Persistent Systems Limited

==> picture [48 x 49] intentionally omitted <==

PERSISTENT

NSE & BSE / 2019-20 / 74 November 4, 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 14[th ] Floor, P J Towers, Dalal Street, Mumbai 400001

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 November 3, 2019 and concluded at 1550 HRS (1ST) on November 4, 2019, has taken the following decisions:

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 half year ended September 30, 2019 have been approved. Accordingly, we enclose the following documents:
Auditors' Report dated November 4, 2019 on the Consolidated Financial Results o(the Company for the quarter and half year ended September 30, 2019;
Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2019;
Auditors' Report dated November 4, 2019 on the Unconsolidated Financial Results of the Company for the quarter and half year ended September 30, 2019;
Unconsolidated Financial Results of the Company for the quarter and half year ended September 30, 2019
B. The Board of Directors has approved the appointment of M/s. PVS and Associates, Practicing Company Secretaries as the Auditor for conducting the Secretarial Audit of the Company for the Financial Year 2019-20.

Please acknowledge the receipt.

Thanking you,

==> picture [82 x 83] intentionally omitted <==

Yours sincerely, Amit Atr Company Secretary ICSI Membership Number: ACS 20507 ·

Encl: As above

Persistent Systems Limited, Bhageerath, 402, Senapati Bapat Road, Pune 411016 \ 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-mail - [email protected] I Website - www.persistent.com

Walker Chandiok &.Co LLP

Walker Chandiok & Co LLP 3rd Floor, Unit No 309 to 312 West Wing, Nyati Unitree NagarRoad, Yerwada Puna� 411 006 India T +91 20 67 44 8800 F +91206744 8899

Independent Auditor's Report on Consolidated Quarterly Financial Results and Year to Date Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of Persistent Systems Limited

Opinion

We have audited the accompanying statement of consolidated financial results ('the Statement') of Persistent Systems Limited ('the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries together referred to as 'the Group') and its associate (refer Annexure 1 for the list of subsidiaries and associate included in the Statement) for the quarter ended 30 September 2019 and the consolidated year-to-date results for the period 01 April 2019 to 30 September 2019, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'), including relevant circulars issued by the SEBI from time to time.
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 other auditors on separate financial statements of the subsidiaries and associate, the Statement:
(i) includes the financial results for the quarter ended 30 September 2019 and the year to date results for the period 01 April 2019 to 30 September 2019, of the following entities: (refer Annexure 1 for the list of subsidiaries and associate included in the Statement);
(ii) is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), read with SEBI Circular CIR/CFD/FAC/62/2016 dated 5 July 2016 (hereinafter referred to as 'the SEBI Circular'); and
(iii)gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standard 34, 'Interim Financial Reporting' ('Ind AS 34') prescribed under Section 133 of the Companies Act, 2013 ('the Act') read with relevant rules issued thereunder and other accounting principles generally accepted in India, of the consolidated net profit after tax (including other comprehensive income) and other financial information of the Group and its associate for the quarter ended 30 September 2019 as well as the consolidated year-to-date results for the period 01 April 2019 to 30 September 2019.

==> picture [296 x 74] intentionally omitted <==

==> picture [45 x 40] intentionally omitted <==

Walker Chandiok & Co LLP is registered with Umited llabllity with identification number AAC-2085 and its registered office at L-41 Connaught Circus, New Deihl, 110001, India

Walker Chandiok &_Co LLP

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Statement section of our report. We are independent of the Group and its associate in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ('ICAI') together with the ethical requirements that are relevant to our audit of the Statement under the provisions of the Act and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of Management and Those Charged with Governance for the Statement

The Statement, which is the responsibility of the Holding Company's management and approved by the Holding Company's Board of Directors, has been prepared on the basis of the interim consolidated financial statements. The Holding Company's Board of Directors is responsible for the preparation of the Statement that give a true and fair view of the consolidated profit or loss (consolidated financial performance including other comprehensive income) and other financial information of the Group and its associate in accordance with the recognition and measurement principles laid down in Ind AS 34 prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations read with SEBI Circular.
The respective Board of Directors of the companies included in the Group and its associate, covered under the Act, are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the companies included in the Group and its associate, covered under the Act and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.
In preparing the Statement, the respective Board of Directors of the companies included in the Group and of its associate are responsible for assessing the ability of the Group and of its associate to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intend to liquidate the Group and its associate or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors are also responsible for overseeing the financial reporting process of the companies included in the Group and of its associate.

==> picture [76 x 70] intentionally omitted <==

Chartered Accountants

Walker Chandiok &.Co LLP

Auditor's Responsibilities for the Audit of the Statement

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Statement.
As part of an audit in accordance with Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Group, its associates have in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its associate to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and its associate to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial results of the entities within the Group and its associate to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Statement of which we are the independent auditors. For the other entities included in the Statement, which have been audited by the other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

==> picture [35 x 26] intentionally omitted <==

==> picture [75 x 75] intentionally omitted <==

Chartered Accountants

Walker Chandiok &_Co LLP

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
We also performed procedures in accordance with SEBI Circular CIR/CFD/CMD1/44/2019 dated 29 March 2019 issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), to the extent applicable.

Other Matters

We did not audit the interim financial results of sixteen subsidiaries included in the Statement, whose financial information reflect total assets of a!' 4,413.78 million as at 30 September 2019, and, total revenues of a!' 1,290.96 million and a!' 2,461.22 million, net loss after tax of a!' 170.70 million and net profit after tax of a!' 57.65 million, total comprehensive income/(loss) of a!' (63.35) million and a!' 185.84 for the quarter and half year ended on 30 September 2019, respectively, and cash flows net of a!' 94.92 million for the half year ended 30 September 2019, as considered in the Statement. These interim financial results have been audited by other auditors whose audit reports have been furnished to us by the management and our opinion in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the audit reports of such other auditors, and the procedures performed by us as stated in paragraph 3 above.

Our opinion is not modified in respect of this matter.

The Statement also includes the Group's share of net profit after tax of a!' Nil and a!' Nil, and total comprehensive income of a!' Nil and a!' Nil for the quarter and half year period ended 30 September 2019 respectively, in respect of one associate, based on their interim financial results, which have not been audited by their auditors, These interim financial results have been furnished to us by the Holding Company's management. Our opinion on the Statement, and our report in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), read with SEBI Circulars, in so far as it relates to the aforesaid associate is based solely on such unaudited interim financial results. In our opinion and according to the information and explanations given to us by the management, these interim financial results are not material to the Group.

Our opinion is not modified in respect of this matter.

The audit of consolidated quarterly financial results for the quarter ended 30 June 2019, included in the Statement was carried out and reported by Deloitte Haskins & Sells LLP who have expressed unmodified opinion vide their audit report dated 25 July 2019, whose audit report has been furnished to us by the management, and which has been relied upon by us for the purpose of our audit of the Statement. Our opinion is not modified in respect of this matter.

==> picture [49 x 33] intentionally omitted <==

==> picture [76 x 75] intentionally omitted <==

Chartered Accountants

Walker Chandiok &.Co LLP

The audit of consolidated quarterly and year-to-date financial results for the period ended 30 September 2018 and audit of consolidated financial results for the year ended 31 March 2019 included in the Statement was carried out and reported by Deloitte Haskins & Sells LLP who have expressed unmodified opinion vide their audit reports dated 21 October 2018 and 27 April 2019, respectively, whose reports have been furnished to us and which have been relied upon by us for the purpose of our audit of the Statement. Our opinion is not modified in respect of this matter.

