LIABILITIES	28,555.99	26,708.13

Segment wise Revenue, Results and Capital Employed

The Group reorganised itself into three business units from April 1, 2018, which form the operating segments for segment reporting. The operating segments are:

a. Technology Services

b.Alliance

c. Accelerite (Products)

Accordingly, the corresponding figures for the earlier reporting periods are restated in line with the above reorganization.

						tin Million
			Quarter ended			Year ended
Sr.No	Particulars	March 31,2019 (Audited)	December 31,2018 (Audited)	March 31,2018 (Audited)	March 31,2019 (Audited)	March 31,2018 (Audited)
	1 Segment revenue
	- Technology Services	5,741.15	5,597.18	5,103.43	22,018.03	19,371.11
	-Alliance	2,061.19	2,541.10	1,927.73	9,759.92	8,725.06
	-Accelerite (Products)	516.20	504.21	494.30	1,881.46	2,240.86
	Total	8,318.54	8,642.49	7,525.46	33,659.41	30,337.03
	2 Less: Inter segment revenue	--	--	--	--	--
	3 Net sales/income from operations	8,318.54	8,642.49	7,525.46	33,659.41	30,337.03
	4 Segment profit/ (loss) before tax, interestand depreciation and amortization
	- Technology Services	2,339.76	2,134.66	2,072.96	8,507.67	7,408.18
	-Alliance	549.88	1,061.25	482.20	3,298.01	2,699.89
	-Accelerite (Products)	304.15	283.92	205.68	992.14	1,054.29
	Total	3,193.79	3,479.83	2,760.84	12,797.82	11,162.36
	5 Less:
	-Finance costs	1.03	0.67	0.32	3.05	0.79
	- Other un-allocable expenses	2,363.58	2,413.88	2,097.90	8,807.93	8,059.97
	6 Un-allocable income	283.96	229.93	320.87	876.55	1,191.01
	7 Total profit before tax	1,113.14	1,295.21	983.49	4,863.39	4,292.61
8	Segment assets					Asat
					March 31,	March 31,2019 (Audited) 2018 (Audited)
	- Technology Services				3,547.07	3,675.96
	-Alliance				1,021.77	740.27

-Accelerite (Products)	354.17	431.17
Total allocable segment assets	4,923.01	4,847.40
Unallocable assets	23,632.98	21,860.73
Total assets	28,555.99	26,708.13

Notes for segment wise information:

• i) Operating segments are components of an enterprise for which discrete financial information is available that is evaluated regularly by the chief operating decision maker, in deciding how to allocate resources and assessing performance. The Group's chief operating decision maker is the Chairman and Managing Director.
• ii) Costs related to research and development are included under identifiable expenses for the purpose of segment reporting.

Segment wise capital employed

Segregation of assets (other than trade receivables), liabilities, depreciation and amortization and other non-cash expenses into various reportable segments have not been presented as the assets are used interchangeably between segments and the Group is of the view that it is not practical to reasonably allocate the other assets, liabilities and other non-cash expenses to individual segments and an ad-hoc allocation will not be meaningful.

By order of Board of Directors of Persistent Systems Limited

Pune	Dr. Anand Deshpande	Kiran Umrootkar
April 27, 2019	Chairman and Managing Director	Director

"For risks and uncertainties relating to forward-looking statements, please visit our website www.persistent.com"

Chartered Accountants 706, 'B' Wing, 7" Floor ICC Trade Tower Senapati BapatRoad Pune-411 016 Maharashtra, India

Tel: +91 20 6624 4600 Fax: +91 20 6624 4605

INDEPENDENT AUDITORS' REPORT ON AUDIT OF CONSOLIDATED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF PERSISTENT SYSTEMS LIMITED

• 1. We have audited the accompanying Statement of Consolidated Financial Results of PERSISTENT SYSTEMS LIMITED ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") and its associate, for the quarter and year ended 31 March 2019 ("the Statement"), being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016.
• 1. This Statement is the responsibility of the Company's Management and is approved by the Board of Directors. The Statement, as it relates to the quarter ended 31 March 2019, has been compiled from the related interim consolidated financial statements prepared in accordance with Indian Accounting Standard 34 "Interim Financial Reporting" (Ind AS 34) and as is relates to the year ended 31 March 2019 , has been compiled from the related annual consolidated financial statements prepared in accordance with Indian Accounting Standards, prescribed under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express an opinion on the Statement based on our audit of such interim consolidated financial statements and annual consolidated financial statements.
• 1. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Statement is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Statement. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the Statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial controls relevant to the Parent's preparation and fair presentation of the Statement in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Parent's internal financial controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the Statement.