For Walker Chandiok & Co LLP Chartered Accountants Firm's Registration No.: 001076N/N500013

�\�� Bharat Shetty Partner Membership No. 106815

Place: Pune Date: 04 November 2019

Chartered Accountants

Walker Chandiok LLP &.Co

Annexure 1

List of entities included in the Statement

Name of Entity

Persistent Systems Limited (PSL) Persistent Systems, Inc. (PSI) Persistent Systems Pte Ltd. Persistent Systems France SAS Persistent Systems Malaysia Sdn. Bhd. Persistent Systems Germany GmbH (PSGG) Persistent Telecom Solutions Inc. Aepona Holdings Limited (AHL) Aepona Group Limited (AGL) Aepona Limited Valista Limited (VL) Youperience GmbH (YGmbH) Youperience Limited Persistent Systems Lanka (Private) Limited Persistent Systems Mexico, S.A. de C.V. Persistent Systems Israel Ltd PARX Werk AG PARX Consulting GmbH

Klisma e-Services Private Limited

Relationship

Holding Company

Wholly owned subsidiary of PSL Wholly owned subsidiary of PSL Wholly owned subsidiary of PSL Wholly owned subsidiary of PSL Wholly owned subsidiary of PSL

Wholly owned subsidiary of PSI Wholly owned subsidiary of PSI Wholly owned subsidiary of AHL Wholly owned subsidiary of AGL Wholly owned subsidiary of AGL Wholly owned subsidiary of PSGG Wholly owned subsidiary of YGmbH Wholly owned subsidiary of VL

Wholly owned subsidiary of PSI Wholly owned subsidiary of PSI Wholly owned subsidiary of PSGG Wholly owned subsidiary of PARX Werk AG Associate Company of PSL

==> picture [75 x 72] intentionally omitted <==

==> picture [31 x 34] intentionally omitted <==

Chartered Accountants

Persistent Systems Limited Regislered Office· Bhage,:,rath. 402. &,napJti Ba pat Road, Pune 411016, !nd,a Ph. No. +91 (20)670300Xl; Fax +91{20)67030009; Email: [email protected], 'www.pers1stent.(om'. CIN L72300PN1990PLC0566%

Audited (Onsolidakd financial results of Persis1<ml Systems Jjmitd for th quarter and half year ended September 30, 2019

Sr.No. Particulars Income Revenue from oprations Other inoml Total income Expenses · Employe bnefits expnse . Cost of professionals · Finance costs · Dpreciation Jnd amorti7.Mion npn� · Other exp,mses Total fapenses Profit before exceptional items and tax Ex(eptional items Profit before tax Tax expense · Current tax . Tax charge/ (credit) inrpt ofearlier years . Dferred 1ax charge/ (credit) Total tax expense Profit for the perod/year 10 Other comprehensi�·e jncome A.Items that will not be redassiied to profit and loss . Remeasurementsofthe defined bneft lialnlities / assets (net of tax) B. Items thal may be redassified to profit and loss . Effetive portion of cash now hedge (net of tax) . Exchange difference in translating the financial statement of foreig oprations Tola] other compnhensive income for the period/ year 11 Total comprehensiw� income for the period/year (Comprising Profit/ (Loss) and Other Comprch,msive Income for the perio/year) 12 Paid-up equity share capital (Face volue of share t 10 l<Ch) 13 Other euity excluding revaluation reerve 14 Earings per equity share in " - lasic -Diluted 15 Di�·idend p,r share (in�) (Nominal value per share " 10) Interim dividend Final dividend Total div;dend (1+2) (34) {5-{) (7•8) (A+B) (9+10)		in� Million	in� Million
	culars	Quar<r ended June.,2019 (Audited) Half Y<ar end<d September3,2019 (Auditf) 8,846.0 38246 6,321.14 3.36 September3, 21S (Audited) 8�'55.57 232.21 Sptember 3, 209 {Audited) 17,167.14 62.82 September 3, 2016 (Audited) 16.69S.38 418.%	Year ended Manh 31, 2019 (Audited) 33,659.41 876.55
		9,28.46 5,369.71 S97.18 18.36 424.9 1,36' 66 8,07283 1,155.63 1,155.63 289.72 (1.37) 6.56 294.91 66.72 (10.03) f]0-03 (124.71) S3N (41.67 {51.70) S9.02 76.25 11.26 11.26 8,621.50 4,916.25 859.82 16.5 36.17 1�>43.15 7,2.89 1,(7.61 1,07.61 35.55 (7.6) 2729 624.70 {26.37 {26.37) (2.19) (0.63) {23.62) {5.19) 774.1 791.19 10.65 10.65 8�"87,78 4,362.36 877.05 1.07 3958 1,179.93 7.316.9 1,6.79 1,26.79 422.37 2.9 (37.89) 37.3 $1.41 (12.79) (12.79 (139.16) 185.91 46.,: 3.% 915.7 8.0 11.o2 11.02 17,849.% 10,2S5.% 1,757.0 36.8 811.07 2,705.81 15,5%.72 2.,�3.2-1 2,23.24 640.27 (1.37) (71.0) 57.62 1,65.42 (36.40) (36.40) (147.9) 8241 {65.49 (1(11.69 1,83.53 76.25 21.9 21.9 *17,1173* 9,48.73 1,711.73 1.35 79.39 2,659.10 U,23 2,455.0 2,455.0 78.42 2.9 (81.17) 701.15 1,75.69 {25.M) 12S,S) (29.29) 337.71 39.42 1358 1,76.47 8.0 21.94 21.94 3��3.% 19,249.53 3,49.45 3.05 1.571.51 5,357.0 29,67257 4,S63.39 4,S.39 1,33.20 88.81 {65.41) 1,6.6 3,516.79 (47.15) {47.15) 168.43 113.62 282.2 2.5.10 3,751.89 791.19 22,655.61 43.9 43.9 8.0 3.0 11.0

==> picture [73 x 73] intentionally omitted <==

LO ,...[-,-] ,_:, o- $fi ·-�----· 0,,,;�;' ��Yo:��.?;,� c,\ "'( . : ·;-:, � - >{o\ j?/

Audited consolidaled statemenl of assets and liabilities

Audited consolidaled statemenl of assets and liabilities
	in { Million
Pariculars	As at Septemb<r 3, 219 (Audited) 2,33..71 6.34 625.11 9.06 1,819.07 142.5 3,658.5$ 146.13 355.45 613.16 47.45 10,22.5 1,522.23 5,09.74 1,35.67 5,7.38 34.41 2,357.40 134.70 1,747.72 U,931.25 28,133.81 76.25 22,23.43 23)7.6 10.61 48$.50 1S6.9S "'" September 3, 201S (Audited) 2,450.98 3.15 85.20 2,227.9 243.% 3,460.35 15.0 "" 67.26 7S.74 9,31.03 7,382.85 4,78.0 1,0.68 459.40 S.0 3,488.97 244.70 1,973.51 19,416.24 28,797.27 8.0 22,()29.11 22,2.11 15.18 1.83 153.56 As at March 31, 2019 (Audited) 2,331.24 12.10 81.24 1,595.41 33.54 4.345.71 16.0 3.33 405.05 6.31 9,65.93 3,295.53 4,923.01 1,739.45 4,989.35 7.87 2377.0 1S5.0 1,387.79 18,95.0 28,555.9 79L19 22,655.61 2.1,4.S 11.97 1.S3 174.94
ASSETS Non-cum.n! assets Property, Plant and Euipmnl Capital work-in-progre Right- of- use assts Goodwill Other Intangible asts Intangibleasstsunder development Finanial assets - Investments - Loans -Other non-current fnancialassets Defered tax asst (net) Other non-urrent assets Tota! non-urrent assets Curent assels Financial assets - Investment - Trade reeivables (net) - Cash and cash euivalents - Other bankbalances - Loans - Other current financial assets Current tax assts (net) Other curretassts Total cum'nt assets TOT AL ASSETS EQUIT AND LlBitrfIES Equity Euity shMecapital Other euity TotalEuily liabiliti�s Non-current liabilities Financial liabilities - Borrowings - Other long-term financial liabilitie Provisions Total Non- curnt liabilities Current liabilities Financtal liabilities - Tradepayables - Other fnancial liabilitie Other current liabilities Provisions Current tax liabilities (net) Total current liabilities .PTAL EQUI1 AND LIABILIIES
	63.0 1,403.$4 746.87 1,0.65 1,25.68	170.57 1,917.52 97$.14 1,255.26 1,50.38 10.29	1S.74 1,517.07 441.93 1,122.44 1,76.21 74.80
	4,33.0	5,797.59	4,92.45
	Z,13.61	2,797.27	28, 5.9