We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

• 1. In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of the reports of the other auditors on separate financial statements of subsidiaries referred to in paragraph 5 below, the Statement:
  • (i) includes the results of the following entities:
  • Persistent Systems, Inc. • Persistent Systems Pte Limited • Persistent Systems France SAS • Persistent Telecom Solutions Inc. • Aepona Group Limited • Aepona Limited • Valista Limited • Persistent Systems Lanka (Private) Limited • Persistent Systems Malaysia Sdn. Bhd. • Persistent Systems Mexico, S.A. de c.v. • Akshat Corporation Solutions)# • Aepona Holdings Limited (d.b.a. RGen • Persistent Systems Israel Ltd. • Persistent Systems Germany GmbH
  • Parx Werk AG

• PARX Consulting GmbH

• Herald Technologies Inc.
• # entity closed down on 21 December 2018
• (ii) is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016; and
• (iii) gives a true and fair view in conformity with the aforesaid Accounting Standards and other accounting principles generally accepted in India of the consolidated net profit and total comprehensive income and other financial information of the Group for the quarter and year ended 31 March 2019.
• 1. We did not audit the financial statements of 16 (sixteen) subsidiaries included in the consolidated financial results, whose financial statements reflect total assets of Rs. 4,035.33 Million, net total assets of Rs 1,373.28 Million as at 31 March 2019, total revenues of Rs. 1,129.92 Million and Rs. 5,185.66 Million respectively, total net loss after tax of Rs. 230.09 Million and Rs. 1,075.83 Million respectively and total comprehensive income of Rs. (223.36) Million and Rs. (1,343.48) Million respectively for the quarter and year ended on that date, as considered in the consolidated financial results. These financial statements have been audited by other auditors whose reports have been furnished to us by the Management and our opinion on the consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the reports of the other auditors.

The consolidated financial results includes the Group's share of profit/(loss) after tax of Rs. Nil and total comprehensive income/(loss) of Rs. Nil for the quarter and year ended 31 March 2019 as considered in the consolidated financial results in respect of 1 (one) associate whose financial statements have not been audited by us. These financial statements are unaudited and have been furnished to us by the Management and our opinion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this associate is based solely on such unaudited financial statements. In our opinion and according to the information and explanations given to us by the Management, this financial statements are not material to the Group.

Our opinion on the Statement is not modified in respect of the above matters with respect to our reliance on the financial statements certified by the Management.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants (Firm's Registration No. 117366W/W-100018)

�ant M. Joshi / Partner (tembership No. 038019)

Place: Pune Date: 27 April 2019

Persistent Systems Limited

rt - 1016, India (1016, India (1016, India (102, Senapati Bapat Road, Pune 411016, India (102, Senapati Dayat Road, Pune 411016, India (102, Senapati Dayat Road, Pune 411016, India (11)Ph. No. +91 (20)67030000, Fax +91 (

Audited consolidated financial results of Persistent Systems Limited for the quarter and year ended March 31, 2019