==> picture [74 x 67] intentionally omitted <==

==> picture [70 x 71] intentionally omitted <==

CONSOLIOATEO CAS-H Ff6ii{STATEMENT FOR THE HALF YEAlfENtiEti SEPTEMEBR 30, 201$

CONSOLIOATEO CAS-H Ff6i{STATEMENT FOR THE HALF YEAlfENtiEt SEPTEMEBR 30,201$
Cash !low from operating aet!vities Prom before tax Adjuslmenls tor ln1ercs1 income Discount allowd Finance costs Dividend income Doprncia!ion and amo1tization expense Amorlizalion ot lease premium Umoalised exchange loss/ (gain) (ncl) Chango in foreign cui1oncy translation reserve Exchango loss/ {9ain) on do riv alive contra els Exchange (gain)/ loss on lra11slalion o1 foreign currency cash and cash oqulvalenlo Donalions in kind Bad debts P1ovisionlotdouhlful rncoivables (ne1)I(provision wrHton back) Employee stock cornponsalion expanses Piovision rm doub!ul deposits and advar,ces P1ovlsion for dlmln11ho11 in valuo or Investments Remonsuicments o( U1e der1nod benor1l liabihtios_I_asset (l>efore lax o!lects) Excess provisio In respect o( earlier years writlen (back) {Gain)/ loss on 1air valualion or assets desi11nHlod al FVTPL (Pror,t)/ loss on sale of invostmon\s (nol) (P,ofil) I loss on sale of Pwpoi1y, Plar,l at1d Eqt1iprnonl {net) Operoting p,olil bofore working copit�I chonges Movements in working copitol : (lncroaso) / Oocrease in non,currenl and cuiron1 loans (Increase)/ Decrease In other non cmren1 assets (Increase)/ Decrease in other current financial assets (lncwaso)IDo crease in other current assols (lnciease) / Decrease in t,ada receivables lncrnasaI(Decrease) in trade payables, current liabilities and non cu<ren1 li.bilit1es lncrnasa I (Decrease) ;n provisjons Oporotin1 profit alot wo1klng c�pitol ch�ngos Dirncl !ams paid (ne1 ot refunds) Net cosh gonorotod from oporatlng octlvi!ios Cash flows !tom Investing aetivi!ies Paymen1 towards CRpital expendi1uro (including in1angible asse1s) Proceeds from sale of floporty, Plant and Eqi,ipment Acquisition or slep,do" subsidia,y i11cluding cash and cast, oquivalonts off 37.35 rHlio11 {Previous period I yoar f 0.35 million) Purchase of bonds Procoads lrom sale/ maturity of bonds Purchase or non,curront invostmenls P,oceeds from sale or non,currenl jr,ves1men\s lnveslmenls in mutual funds Prnceeds f10m Salo/ maturity of mutual funds lnves1men1s in bank doposils having original malu1ity over three monll,s Malu,ily of bank doposi1s having 01iginal ralurity over lhreo months lnves1mon1s In deposits w h fnancial Institutions Mahu;1y or doposilo v.iU1 financal insti!ulions Non cw rent loans placed Interns\ received DMdonds received Not oash gonorata< from I (used in) lnvos!in1 aotlvitles ,, '"	For the holl year ended September 30, 2019 Soptombor 30, 2018 In, Milllon ln f Million 2 ,263.24 2,466.04 (279.52) (132.58) 75.54 36.88 us (13.95) (83.86) 811.07 799.39 0.29 0.29 (12 80) (47.84) 99.34 75.86 (61.47) 126.9 (8.37) 11.99 70.28 29.73 (26.34) 93.36 150.00 (49.10) (38.20) (4.60) (20.07) 20.47 115.69 (\44.17) {213.57) (0.50) {1.51) 2,996.44 3,094.BG For tho you errded March 31, 2019 Int Million 4,863.39 (287.72) 76.92 3.05 (160.77) 1,572.51 0.58 106.52 (86.65) 20.51 71.36 1.40 71.18 (4.89) 182.50 13.98 (70.36) (33.69) 68.92 (366.09) (4.02) 6,018.23
	(5.14) (2.57) (338.56) (14.17) (413.07) (557.23) (356.30) (410.10) (142.59) 67.16 (362.79) 351.24 {516.49) {65.30) 860.48 2,463.89 (661.49) (790.38) 1$8.99 1,673.61 (429.11) (186.16) 9.79 1.94 (435.48) (148.15) (171.48) (529.89) 330.38 (144.96) 25.22 (7,780.50) (11,581.81) 10,212.14 10,369.76 (1.707.95) (1,650.12) 715.00 2,112.51 (300.00) 250.00 150.35 (14.12) 326.08 173.23 13.95 83.88 1A�-�'o_4 !1~~_~~,6G3,6) (5.55) (1.68) (135.26) 175.62 (322.95) (180.13) 179.91 6,728.19 {1,405.07) 4,323.12 (379.06) 5.04 (H8.\S) (1.175.31) 199.43 (144.96) (22,418.13) 25,010.64 (8,094.22) 4,044.26 (300.00) 650.35 (16.96) 327.33 180.77 (2,268:�!l

CONSOLIOATEO CAS-H Ff6i{STATEMENT FOR THE HALF YEAlfENtiEt SEPTEMEBR 30,201$

Cash !low from operating aet!vities
Prom before tax
Adjuslmenls tor
ln1ercs1 income
Discount allowd
Finance costs
Dividend income
Doprncia!ion and amo1tization expense
Amorlizalion ot lease premium
Umoalised exchange loss/ (gain) (ncl)
Chango in foreign cui1oncy translation reserve
Exchango loss/ {9ain) on do riv alive contra els
Exchange (gain)/ loss on lra11slalion o1 foreign
currency cash and cash oqulvalenlo
Donalions in kind
Bad debts
P1ovisionlotdouhlful rncoivables (ne1)I(provision wrHton back)
Employee stock cornponsalion expanses
Piovision rm doub!ul deposits and advar,ces
P1ovlsion for dlmln11ho11 in valuo or Investments
Remonsuicments o( U1e der1nod benor1l liabihtios_I_asset (l>efore lax o!lects)
Excess provisio In respect o( earlier years writlen (back)
{Gain)/ loss on 1air valualion or assets desi11nHlod al FVTPL
(Pror,t)/ loss on sale of invostmon\s (nol)
(P,ofil) I loss on sale of Pwpoi1y, Plar,l at1d Eqt1iprnonl {net)
Operoting p,olil bofore working copit�I chonges
Movements in working copitol :
(lncroaso) / Oocrease in non,currenl and cuiron1 loans
(Increase)/ Decrease In other non cmren1 assets
(Increase)/ Decrease in other current financial assets
(lncwaso)IDo crease in other current assols
(lnciease) / Decrease in t,ada receivables
lncrnasaI(Decrease) in trade payables, current liabilities and non cu<ren1 li.bilit1es
lncrnasa I (Decrease) ;n provisjons
Oporotin1 profit alot wo1klng c�pitol ch�ngos
Dirncl !ams paid (ne1 ot refunds)
Net cosh gonorotod from oporatlng octlvi!ios
Cash flows !tom Investing aetivi!ies
Paymen1 towards CRpital expendi1uro (including in1angible asse1s)
Proceeds from sale of floporty, Plant and Eqi,ipment
Acquisition or slep,do" subsidia,y i11cluding cash and cast, oquivalonts off 37.35 rHlio11
{Previous period I yoar f 0.35 million)
Purchase of bonds
Procoads lrom sale/ maturity of bonds
Purchase or non,curront invostmenls
P,oceeds from sale or non,currenl jr,ves1men\s
lnveslmenls in mutual funds
Prnceeds f10m Salo/ maturity of mutual funds
lnves1men1s in bank doposils having original malu1ity over three monll,s
Malu,ily of bank doposi1s having 01iginal ralurity over lhreo months
lnves1mon1s In deposits w h fnancial Institutions
Mahu;1y or doposilo v.iU1 financal insti!ulions
Non cw rent loans placed
Interns\ received
DMdonds received
Not oash gonorata< from I (used in) lnvos!in1 aotlvitles
,,
'"

For the holl year ended
September 30, 2019 Soptombor 30, 2018
In, Milllon
ln f Million
2 ,263.24
2,466.04
(279.52)
(132.58)
75.54
36.88
us
(13.95)
(83.86)
811.07
799.39
0.29
0.29
(12 80)
(47.84)
99.34
75.86
(61.47)
126.9
(8.37)
11.99
70.28
29.73
(26.34)
93.36
150.00
(49.10)
(38.20)
(4.60)
(20.07)
20.47
115.69
(\44.17)
{213.57)
(0.50)
{1.51)
2,996.44
3,094.BG
For tho you errded
March 31, 2019
Int Million
4,863.39
(287.72)
76.92
3.05
(160.77)
1,572.51
0.58
106.52
(86.65)
20.51
71.36
1.40
71.18
(4.89)
182.50
13.98
(70.36)
(33.69)
68.92
(366.09)
(4.02)
6,018.23

(5.14)
(2.57)
(338.56)
(14.17)
(413.07)
(557.23)
(356.30)
(410.10)
(142.59)
67.16
(362.79)
351.24
{516.49)
{65.30)
860.48
2,463.89
(661.49)
(790.38)
1$8.99
1,673.61
(429.11)
(186.16)
9.79
1.94
(435.48)
(148.15)
(171.48)
(529.89)
330.38
(144.96)
25.22
(7,780.50)
(11,581.81)
10,212.14
10,369.76
(1.707.95)
(1,650.12)
715.00
2,112.51
(300.00)
250.00
150.35
(14.12)
326.08
173.23
13.95
83.88
1A�-�'o_4
!1~~_~~,6G3,6)
(5.55)
(1.68)
(135.26)
175.62
(322.95)
(180.13)
179.91
6,728.19
{1,405.07)
4,323.12
(379.06)
5.04
(H8.\S)
(1.175.31)
199.43
(144.96)
(22,418.13)
25,010.64
(8,094.22)
4,044.26
(300.00)
650.35
(16.96)
327.33
180.77
(2,268:�!l

==> picture [74 x 75] intentionally omitted <==

",'':.,? \ if/ CY 1 ii. \ ;;/(/ Pr·, c:·1 '�, ', :_1 \ I /i'f., N __/>/_

CONSOUOATEO CASH FLOW STATEMENT FOR THE HALF VEAR ENDED SEPTEMEBR 30, 2019

	For the hall yeor ended Fo, the year ended September 30, 201$September 30, 2018 Morch 31, 2019 Inf Million Inf Million Inf Mi!!ion
Cash flows from finanejng aetjviliM (Repayment of) loog term borrovngs Shares bought back Specific poject related grant received lnlorost paid Dividends paid Tax on dividend paid Not cash used in financing activities ,,	(3.21) (3.22) (4.58) (1.677.01) {571.41) 3.00 "' {37.04) (2.12) (3.66) (229.28) (241.41) (881.41) (47.99) (20.18) (137.41)
	{U91.53) (262.43) (1,598.47)
	For the half year ended Fo, the yoar ondod September 30, 2019 Septembe1 30, 2018 Mor oh 31, 2019 !n f Million !n f MHion ln f Million (434.50) (252.46) 465.68 1,739.45 1,345.13 1.345.13 37.35 8.37 (11.99) (71.36)
Not increase I (decrease) m cash and cash oquivalents (A+ B + C) Cash a"d cash equivalents at tho l>oginning or tho period I year Cash and cash equivalents acquired on acquisition Effec1 of exchange d,lferonco on transla1io of foreign cunoncy cash and cash oquivalon1s Cash and cash equivalents QI lhe end of Iha period I yoar Components of oash and cash equivalents Cash on hand Cheques on hand Balances .n, l>aoks On cwrnn1 accounts• On saving accounts On Exchange Earner's Fore,gn Currency accounts On dopos;t accounts Wth original ma1urily less u,an three months On Escww accounts" Cash and cash equlvalenls
	1,350.67 1,080.68 1,739.46 0.28 0.25 0.22 5.33 1.162.76 927.77 1,300.93 0.60 20.20 0.91 187.03 127.13 114.91 229.54 92.94
	1,350.67 1,080.68 1.739.46

Out or U,e cash and casl, equ;valeuls balance as al Scptoml>cr 30. 20!9. 1/10 Group can u111,so, 5.14 Million (Co1rcspond1nu period:! 2.98 Million I Previous yoar:, 2.15 M1lliot1) o"IY towards resea,ch and dovelopmont ac1ivities spoc,fmd In an agrnemenl.
" Tho Par en I Company concluded lhe l,u)'back scheme ....;u\ olroc11mm June 27, 2019 and minimum balance main\ajned ;n Esc,ow account w�s released on comple1ion of statutory formalities

==> picture [75 x 73] intentionally omitted <==

==> picture [70 x 73] intentionally omitted <==

Audited unconsolidated financial infonnation

	m ( M,lhon	m ( M,lhon	m ( M,lhon
Revenue from oprations Profit llfre tax Profit after tax Parirulars	September30, 2019 {Audited) 5,017.0 1,343.3{ 1,0.4( Quarer ended June3, 2019 {Audited) 4,953.95 1,114.73 834.39 September30, 2018 (Audited) 4,936.30 1,3.23 8%.82	llalf Year ended September 3, 2019 5ptemhlr 3,28 {Audited) (Audited) 9,971.04 2,458.0 1,92.85 9,556.21 2,511.63 1,820.07	Year ended ifarch3,2019 {Audited) 19,598.67 4,3S3.76 3,15.0
	September30, 2019 {Audited) 5,017.0 1,343.3{ 1,0.4(

Segment wise Revenue, Results and Capilal Employed

The Group reorganised itself into 1hree busmess units from Apr,! 1, 2018, which form the operating Ss>gmen1S for $<'grnent reporting. The operating segments are:

a. T€'Chnology Services

b. Alliance

c Accelerite (Products)

					m� Million	m� Million	m� Million
Sr.No.	Paricular	Quarer lnded			Half Year ended		Yearlnded
		Slptlmber3,2019 (Audi1ed)	June3,2019 (Audited)	Septlmher 3,28 {Audi!ed)	September3,2019 {Audited)	September30, 2018 (Audited)	Marh31,2019 (Audited)
Sgment revenue -Technology Srvice -Alliance - Accelerite (Products) Total Le : Inter SgI revenue Net sale/income from oprations Sgmnt f(ult i.e. profit/ (loss) bfore tax,. intef(t and dlpm:iation and amortiz.1tion - Tehnology Srvice - Alliancl - Accllerite (Products) Total Lls: - Finance cots • Othlr un-alloable exp<nses Un-allocable in<ome Profit before tax		5,979.85 2,492.86 373.2 8,846.0 8,84.0 2,2$5.07 849.59 1S6.17 3�>20.83 18.3 2529.28 382.46 1,155.63 5,7.51 2,312.65 33.9 8�121.14 8,321.14 20S.0 748.61 107.92 2,924.62 18.5 2,10.87 3.36 1,(7.61 5,436.54 2,466.94 4520 S,355S7 8�>55.57 2,0}4_70 S26.5 241.& 3,103.0 1.0 2,065.35 232.21 1,268.79			11,684.36 4,805.51 67.27 17,167.14 17,167.14 4,353.17 1,598.20 294.0 6,25.46 36.SS 4,633.16 62.82 2253.24 10,679.71 5,157.62 S1.05 16,698.3 16,69.38 4,033.26 1,6&.S7 40.07 6,124.20 1.35 4,06.7 418.% 2,455.0 Ason 22,018.03 9,759.92 1,SSl.46 33,659.41 33,659.41 8,57.67 3,29.01 92.14 12,797.82 3.05 S,807.9 876.55 4,SB9
Seement assets [Trade receivables /ne!) - Tehnology Srvices -Alliance - Accderite {Produc1s) Total alloable segmenl asse!s Unalloable asSts Total assets
					Septemblr3, 2019 (Audited) 4,270.S 554.44 224.42 5,09.74 September3, 201S (Audited) 3,426.75 1,10.0 251.24 4,78.0 Manh31,219 (Audited) 3,57.07 1,021.7 35.17 4,923.01
					23,04.07 24,019.19 23.632.9
					2,133.61 ',797.27 28,555.9

Note for sl'gment wise information:

Operating $<'gments are components of an enterpriS€ for whJCh discrl'te fmancial mformation is ava,lable I hat is evaluated regularly by thl' (iding how to allocate resources and as..<.essmg p<>rformance. TheGroup"s chief operating decision makers are the 0,ief Executivl' Officer and the Chairman.