Sr. No.	Particulars			Quarter ended		Year ended
			March 31, 2019	December 31, 2018 March 31, 2018		March 31, 2019	March 31, 2018
			(Audited)	(Audited)	(Audited)	(Audited)	(Audited)
п	Revenue from operations (net)		8,318.54	8,642.49	7,525.46	33,659.41
$\overline{\mathbf{r}}$	Other income		283.96	229.93	320.87	876.55	30,337.031,191.01
$\mathbf{3}$	Total income	$(1+2)$	8,602.50	8,872,42	7,846.33	34,535.96	31,528.04
$\pmb{4}$	Expenses
	- Employee benefits expense		4,859.47	4,909.33	4.484.65	19,249.53	18,316.46
	- Cost of professionals		862.83	905.89	866.68	3.490.45	3,180.63
	- Finance costs		1.03	0.67	0.32	3.05	0.79
	- Depreciation and amortization expense		376.80	396.32	420.89	1,572.51	1,584.87
	Other expenses		1,389.23	1,365.00	1,090.30	5,357.03	4.152.68
	Total Expenses		7,489.36	7,577.21	6,862.84	29,672.57	27,235.43
5	Profit before exceptional items and tax	$(3-4)$	1,113.14	1,295.21	983.49	4,863.39	4,292.61
6	Exceptional items
$\overline{7}$	Profit before tax	$(5-6)$	1,113.14	1,295.21	933.49	4,863.39	4,292.61
$\mathbf{s}$	Tax expense
	- Current tax		298.75	266.03	274.74	1,343.20	1,203,99
	- Tax charge / (credit) in respect of earlier years		12.52	73,39	(25.29)	88.S1	(71.19)
			(42.86)	38.62	(3.02)
	- Deferred tax charge / (credit)					(85.41)	(71.07)
	Total tax expense		268.41	378.04	246.43	1,346.60	1,061.73
9	Profil for the period / year from continuing operations	$(7-8)$	844.73	917.17	737.06	3,516.79	3,230.88
10	Profit / (Loss) for the period / year from discontinued operations		٠	٠	٠	×
11	Tax expense of discontinued operations			ä
12	Profit/(Loss) for the period/year from discontinued operations (aftertax)	$(10-11)$	×,	ш	×
13	Profit for the period/year	$(9+12)$	844.73	917.17	737.06	3,516.79	3,230.88
14	Other comprehensive income
	A. Items that will not be reclassified to profit and loss
	- Remeasurements of the defined benefit liabilities / (asset) (net of tax)		12.19	(33.50)	38.63	(47.15)	106.88
			12.19	(33.50)	38.63	(47.15)	106.88
	B. Items that may be reclassified to profit and loss			351.15	(60.11)
	Effective portion of cash flow hedge (net of tax)		115.57			168.43	(191.81)
	Exchange differences in translating the financial statements of foreign		(58.42)	(165.47)	96.65	113.82	77.70
	operations		57.15	185.68	36.54	282.25	(114.11)
	Total other comprehensive income for the period / year	$(A+B)$	69.34	152.18	75.17	235.10	(7.23)
15	Total comprehensive income for the period / year (Comprising Profit/(Loss) and Other Comprehensive Income for the period/year)	$(13+14)$	914.07	1.069.35	812.23	3,751.89	3,223.65
16	Paid-up equity share capital		791.19	800.00	800.00	791.19	SO(0,0)
	(Face value of share ? 10 each)
17	Reserves excluding revaluation reserves at the beginning of the period /						20,471.99
	vear
13	Earnings per equity share (for continuing operations) in 7
	- Basic		10.59	11.4611.46	9.219.23	43.99	40.3940.39
	- Diluted		10.59			43.99
19	Earnings per equity share (for discontinued operations) in ₹
	- Basic
	- Diluted
20	Earnings per equity share (for discontinued and continuing operations)in₹
	- Basic		10.59	11.46	9.21	43.99	40.39
	- Diluted		10.59	11.46	9.21	43,99	40.39
21	Dividend per share (in ₹)
	Interim dividend		3	s	3	s3	73
	Final dividendTotal dividend		$\overline{\mathbf{3}}$	$\overline{\mathbf{S}}$	$\overline{\mathbf{3}}$	$\overline{11}$	10

32

$\sim$

Audited consolidated statement of assets and liabilities

		In $\ell$ Million
Particulars	As at March 31, 2019 As at March 31, 2018(Audited)	(Audited)
ASSETS
Non-current assets
Property, Plant and Equipment	2.331.24	2,581,30
Capital work-in-progress	12.10	7.71
Goodwill	81.24	76.61
Other Intangible assets	1.595.41	2,463.54
Intangible assets under development	303.54	44.72
Financial assets
- Investments	4,345.71	2,881.04
- Loans	164.00	142.73
-Other non-current financial assets	349.29	37.43
Deferred tax assets (net)	405.05	642.01
Other non-current assets	68.31	91.57
Total non-current assets	9,655.89	8,968.66
Current assets
Financial assets
- investments	3.295.53	5.916.31
- Trade receivables (net)	4,923.01	4,847.40
- Cash and cash equivalents	1,739.45	1,343.72
- Other bank balances	4,984.39	1,070.25
- Loans	7.87	6.63
- Other current financial assets	2.377.00	2,758.25
Current tax assets (net)	185.06	233.50
Other current assets	1,387.79	1,563.41
Total current assets	18,900.10	17,739.47
TOTAL ASSETS	28,555.99	26,708.13
EQUITY AND LIABILITIES
Equity
Equity share capital	791.19	800.00
Other equity	22.655.61	20,471.99
Total Equity	23,446.80	21,271.99
Liabilities
Non-current liabilities
Financial liabilities
- Borrowings	11.97	16.55
Provisions	252.80	159.75
Deferred tax liabilities (net)		270.41
Total Non-current liabilities	264.77	446.71
Current liabilities
Financial liabilities
- Trade payables	1,517.07	1,673.08
- Other financial liabilities	441.93	396.35
Other current liabilities	1,124.27	1,201.02
Provisions	1,686.35	1,599.49
Current tax liabilities (net)	74.80	119.51
Total current liabilities	4,844.42	4,959.43
TOTAL EQUITY AND LIABILITIES	28,555.99	26,708.13

$\label{eq:1} \begin{array}{llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll$

Audited unconsolidated financial information

Particulars		Ouarter ended	Year ended
	March 31, 2019(Audited)	December 31, 2018(Audited)	March 31, 2018(Audited)	March 31, 2019(Audited)	March 31, 2018(Audited)
Revenue from operations (net)	5.162.71	4,879.75	4,380.05	19,598.67	17,327.49
Profit before tax	961.69	910.44	1,312.62	4,383.76	4,552.16
Profit after tax--------------------------------------	720.00	610.01	1.028.61	3,150.08	3,421,17

Segment wise Revenue, Results and Capital Employed

The Group reorganised itself into three business units from April 1, 2018, which form the operating segments for segment reporting.

The operating segments are:

a. Technology Services b. Alliance

c. Accelerite (Products)

Accordingly, the corresponding figures for the earlier reporting periods are restated in line with the above reorganization.

						in ₹ Million
St. No.	Particulars		Quarter ended		Year ended
		March 31, 2019	December 31, 2018	March 31, 2018	March 31, 2019	March 31, 2018
		(Audited)	(Audited)	(Audited)	(Audited)	(Audited)
$\mathbf{1}$	Segment revenue
	- Technology Services	5,741.15	5,597.18	5,103.43	22,018.03	19.371.11
	- Alliance	2,061.19	2,541.10	1,927.73	9,759.92	8,725.06
	- Accelerite (Products)	516.20	504.21	494.30	1,881.46	2,240.86
	Total	8,318.54	8,642.49	7,525.46	33.659.41	30,337.03
$\overline{2}$	Less: Inter segment revenue
3	Net sales/income from operations	8,318.54	8,642.49	7,525.46	33,659.41	30.337.03
	Segment profit/ (loss) before tax, interest and depreciation and
	lamortization
	- Technology Services	2.339.76	2,134.66	2,072.96	8,507.67	7.408.18
	- Alliance	549.88	1,061.25	482.20	3,298.01	2,699.89
	- Accelerite (Products)	304.15	283.92	205.68	992.14	1,054.29
	Total	3,193.79	3,479.83	2,760.84	12,797.82	11,162.36
5	Less:
	- Finance costs	1.03	0.67	0.32	3.05	0.79
	- Other un-allocable expenses	2,363.58	2,413.88	2,097.90	8,807.93	8,059.97
6	Un-allocable income	283.96	229.93	320.87	$76.55	1,191.01
P.	Total profit before tax	1,113.14	1,295.21	983.49	4,863.39	4,292.61

s	Segment assets
	and the first product of the con-of a late company will be a state of the company of theWORLDWARE THE STATE OF THE WINDS OF	As at
	The company of the second company of the company of the company of the company of the company of the company of	March 31, 2019(Audited)	March 31, 2018(Audited)
	- Technology Services	3,547.07	3.675.96
	- Alliance	1.021.77	740.27
	- Accelerite (Products)	354.17	431.17
	Total allocable segment assets	4,923.01	4,847.40
	Unallocable assets	23.632.98	21,860.73
	Total assets	28,555.99	26,708.13

Notes for segment wise information:

i) Operating segments are components of an enterprise for which discrete financial information is available that is evaluated regularly by the chief operating decision maker, in deciding how to allocate resources and assessing performance. The Group's chief operating decision maker is the Chairman and Managing Director.

ii) Costs related to research and development are included under identifiable expenses for the purpose of segment reporting.

Segment wise capital employed

Segregation of assets (other than trade receivables), liabilities, depreciation and amortization and other non-cash expenses into various reportable segments have not been presented as the system of assets distinct and oth individual segments and an ad-hoc allocation will not be meaningful.

Notes:

1 The aud,ted condensed financial statements for thequMter and year ended March 31, 2019, have been t,1ken on record by the Board of Directors ,1t its me('ting concluded on April 27, 2019 as recommr.ndf'd by the Audit Committee at its meeting held on April 26, 2019. The statutory auditors have expressed an unqualified aud,t opinion

2 ,\dopt1on of !nd AS 115 - Ren:nue from contrncts with customers:

Effective April 1, 2018, the Company adopted Ind AS 115 "Revenue from Contracts with Customers" using the cumulMive catch-up trans1t1on method which is aPf>lied to contracts that were not completed as of April 1, 2018. Accordingly, the comparatives have not been retrospectively adjusted. The effect on adoption of Ind AS 115 was 111s1gn1f,canl on the f111anci<1I sta!Pml'nts.