Segmenl wise capital employed

Segregation of assets (other thitn trade receivables), !iab1llt,es, depreoation and amorti7.,Hinn and other non-cash l'Xpl'ns.es in1o various reportable 51?gments have not lx>en presented as the assets and liabihties are used interrhangeably be1ween segments ilnd the Group is of 1he view that 1t ,snot practical to reasonably itllocate the other as..<aets, liab1ht,es and other non-ca.�h expcrises to individual $<'gmenls and an ad-hoc allocahon will not Ile meaningful.

==> picture [75 x 70] intentionally omitted <==

==> picture [70 x 73] intentionally omitted <==

Notes:

1 The audited condensed consolidated fmandal st..iement$ for the quarter ended September 30, 2019, have been taken on record by the Bwrd of Directors at its meeting concluded on November 4, 2019 as recommended by the Audit Committee at its meeting held on November 3, 2019. The statutorr auditors have expressed an unquahfled audit opinion. The information presented a bow is extracted from the audited condensed consolidated financial statements.
2 The Board of Dir,:,ctors, in its meeting held in JanuMy 2019, approved the partial buyback by the Company of its fully paid.up equity shares having face value of { 10 each. The window for buylng the shares opened on February 8, 2019 and the Company has purchased 3,575,000 equity shares between Febru<1ry 2019 <1nd June 2019 and has extinguish<!d these shan:>S after following the due process. The Comp<1ny has completed the Buyback on June 27, 2019 <1nd the total number of equity shares outstanding as on June 30, 2019 post buyback stands at 76,425,000.

The Company has compkt<!d the extinguishment of 549,8$7 equity shS on July 3, 2019, which were bought back before June 27, 2019; after following the due process

3 Effective April l, 2019, the Group <1dopted Ind AS 116 'Leases', applied to all <1pplicable lease contracts existing on April 1, 2019 using the modified '"'°trospective method and has taken the cumulative adiustment to r('tained e.,mrngs, on the date of initial application. Accordingly, compJratives for the period/ year haw not been retrospectively adjusted. On transition, the ,ldoption of the new sl<lndard resulted in recognition of Right-of-Use assets (ROU) of<' 722.51 mi!hon and a lease liability of<' SSS.90 m,!lion. The cumul<ltiveeffe<:t of applying the standard resulted in 'I; 12..1.60 million being deb:ted to retained eomings, net of taxes. The effect of th;s adoption i5 insignificant on the profit for the period and ec.mings per share.
4 As reported in the previous quarters, Persistent Systems Limited ("the Parent Com pan/') has deposits of<' 430.00 rru!hon with the fmannal institutions vjz. Infrastructure Leasing & Financial 5er"1<:es Ltd. (!L&FS) and !L&FS Fioancial Services Ltd. (referred to <IS "!L&FS Group") as on the balance sheet date. The Group has not accrued any ioterest on these deposits since April 1, 20JS. ln view of the uncertainty prevailing with resp«t to recovery of outstanding baloru.:<'.!S from !L&FS Group, Management of the Parent Company has provided an additional amount of� 150.00 million during half year ended September 30,2019, thereby !.!king the total pro,·ision to 'I; 332.50 million for impairment in value of deposits as of September 30, 2019. The prov,sion currently reflects the exposure that m,,y arise gwen the uncertainty. With the resolution plan in progress, the Maoagement of the Parent Company is hopeful of recovery though with o time log. The PMent Company continues to monitor developmeots m the matter and ,s committed to t.lke steps including legal action that may be necessary to ensure full recovery of the said deposits.
5 Aepona Holdings Limited, !re land, the wholly ov,:ned subsidiary of Persistent Systems !nc., USA and step down subsidiary of the Company, dissoh·ed w.e.[f] . October 24, 2019.
6 The t..·lembers of the Company approved the appointment of M/s. Walker Oi<1ndiok & Co LLP (Firm Registr<1tion No. 001076N/N5000l3) as Statutory Auditors of the Company to hold office from the<onc!usion of Extra Ordrnary General Meeting held on September 4, 2019 up to the conclusion of the 30th Annual General Meeting of the Company to be held in the calendar yNr 2020 i.e. on or before September 30, 2020.
7 The Members at the 29th Annual General Meeting of theComp�ny held on July 24, 2019, had approved payment of Fma! Di"1dend of<' 3.00 per Equity share of<' 10 ea.:h for FY 201$-19. Accordingly,, 277-27 Million were p. d towards the above Dividend and Dividend Distribution Tax during August 2019.

,.�

November 4, 2019

By order of Board of Directors of Persistent Systems Limited Dr. Anand Di,shpande · \ � Oiairman and Managing Director �) lv

==> picture [254 x 9] intentionally omitted <==

==> picture [167 x 75] intentionally omitted <==

==> picture [74 x 75] intentionally omitted <==

Walker Chandiok&.Co LLP

Walker Chandlok & Co LLP 3rd Floor, Unit No 309 to 312 West Wing, Nyati Unitree Nagar Road, Yerwada Puna - 411 006 India

T +91 20 6744 8800 F +91 20 6744 8899

Independent Auditor's Report on Audited unconsolidated Quarterly Financial Results and Year to Date Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of Persistent Systems Limited

Opinion

We have audited the accompanying statement of unconsolidated financial results ('the Statement') of Persistent Systems Limited ('the Company') for the quarter ended 30 September 2019 and the year to date results for the period 01 April 2019 to 30 September 2019, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'), including relevant circulars issued by the SEBI from time to time.
In our opinion and to the best of our information and according to the explanations given to us, the Statement:
(i) is presented in accordance with the requirements of Regulation 33 of the Listing Regulations, read with SEBI Circular CIR/CFD/FAC/62/2016 dated 5 July 2016 (hereinafter referred to as 'the SEBI Circular'), and
(ii) gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standard 34, 'Interim Financial Reporting' ('Ind AS 34') prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India of the unconsolidated net profit after tax (including other comprehensive income) and other financial information of the Company for the quarter ended 30 September 2019 and the year to date results for the period 01 April 2019 to 30 September 2019.

==> picture [46 x 39] intentionally omitted <==

==> picture [74 x 73] intentionally omitted <==

Chartered Accountants

Walker Chandiok & Co LLP ls reglstered with limited liabllity with identification number AAC-2085 and its registered office at L-41 Connaught Circus, New Delhi, 110001, India

Offices in 6anga\uru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune

Walker Chandiok &.Co LLP

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ('SAs') specified under section 143(10) of the Companies Act, 2013 ('the Act'). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Statement section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ('ICAI') together with the ethical requirements that are relevant to our audit of the Statement under the provisions of the Act and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us, is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of the Management and Those Charged with Governance for the Statement

This Statement has been prepared on the basis of the interim unconsolidated financial statements. The Company's Board of Directors are responsible for the preparation of the Statement that give a true and fair view of the net profit/loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Ind AS 34 prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations including SEBI Circular. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the Statement, the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do SO.
The Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Statement

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Statement.