• 3 As reported in the previous quarters, the Company has deposits of � 43() mil hon w!lh the fmancial mshtutions v,z. Infrastructure Leasing & Fmancial Ser"lces Ltd. {IL&FS) and IL&FS F1rmnoal Serv1cPs Ltd (refrrred to as "!L&FS Group"} as on the bal,rnce sheet date. These are due for maturity from January 2019 to June 2019, of which� 345 mllhon Me overdue as on March 31, 2019. Th{' Comrany has not accrued any interest on these deposits since April 1, 2018. The amount due till March 31, 2019 and interest due h;we not been rcreived ,is on d,1te. In view of the uncertainty rrevaiimg with rcspert lo r('(overy of outstanding balances from IL&FS Group, Management of the Company has provided an amount of� 182.5() million for 1mpa1rment in value of deposits as of March 31, 2019. The pro,·is,on currently renects the exposure that may arise given the uncertainty. \Yith the resolution plan 1n progress, th,:, Management 1s hopeful of recovery I hough with a time lag. The Company continues to monitor developments in the matter and is committed to take steps including legal .iction that may bl? necPssary to ensure full recovery of the said deposits
• 4 The Board of Directors, at its meeting in January 2019, approved the buyback of the Company's fully pa,d-up equity shares of the foe,:- value of� 10 each from its shareholders/l'E':-ieficial ownNs Pxcludinr, promotPrs, promoter group and persons who are 111 control of the Company, via the "open market" route through the stock exchanges, for a total amount not exceed1ng � 2,250 million ("Maximum Buyh1ck Size"), and at a price not exceeding� 750 per Equity Share ("Maximum Buyback Price"}.

Th,:- indicative maximum number of Equity Shares bought back at the above mentioned maximum price would be 3,000,000. If the Equity Shares are bought bJck at a prin' l'€'1ow the Maximum Buyback Price of� 750, the actual number of equity shares bought back could exce('d the above mdicJtive lv!aximum Buyback quantity but will always be subJe<:t to the Maximum Buyback S!Z(,.

The Buyback shall l'f' from the open market purchases through the stock exchanges, by the order mMching mecharnsm ,:,xcrpt 'a!l or non,:>' ord,:,r matchmg system. as rrov1ded under the Bs1yback Regulations.

The Company will fund the buyback from its securities premium account, free r€'Serves and/ or such other source as may be permitted

The buyback of equity shares through the stock exchanges commenced on Februar:• 8, 2019 and 1s expected to be completed by August 7, 2019 or reaching the Maximum Buyback Size, whl(h,:,w:r is ,:,,1rher. During the period from February 8. 2019 to March 31, 2019, 881,098 eqmty shares were purchased from the stock exchanges and have ['€'<en exhnguished till date.

Consequent!v, the paid-up capital of the Company has been reduced from� 800.00 million to � 791.12 m1ll1on comprising of i9,118,902 Equity Shares of� 10 each.

• 5 The Company has appointed Mr. Christopher O'Connor as !he Chief Exe<:ut,wOff1cer with immediate effect. He 1s also been appointed as an Add1t10nal Dmxtor (Exe.:-utive Director) wilh 1mmE"d1att' effect for ,1 period of 3 (Three) years subJe<:t to the approval of the Members in the next General ;vJeeting of the Company.
• 6 The Board h<1s recommended Final Dividend of� 3.()0 per share for FY 2()18-19. This Final D1v1dend is subje<:I to the aprroval of �1eml'ers at the ensuing 29th Annui!l General �leetmg which w1ll l'€' held on or l'E'fore Sept,:,mb<?r 3(), 2()19. The Book Closure for the purpose of payment of Fma! Dividend for th,:, Financial Year 2Q18-19 will be determmed later.

By order of Board of D,r,xtors of Persistent Systs>ms Limited

k� b--<d'"'f"-,,--,,u_,

Dr. Anand Deshpande Apnl 27, 2019 Chairman and Managmg Director Dirl.'l:tor

Pune

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Chartered Accountants 706, 'B' Wing, 7'" Floor ICC Trade Tower Senapati Bapat Road Pune -411 016 Maharashtra, India

Tel: +91 20 6624 4600 Fax: +91 20 6624 4605

INDEPENDENT AUDITOR'S REPORT ON AUDIT OF STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF PERSISTENT SYSTEMS LIMITED

• 1. We have audited the accompanying Statement of Standalone Financial Results of PERSISTENT SYSTEMS LIMITED ("the Company"), for the quarter and year ended 31 March 2019 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIR/CFD/FAC/62/2016 dated 5 July 2016.
• 1. This Statement is the responsibility of the Company's Management and is approved by the Board of Directors. The Statement as it relates to the quarter ended 31 March 2019, has been compiled from the related interim condensed standalone financial statements prepared in accordance with Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34") and as it relates to the year ended 31 March 2019, has been compiled from the related annual standalone financial statements prepared under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express an opinion on the Statement based on our audit of such interim condensed standalone financial statements and annual standalone financial statements.
• 1. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Statement is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Statement. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the Statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial controls relevant to the Company's preparation and fair presentation of the Statement in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal financial controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the Statement.

We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

C:n :::iro : . ...,r!'.::lrf-.:l""'n;;,//,1 io-F+- .:.-i/;::Jn.'(

• 1. In our opinion and to the best of our information and according to the explanations given to us, the Statement:
  • a. is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIR/CFD/FAC/62/2016 dated 5 July 2016; and
  • b. gives a true and fair view in conformity with the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India of the net profit, total comprehensive income and other financial information of the Company for the quarter and year ended 31 March 2019.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants (Firm's Registration No. 117366W/W-100018)

( H'dma11t M. Joshi Partner ership No. 038019)

Place: Pune Date: 27 April 2019

Persistent Systems Limited

Regd. Office: Bhageerath, 402, Senapati Bapat Road, Pune 411016, India

Ph. No. +91(20)67030000; Fax +91(20)67030009; Email [info@persistent.com, 'www.persistent.com' CIN L72300PN1990PLC056696

Audited unconsolidated financial results of Persistent Systems Limited for the quarter and year ended March 31, 2019

							(In IMillion)
Sr. No.	Particulars			Quarter ended		Year ended
			March 31, 2019	December 31, 2018	March 31, 2018	March 31, 2019	March 31, 2018
			(Audited)	(Audited)	(Audited)	(Audited)	(Audited)
			5,162.71	4,879.75	4,380.05	19,598.67	17,327.49
	Revenue from operations (net)		255.57	222.95	312.79	1,037.90	1,276.82
$\overline{\mathbf{z}}$	Other income	$(1+2)$	5,418.28	5,102.70	4,692.84	20,636.57	18,604.31
$\overline{\mathbf{3}}$	Total income
4	Expenses					9.491.23	8,740.66
	- Employee benefits expense		2,468.52	2,443.58	2,103.18	2,195.21	2,133.03
	Cost of professionals		549.06	583.23	461.23
	- Finance costs		0.12	0.12	0.15	0.51	0.62
	Depreciation and amortization expense		114.29	113.47	122.82	458.84	537.81
	Other expenses		1.324.60	1.051.86	692.84	4,107.02	2,640.03
	Total Expenses		4,456.59	4,192.26	3,380.22	16,252.81	14,052.15
S.	Profit before exceptional items and tax	$(3-4)$	961.69	910.44	1,312.62	4,383.76	4,552.16
6	Exceptional items						÷.
7	Profit before tax	$(5-6)$	961.69	910.44	1,312.62	4,383.76	4,552.16
8	Tax expense
			301.66	235.00	298.62	1.283.16	1,175.90
	- Current tax		15.91	49.09		65.00	(3.99)
	- Tax charge / (credit) in respect of earlier years				(14.61)	(114.48)	(40.92)
	- Deferred tax charge / (credit)		(75.88)	16.34
	Total tax expense		241.69	300.43	284.01	1,233.68	1,130.99
9	Profit for the period/year from continuing operations	$(7-8)$	720.00	610.01	1,028.61	3,150.08	3,421.17
10	Profit/(Loss) for the period/year from discontinued operations		÷	W	÷	×.
11	Tax expense of discontinued operations		٠	×	٠	۷
12		$(10-11)$			٠
	Profit / (Loss) for the period / year from discontinued operations (after(tax
				610.01	1,028.61	3,150.08	3,421.17
13	Profit for the period/year	$(9+12)$	720.00
14	Other comprehensive income
	A. Items that will not be reclassified to profit and loss
	Remeasurements of the defined benefit liabilities / (asset) (net of tax)		4.29	(28.65)	32.84	(49.83)	104.97
			4.29	(28.65)	32.84	(49.83)	104.97
	B. Items that may be reclassified to profit and loss		115.57	351.15	(60.11)	168.43	(191.81)
	Effective portion of cash flow hedge (net of tax)		115.57	351.15	(60.11)	168.43	(191.81)
							(86.84)
	Total other comprehensive income for the period/year	$(A+R)$	119.86	322.50	(27.27)	118.60
15	Total comprehensive income for the period / year (Comprising Profit/	$(13+14)$	839.86	932.51	1,001.34	3,268.68	3,334.33
	(Loss) and Other Comprehensive Income for the period)
			791.19	800.00	800.00	791.19	800.00
16	Paid-up equity share capital
	(Face value of share ₹ 10 each)						19,732.04
17	Reserves excluding revaluation reserves at the beginning of the period /
	vear
18	Earnings per equity share (for continuing operations) in ₹			7,63	12.86	39.40	42.76
	- Basic		9.03	7.63	12.86	39.40	4276
	- Diluted		9.03
19	Earnings per equity share (for discontinued operations) in ?
	- Basic					zä
	- Diluted		×	٠	٠
20	Earnings per equity share (for discontinued operations and continuing
	operations) in रैं
	- Basic		9.03	7.63	12.86	39.40	42.76
	- Diluted		9.03	7.63	12.86	39.40	42.76
2î	Dividend per share (in ₹)
	Interim dividend			s		s	7
	Final dividend		3		3	3	3
	Total dividend		3	$\bf{8}$	$\overline{\mathbf{3}}$	11	10