==> picture [74 x 73] intentionally omitted <==

Chartered Accountants Iv

Walker Chandiok &.Co LLP

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the unconsolidated financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the unconsolidated financial results, including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matters

The audit of unconsolidated quarterly financial results for the quarter ended 30 June 2019 included in the Statement was carried out and reported by Deloitte Haskins & Sells LLP who have expressed unmodified opinion vide their audit report dated 25 July 2019, whose audit report has been furnished to us by the management, and which has been relied upon by us for the purpose of our audit of the Statement. Our opinion is not modified in respect of this matter.

==> picture [40 x 30] intentionally omitted <==

==> picture [76 x 75] intentionally omitted <==

Chartered Accountants

Walker Chandiok &.Co LLP

The audit of unconsolidated quarterly and year-to-date financial results for the period ended 30 September 2018 and audit of unconsolidated financial results for the year ended 31 March 2019 included in the Statement were carried out and reported by Deloitte Haskins & Sells LLP who have expressed unmodified opinion vide their audit report dated 21 October 2018 and unmodified opinion vide their audit report dated 27 April 2019, respectively, whose reports have been furnished to us and which have been relied upon by us for the purpose of our audit of the Statement. Our opinion is not modified in respect of this matter.

For Walker Chandiok & Co LLP Chartered Accountants Firm's Registration No.: 001076N/N500013 Bharat Shetty Partner Membership No. 106815

UDIN: \C\ t)GB\5Al'IAl1bk'38\1

Place: Pune Date: 04 November 2019

Chartered Accountants

Registered Office: Bhageerath, 402, &>napati Ba pat Road, Pune 411016, India Ph. No. +91 (20)67030 0; Fax +91 {20)67030M9; Email : [email protected], "ww�·V.jX'l'Sistentcom'. C!N L72300Pi':1990PLCOs.6696

Audited unconsolidated financial results of P'2'Tsistent Systems Limited for the quarter and half ye-ar ended S.:,ptember 30, 2019

" ' '°"

Quarter ende<	Quarter ende<	Halfvear ended Year ended	Halfvear ended Year ended	Halfvear ended Year ended
September 30, 2019 June 30, 2019 (Audi!ed) (Audited) 5,017.09 4,953.95 558.94 307.05 5,576.03 5,261.0	September 30, 2018 {Audited) 4,936.30 369.39 5�W.69	Septemb!r 3, 2019 {Audited) 9,971.04 8659	Septemb<r 3, 218 March 31, 2019 {Audited) (Audited) 9,556.21 19,59.67 564.21 1,037.9
		10,837.03	10,120.42 20,636.57 4,579.13 9,491.23 1,062.92 2,195.2] 0.27 0.51 231.08 458.84 1.735.39 4,107.02
2,679.51 2,49.35 478.42 49.02 ll.66 12.45 141.09 137.31 921.9 1,007.14	l.318.3 556.74 0.16 113.89 1,010.33 3,9.46 1_1.23	5,17.86 96S.44 24.11 278.40 1,92.13
4,1267 4,146.27		8�>78.94	7,68.79 16,22.81
1,343.36 1,114.73		2,458.0	2,11.63 4�13.76
1,34336 1,114.73 262.5 33S.19 12.32 {57.85)	1,3.23 405.70 3.71	2,458.0 600.77 (45.53)	2,511.63 4,383.76 746.50 1,283.16 65.00 {5.94) (114.48}
274.9 28034	40.41	555.24	691.56 1,233.6
1,0.46 534_19	8%.82	1,9285	1,820.07 3,15.08
(8.5) (2.3)	(12.56) (33.O) (25.47 (49.83)
(8.5) (2530)	{'256 (33.80) (2'.47 {49.83)
(124.71) (23.19)	/139.16) (147.9) (298.29) 168.43
{124.71) {21.19)	(139.16 (147.9) {2. 16.43
/133.21) {48.49)	"151.72) {181.70) (321.76			' 118.6

935.2� 785.9 76.25 764.25 13.98 10.7 13.98 10.7	745.10 1,721.15 1,4%31 800.00 764.25 800.00 11.21 24.73 22.7 11.21 24.73 27			3,26.6 791.19 21,420.71 5 39.40 5 39.40 8.00 3.00
				11.0

==> picture [48 x 38] intentionally omitted <==

==> picture [75 x 74] intentionally omitted <==

==> picture [76 x 76] intentionally omitted <==

Audited statement of assets and liabilities

	(I tM"f " 'ion) As on September As on September As on March 31, 30, 2019(Audikd) 30,218(Audited) 2019(Audited) 2,151.39 2.19.64 2,13.26 6.0 3.07 11.81 295.67 6241 116.06 83.86 1070 25.12 6.32 7,430.22 5,931.17 7,5 .01 118.5 830.60 116.01 355.45 25.40 423,05 2.S 246.71 55.56 37.83 78.i4 635 11,8.44 9,455.51 10,493.21 l,52223 7,382.85 3,295.53 2,378.14 3,052.74 2,42.55 340.S3 265.90 565.12 5,639.01 284.60 4,659.18 4.S3 5.% 6.63 2,043.64 2.903.2.1 2,195.74 1,467.11 1,656.64 1,243.44 13,395.79 15,551.92 14,39.49 24,94.2 ~~2~~'~~,~~07.43 24,6.72 76.25 800.00 791.19 21,201.67 20,968.17 21,420.71 21,%5.92 21,76.17 22,211,90 10.61 15.18 11.9 168.76 135.73 15.46 257.01 1.83 1.83 48 15274 176 736.44 1,165.65 1,019.07 295.60 667.25 13.17 6210 712.24 63.28 415.41 471.29 66.11 2.3 70.0 52.93 2,01.93 3,0652 2,5.56 24,494.2.l 25,07.43 24, .72
Pariculars
ASSETS Non-urOnt assets Proprty, Plant and Equipment Capital work-in-progress Right of Use assets Other Intangible assets Intangible assets under development Financial assets - Investments - Loans -Other non-urrent fmanc1al assets Deferred tax a�ets {net) Other non-current assets Total non-urent assets CurOnt assets F1nanci3! assets - Investmnts -Trde reeivable -Cash and cash euivilents - Other bank balances • Loins - Other current financial assets Other current assets Total current assets TOTAL ASSETS EQUII AND LIABILITIES Equity Equity share capital Other equity Total Equity Liabiliti! Non- cuent liabilities Financial Jiabihties - Brrwing Provisions Other long-term fininc1al li.b1lities Total Non-current liabilities Curent liabilities Financi,1! liabilities - Trade payables - Other linancial liabil1t1e Othercurrent liabilities Provisions Current tax liab11ittes (net) Total {Urrent liab;Iities TOTAL EQUrAND LIABILITIES r �'iNDIOt

(I tM"f
"
'ion)
As on September
As on September
As on March 31,
30, 2019(Audikd)
30,218(Audited)
2019(Audited)
2,151.39
2.19.64
2,13.26
6.0
3.07
11.81
295.67
6241
116.06
83.86
1070
25.12
6.32
7,430.22
5,931.17
7,5 .01
118.5
830.60
116.01
355.45
25.40
423,05
2.S
246.71
55.56
37.83
78.i4
635
11,8.44
9,455.51
10,493.21
l,52223
7,382.85
3,295.53
2,378.14
3,052.74
2,42.55
340.S3
265.90
565.12
5,639.01
284.60
4,659.18
4.S3
5.%
6.63
2,043.64
2.903.2.1
2,195.74
1,467.11
1,656.64
1,243.44
13,395.79
15,551.92
14,39.49
24,94.2
~~2~~'~~,~~07.43
24,6.72
76.25
800.00
791.19
21,201.67
20,968.17
21,420.71
21,%5.92
21,76.17
22,211,90
10.61
15.18
11.9
168.76
135.73
15.46
257.01
1.83
1.83
48
15274
176
736.44
1,165.65
1,019.07
295.60
667.25
13.17
6210
712.24
63.28
415.41
471.29
66.11
2.3
70.0
52.93
2,01.93
3,0652
2,5.56
24,494.2.l
25,07.43
24,
.72