Audited statement of assets and liabilities
---------------------------------------------	--	--	--	--

Particulars	As on March 31.	As on March 31, 2018
	2019 (Audited)	(Audiled)
ASSETS×
Non-current assets
Property, Plant and Equipment	2.130.26	2,323.88
Capital work-in-progress	11.81	7.32
Other Intangible assets	83.86	117.48
Intangible assets under development	60.32	7,44
Financial assets
- Investments	7,544.01	5,504.85
- Loans	116.01	945.81
-Other non-current financial assets	428.01	37.43
Deferred tax assets (net)	55.56	31.68
Other non-current assets	68.35	64.00
Total non-current assets	10,498.19	9,039.89
Current assets
Financial assets
- Investments	3,295.53	5,916.31
- Trade receivables (net)	2,429.85	3.425.07
- Cash and cash equivalents	565.12	305.27
- Other bank balances	4,654.22	876.62
- Loans	6.63	4.47
- Other current financial assets	2,195.74	1,847.70
Other current assets	1,243.44	1,374.62
Total current assets	14,390.53	13,750.06
TOTAL ASSETS	24,888.72	22,789.95
EQUITY AND LIABILITIES
Equity
Equity share capital	791.19	800.00
Other equity	21,420.71	19,732.04
Total Equity	22,211.90	20,532.04
Liabilities
Non-current liabilities
Financial liabilities
- Borrowings	11.97	16.55
Provisions	158.46	143.37
Total Non-current liabilities	170.43	159.92
Current liabilities
Financial liabilities
- Trade payables	1,019.07	716.73
- Other financial liabilities	140.00	290 86
Other current liabilities	630.28	562.83
Provisions	664.11	428.03
Current tax liabilities (net)	52.93	99.54
Total current liabilities	2,506.39	2,097.99
TOTAL EQUITY AND LIABILITIES	24,888.72	22,789.95

÷,

n,

Notes:

1 The audited condensed consolidated f1n,1nci�l statem'nts for the quarter and year endt'd Mar<;h 31, 2019, have been Uken on r'-"'ord hy the Bo,,rd of Dir('(tors at its meeting concludt'd on Apti! 27, 2019 as
r«ommended hy th.- Audit Committee at its meeting hdd on April 26, 2019. The st�tutory auditors have expr ssed an unqualified audit opinion.</td

2 Adoption of lnd AS 115. Revenue from contrJcts with cuslomers:

Effe,;ti"e April 1, 2013. the Group adopted Ind AS 115 "Revenue from Contracts with Customers" t1sing the cumulative ca1<:h·up transition m!'thod which is applit'd to contracts thM were not complet<cd as of April 1, 201S. Accordingly, the comparahw:s have not be,,n r<?trospectively adjusted. The <.'ffe<:t on adoption of Ind AS 115 was msignif,cant on the fin,mrnl statements.

3 As reported in the pre"\O\IS quarters, Persistent Systems Limited ("the Parent Company") has deposits of� 430 m,llmn w,th the fmancial inslltutions v17.. Infrastructure Leasing & Financ,al Service< Lid (IL&FS} and lL&FS Financ,ai 5<,"·ices Ltd. (r<?ferred to as "lL&FS Group'") as on the haLmce sheet dat'. Th<'Slc are dm.' for maturit�· from Janua'}· 2()19 to June 2019, of which � 345 million are overdue as on 11.forch 31, 2019. The Group has not accrut'd any interest on these deposits since April 1, 1018. The amount due till ).foft"h 31, 1019 and interest due have not tll'<'n rffeivf'<l as on date. in "it'\· of the un<;erlainty prevaihng with resp,:,ct to r,:,covery of outstanding balances from IL&FS Group, Manag...ment of th<.' hrent Company has provided an amount of � 132.50 million for ,mpa,rment in ,·alue of deposits ,,s of Matt"h 31, 2019. The prov,sion currently refl,:,cts the expo:sure that m,,y ariS€' given the uncertainty. W,th the resolution plan ,n rroi:ress, the Manag.-m,mt of the Parent Company ,s hop<-fol of recover}· though with a time lag. The Parent Company continu'-'S to mon,tor developments ,n the matter and is commilt<.>d to take steps including kgal action thM may N' n('('SS.>ry to ensure full rernvffy of the s.akl deposits.

4 The Board of Dire<;tors, at its me,,tmg m January 2019, approved the buyhil<:k of the Company"s fully paid-up "<JU1ty shares of the fan, value of� 10 e,ich from ,ts shareholders/N'nt'fu:i,,l owners exdud,nr, promoters, promoter group ,rnd persons who are in control of the Company. via the "open market'" route through the stod e,chanr,es, for a total amount not exc<'<'<lm?, � 2,250 mil hon (")..lax,mum SuyNck S,z,:,"), and at a price not exceeding� 750 per Equity Share ("Maximum Buyback Price'").

TI,e mdicative maximum numtx-r of Equity Shares bought hack at the above mentioned maximum price would be 3,000,000. lf the Equ1ty Shares are bought hack at a pme b<'low the Max,mum Suyhack Price of Z 750, the ,,ctual numb<'r of equity shares bought hack could exceed the above ,ndic.ili"e Maximum Buyback quantity but wiil always be subje,;t to the J,.!ax,mum Buyl:,,,ck Si,.e. The Buyb,Kk shall b<.' from the open market purchases through the stock exc;hanges, by the order matching me<:hanism ex(ept 'all or none' order m<ltchin?, system, as prov,ded under the Buybilck Regulations

The Company will fund the buyh.,ck from its se,;urit,es premium account, fr{'(' reserves and/or such othN source as may be permmf'<l.

The buyh.1ck of equ,ty shares through th<c stock exchang...s commenced on Febn1,l'}" 8, 2019 and isexpe,;ted to be completed by August 7, 2019 or reaching the Maximun.1 Buyb,,ck St:m whichever is eMhN. During th' p<cnod from F...hruary S, 2019 to 11.forch 31, 2019, 881,098 equity shares were purchased from the stock '"<changes and have bren <.'Xtinguisht'd hll date Con�uently, 1he paid·up capital of the Company has tll'<'n !"<'duced from Z 800.00 million to� 791.12 million comprising ol 79.11S.902 Equtty Shares of Z 10 <.'Mh

S The Company has appointed ).1r. Christopher O'Connor as the Chief Executive Officer with ,mmediate effect. He is ,1lso !:,e;,n appointed as an Additional D,r('(to, (Executi>"e Dm•ctor) wtth ,mmediate

6 The Board has re,;ommended Final Dividend oft 3.00 fl"'' shar<.' for FY 201S· 19. This Final Dividend is subje<:t to the appro,·al of Members al the ensmng 29th Annual Gener,,I Meet,ng wh,ch w:11 be held on or b<.'foreSeptemb<'r 30. 2019. The Book Closure for the purpose of payment of Fino! Dividend for the Financial Ye,,r 2018-19 will be dclermined later.

7 Figures /or the previous pt'riods/yNr h,we 1-n regroupt'd where,·t>r ne.:essary to conform to current periods' presentation.

effect for a period of 3 {1hre<>) years subj('(t to the approval of th<' Members in the next C...neral Mect,ng of the Company.

Bv order of So�rd of D1re>Ctors of Persist<.'nt Systems Umiied

0

Pune D,1te : April 27, 2019 Chairman

-� /)n -' .

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Dr. Anand and D�shpand�

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NSE & BSE / 2019-20

April 27, 2019

The Manager, Corporate Services, National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (E), Mumbai 400051

The Manager, Corporate Services, BSE Limited 14th Floor, P J Towers, Dalal Street, Mumbai 400001

Ref: Symbol: PERSISTENT

Ref: Scrip Code: 533179

Dear Sir / Madam,

Sub: Declaration pursuant to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

In terms of the provisions of the Regulations 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the 'Regulations'), we hereby state that the Statutory Auditors of the Company M/s. Deloitte Haskins & Sells LLP (Registration No.: 117366W/W-100018), have issued an Audit Report with unmodified opinion on the Audited Financial Results of the Company (Standalone and Consolidated) for the quarter and year ended March 31, 2019.

Kindly take this declaration on record.

Thanking you,

Yours sincerely, For Persistent Systems Limited

�A . Atr

Com y Secretary ICSI Membership Number: ACS 20507

Persistent Systems Limited, Bhageerath, 402, Senapatl Bapat Road, Pune 411016 I Tel : +91 (20) 670 30000 Persistent Systems Inc., 2055, Laurelwood Rd, Suite 210, Santa Clara, CA 95054, USA I Tel : +1 (408) 216 7010 CIN - L72300PN1990PLC056696 I Fax· +91 (20) 6703 0009 I e·mall • lnfo@persl:stent.comIWebsite·www.perslstent.com