Pariculars

ASSETS
Non-urOnt assets
Proprty, Plant and Equipment
Capital work-in-progress
Right of Use assets
Other Intangible assets
Intangible assets under development
Financial assets
- Investments
- Loans
-Other non-urrent fmanc1al assets
Deferred tax a�ets {net)
Other non-current assets
Total non-urent assets
CurOnt assets
F1nanci3! assets
- Investmnts
-Trde reeivable
-Cash and cash euivilents
- Other bank balances
• Loins
- Other current financial assets
Other current assets
Total current assets
TOTAL ASSETS
EQUII AND LIABILITIES
Equity
Equity share capital
Other equity
Total Equity
Liabiliti!
Non- cuent liabilities
Financial Jiabihties
- Brrwing
Provisions
Other long-term fininc1al li.b1lities
Total Non-current liabilities
Curent liabilities
Financi,1! liabilities
- Trade payables
- Other linancial liabil1t1e
Othercurrent liabilities
Provisions
Current tax liab11ittes (net)
Total {Urrent liab;Iities
TOTAL EQUrAND LIABILITIES
r
�'iNDIOt

CASH FLOW STATEMENT FOR THE HALF YEAR ENDED SEPTEMBER 30, 2019

Cash tlows from operating activities
Profit before tax
Adjuslmenls for
lnteres1 income
finance cost
DMdend income
Deprecia1ion and amortization expense
Amortizal1on of le.1�e premium
Unrealised exchange loss/ (gain) (nel)
Exchange (gain) / loss on derivalive con\racls
Exchanoe (oain) I toss on 1rans1a1ion of fomjgn
currency casl1 and cash equivalents
Donalions in kind
Bnd debts
Provision for doubHul deb1s (net)/ (Provision for
doull!ful de bis written back) (nel)
Provision for doubtf11I deposils
Employee sloe� compensation expenses
Rereasurerents of1he defined benem 1;abilities I asset (balorn tax effects)
(Gain)/ loss on fair valuation of mulual funds
{Prnf1) on selo or inveslmenls (net)
{P1orrt) on sale of Properly, Plant and Equipmen1 (net)
Operating profit before working capital changes
Movements In working capital :
(Increase)/ Decrease In non.curren1 and c"rrenl loans
(Increase)/ Decrease in other non cumml asse1s
(ln<;rease)I Decrease in olher curren1 financial assets
(Increase)/ Oecreaso in oilier curren1 assets
(lncrnase)I Oecrea,e in 1rade receivables
lnc1ease 1 (Decrease) in trade payables. current liab1li!ies and non currnn1 liabilrties
Increase I (Decrease) in provisions
Operating prom alter working capital changes
Oirec! laxes pak {ne1 of refunds)
Net cash generated from operating ac!lvllles
Cash flows lrom lnvesUng activi!ies
Paymen1 towards capilel expenditure (incllldino inlangible assets)
Proceeds from sale of Property. Plant and Equipment
lnveslmon1 in wholly owned subsidiaries
Share applica1ion money paid
Purchase of bonds
Procoeds from sala of tonds
lnvostmenls in mutual (1Jnds
Proceeds from sale I mahJJily of m1,1ual funds
lnveslmenls in llank deposits having original maturrly over thre mon11\s
Ma!(lri\y ot hank deposits tmvino original maturily ovor 11lfee mon!t1s
(incttding foreign exchange gain/ loss)
lnveslmenls in deposit wilh finencial in�ti\ulions
Maturity o( deposit with financial insli\ulions
Inter corpora1e depos�s (made) I refunded
Interest received
Dividend received
Net cash generated from I {used in) !nvesiing activi1ics
Cash flows from fil,ancing actlvities
(Repayment of} long term borrowmgs
Shares bough! back
Specific project re101cd grnnt received
Dividond paid
Tax on dividend paid
Interest pnid
Nat cash ge,rnrnted from/ (used in) financing activities
{A)
(CI

For the half year ended
For the year ended
March 31, 2019
Inf Million
September 30, 2019
Inf Million
2,456.09
(265.41)
24.11
(207.83)
278.40
0.29
(25.31)
(81.47)
(8.18)
29.90
150.00
22.75
(4S.1S)
20.47
(144.17)
(0.94)
2,224.54
(0.29)
(281.54)
(211.36)
(223.67)
51.42
(362.11)
(236.40)
958.59
(518.96)
September 30, 2018
Inf Million
2,511.63
(140.38)
0.27
(295.38)
231.08
0.29
(48.28)
126.96
"
23 55
(13.64)
{37.83)
115.69
(213.57)
(1.28)
2.271.90
(17.46)
(K74)
(882.04)
(282.02)
403.30
431.86
35.62
1,946.44
(763.59)
4,383.76
{288.82)
0.51
(392.26)
458.84
0.58
80.81
20.51
75.53
1.40
23.55
(6.99)
182.50
(49.83)
76.95
(366.09)
(3.77)
4,197.16
0.16
(2 29)
(864.55)
131.18
875.95
202.29
251.17
4,791.09
{1.394.77)
339.63
1,182.85
-----�=-----�=�----·c'_96c·�
{277.33)
1.06
(474.00)
(171.47)
330.38
(7,780.50)
10.212.14
(1,707.95)
715.00
250.00
101.50
207.83
1,405.66
(3.21)
(1,677.01)
3.00
(229.28)
{47.99)
(24.27)
(125.15)
1.28
(529.89)
(11.581.81)
10.369.76
(747.80)
1.192.48
{300.00)
150.35
133.64
189.45
295.38
(266.87)
3.82
(78.72)
(1,175.31)
199.43
(22.418.13)
25.010.64
(8,000.82)
�.044.26
(300.00)
650.35
132.74
341.93
392.26
/953.31)
--�-�---'"'-"-"-'�
(3.22)
4.50
(241.41)
{20.18)
(1.04)
(4.58)
(571.41)
(881A1)
(137.41)
(1.12)
(1,978.76)
(261.36)
----�--�----�-�---"-·-"-'-'�)

==> picture [42 x 40] intentionally omitted <==

==> picture [75 x 75] intentionally omitted <==

==> picture [71 x 71] intentionally omitted <==

CASH FLOW STATEMENT FOR THE HALF YEAR ENDED SEPTEMBER 30, 2019	For the ha\f year ended September 30, 2019 September 30, 2018 In, Million !n f Million (232.47) {31.81) 565.12 306.66 8.18 (8.97) 340.83 265.90 0.14 0.13 153.06 124.79 0.60 11.63 187.03 127.13 2.22 340.83 266.90 For the year ended March 31, 2019 In, Mimon 333.97 306.68 {75.53) 565.12 0.11 126.71 0.91 229.54 114.91 92.94 666.12
Net (decrease) I increase in cash and cash equivalen1s (A+ 8 + C) Cash and cash oquivalenls al 1110 beginning 011110 period/ year ElfoC of exchange differnces on 1ransla1ion of foreign currency cash and cash equivalenls Cash and cash equivalents at the end of the period/ year Components of cash and cash equivalents Casi\ on /,and Balances with banks On curren\ accounls # On saving ac.ounls On deposil accounl with maluri\y of loss than lliree months On Exchange Eame(s Foreign Currency accounts On Escrow accounls" Choquos on hand Cash and cash equivalcn!s

CASH FLOW STATEMENT FOR THE HALF YEAR ENDED SEPTEMBER 30, 2019

For the ha\f year ended
September 30, 2019
September 30, 2018
In, Million
!n f Million
(232.47)
{31.81)
565.12
306.66
8.18
(8.97)
340.83
265.90
0.14
0.13
153.06
124.79
0.60
11.63
187.03
127.13
2.22
340.83
266.90
For the year ended
March 31, 2019
In, Mimon
333.97
306.68
{75.53)
565.12
0.11
126.71
0.91
229.54
114.91
92.94
666.12

Net (decrease) I increase in cash and cash equivalen1s (A+ 8 + C)
Cash and cash oquivalenls al 1110 beginning 011110 period/ year
ElfoC of exchange differnces on 1ransla1ion of foreign currency
cash and cash equivalenls
Cash and cash equivalents at the end of the period/ year
Components of cash and cash equivalents
Casi\ on /,and
Balances with banks
On curren\ accounls #
On saving ac.ounls
On deposil accounl with maluri\y of loss than lliree months
On Exchange Eame(s Foreign Currency accounts
On Escrow accounls"
Choquos on hand
Cash and cash equivalcn!s

# Oul of the cash and cash equivalents balance as at Seplcmber 30. 2019. !he Company can ulili�o , 5.14 Million (Corrc�ponding period: l 2.98 Million I Preo1ous year , 2. \5 Million) only towards roscaich and dcoelopmcnt ac1ioilies specmcd in an agreomonl.

•• Tile Company conclllded \110 lluyback sclrnmo will1 e!(ect from Jl!ne 27. 2019 and minimum balance main!ainod in Escrow account was rel ea sad on com pie lion of slah1lory formalities

==> picture [34 x 35] intentionally omitted <==

==> picture [74 x 73] intentionally omitted <==

==> picture [74 x 76] intentionally omitted <==

Notes:

1 The audited condensed unconsolidated financ1aJ stale!T\€nls for the quarter and half year ended September 30, 2019, have been taken on re<:ord by the Board of Dire.:tors at its mN>ting concluded on November 4, 2019 as rC'Commended by the Audit CommittN> at its meeting held on Non>ml;,er 3, 2019_ The statutory auditors have expre ed an unqualified audit opinion The information presented above is extracted from the audited interim condensed unconsolidated financial statements
2 The Board of Directors, in its =ting held in January 2019, approved the partial buyback by the Company of its fully paid-up equity shares having face value of � 10 each. The window for buying the shares Op(>ne-d on February S, 2019 and the Company has purchased 3,575,000 equity shares between February 2019 and June 2019 and has extinguished these shares afteT following the due p.-oce>S. The Company has ,ompleted the Buyback on June 27, 2019 and the total number of equity shares outstanding as on June 30, 2019 post buyback stands at 76,425,000. The Company has completed theextinguishment of 549,887 equity shares on July 3, 2019, which were bought b.:ick before June ZJ, 2019; after following the due process.
3 Effective April 1, 2019, the Company adopted Ind AS 116 "Leases", applied to all appli(able leaS€ conlracts existing on April 1, 2019 using the modified retrospective method ,;,nd has t<tken the cumulative ad1ustment to retained earnings, on the date of imtial application. Accordingly, comparatives for the period / yeilr have not lx-en retrospectively adjusted. On transition, the adoption of the new standard resulted m recognition of Right-of-Us,:, asset (ROU) of� 358.91 million and a lease liability of � 501.15 million. The cumulative effe<:t of applying the standard resulted in � 106.44 million bemg debited to retained earnings, net of taxes. The effe<:t of this adopt,on is insignificant on the profit for !he period and earnings per share
4 As reported m the previous quarters, the Company has deposits of � 430 million with the financial institutions viz. Infrastructure Leasing & Finanoal S.:,rvices Ltd. (]L&FS) and IL&FS Financial Services Ltd. (referred to as
"JL&FS Group") as on the balance sheet date. The Company has not accrued any interest on these deposits since Apnl l, 2018. The amount due including interest have not twn received as on d;,1e. ln view of the uncertainty prevailing with rl'Spe<.:I to recovery of outstanding balances from IL&FS Group, Management of the Company has provided an additional amount of i 150.00 million during lhe half year ended September 30, 2019, thereby taking the total provision to � 332.50 million for impairment in value of deposits as of September 30,[2019. The provision currently reflects the exposure !hat ] may ans,:, given the uncertainty. \Vith the resolution plan in progre , the Management is hopeful of re.:overy though with a time lag. The Company continues lo momtor developments in the matter and is comrrutted 10 take steps including legal action that may be neces,;ary to ensure full nxovery of 1he said deposits.
5 ln accordance with para 4 of Notif,ed Indian Accounting Standard 108 (Ind AS--JOS} "Operating Segments", the Company has disclosed segment information only on the bas,s of consolidated financial results.
6 The Members of the Company appro,·ed the appointment of M/s. Walker Chandmk & Co LLP (Fmn R€'g1stration No. 0{)1076N/NS 013) as Statutory Auditors of the Company to hold office from the conclusion of Extra Ordinary General Meeting held on September 4, 2019 up 10 the conclusion of the 30lh Annual General Meehng of the Company to be held in the calendar year 2020 i.e. on or t>efore September 30, 2020.
7 The Members at the 29th Annual General Meeting of the Company held on July 24, 2ITT9, had approved payment of Final Dividend of � 3.00 per Equ,ty share of � JO each for FY 2018-19. Accordingly, � 277.27 Million were pa,d towards the above Dividend and Dividend Distribution Tax during August 2019.

Pune

November 4, 2019

> Bv order of Board of Directors of Persistent Svstems Limited � �i:ran Umrootkar Chairman and Managing Dmxtor Director �.Anand Deshpande ��

�For rC.ks and uncertamtif'S rdaling to (orwmd-looking swwmcnts, plN;;e Vl�>t our wPl>s1le :· www.perslqent.com"

==> picture [70 x 76] intentionally omitted <==

==> picture [75 x 75] intentionally omitted <==

AI assistant

Persistent Systems Limited — Interim / Quarterly Report 2019

60826_rns_2019-11-04_a8411343-706e-4168-a2d5-9027c6723f21.pdf

PERSISTENT

Ref: Symbol: PERSISTENT

Ref: Scrip Code: 533179

Sub: Proceedings of the Meeting of the Board of Directors

Encl: As above

Walker Chandiok &.Co LLP

Independent Auditor's Report on Consolidated Quarterly Financial Results and Year to Date Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of Persistent Systems Limited

Opinion

Basis for Opinion

Responsibilities of Management and Those Charged with Governance for the Statement

Auditor's Responsibilities for the Audit of the Statement

Walker Chandiok &_Co LLP

Other Matters

Annexure 1

List of entities included in the Statement

Name of Entity

Relationship

Persistent Systems Limited Regislered Office· Bhage,:,rath. 402. &,napJti Ba pat Road, Pune 411016, !nd,a Ph. No. +91 (20)670300Xl; Fax +91{20)67030009; Email: [email protected], 'www.pers1stent.(om'. CIN L72300PN1990PLC0566%

Audited (Onsolidakd financial results of Persis1<ml Systems Jjmitd for th quarter and half year ended September 30, 2019

Audited consolidaled statemenl of assets and liabilities

CONSOLIOATEO CAS-H Ff6ii{STATEMENT FOR THE HALF YEAlfENtiEti SEPTEMEBR 30, 201$

CONSOUOATEO CASH FLOW STATEMENT FOR THE HALF VEAR ENDED SEPTEMEBR 30, 2019

Audited unconsolidated financial infonnation

Segment wise Revenue, Results and Capilal Employed

Note for sl'gment wise information:

Segmenl wise capital employed

Walker Chandiok&.Co LLP

Independent Auditor's Report on Audited unconsolidated Quarterly Financial Results and Year to Date Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of Persistent Systems Limited

Opinion

Basis for Opinion

Responsibilities of the Management and Those Charged with Governance for the Statement

Auditor's Responsibilities for the Audit of the Statement

Walker Chandiok &.Co LLP

Other Matters

Persistent Systems Limited

CASH FLOW STATEMENT FOR THE HALF YEAR ENDED SEPTEMBER 30, 2019

More from Persistent Systems Limited

Persistent Systems Limited Interim / Quarterly Report 2019