PEHSI ENT

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NSE & BSE / 2018-19 /89 January 28, 2019

To The Manager, Compliance Department, BSE Limited, Phiroze Jeejeebhoy Tower, Dalal Street, Mumbai 400 001.

To The Manager, Compliance Department, National Stock Exchange of India Limited, Exchange Plaza, Sandra - Kurla Complex, Sandra (East} Mumbai 400 051.

Scrip Code/ Symbol: 533179

Scrip Symbol: PERSISTENT

Dear Sir/ Madam,

Subject: Outcome of the Board Meeting - Quarterly Results for Q3 FY19, declaration of Interim Dividend and Buyback

Further to our intimations dated January 1 and 23, 2019 and in terms of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements} Regulations, 2015, as amended, and other applicable provisions of law, we wish to inform that, the Board of Directors, at its meeting held on January 27, 2019 and concluded on January 28, 2019 at 1645 HRS (1ST}, has inter-alia taken the following decisions:

1. Approval of the Audited Financial Results for Q3 FY19

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 period ended December 31, 2018 have been approved. Accordingly, we enclose the following documents:

Auditors' Report dated January 28, 2019 on the Consolidated Financial Results of the Company for the quarter and period ended December 31, 2018;
a.
b. Consolidated Financial Results of the Company for the quarter and period ended December 31, 2018;

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Auditors' Report dated January 28, 2019 on the Unconsolidated Financial Results of the Company for the quarter and period ended December 31, 2018;
c.
d. Unconsolidated Financial Results of the Company for the quarter and period ended December 31, 2018.

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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 · L72300PN1990PLC056696 I Fax· +91 (20) 6703 0009 I e-mail· [email protected]·www.persistent.com

Approval of the payment of Interim Dividend for FY 2018-19

The Board of Directors has approved the payment of Interim Dividend of INR 8 (INR Eight only) per Equity Share of INR 10 each for the Financial Year 2018-19.

3. Approval of the Buyback

a. Approved the buyback by the Company of its fully paid-up equity shares having face value of INR 10 (INR Ten only) each ("Equity Shares") at a price not exceeding INR 750 (INR Seven Hundred and Fifty only) per Equity Share ("Maximum Buyback Price") and for an aggregate amount not exceeding INR 2,250 Million ("Maximum Buyback Size"), from the shareholders of the Company excluding promoters, promoter group and persons who are in control of the Company, payable in cash via the "open market" route through the stock exchanges under the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018 ("Buyback Regulations"), as amended and the Companies Act, 2013, as amended, and other applicable rules (the process hereinafter referred to as the 11Buyback11 ).
b. At the Maximum Buyback Price and for the Maximum Buyback Size, the indicative maximum number of Equity Shares bought back would be 3,000,000 ("Maximum Buyback Shares") which is 3. 75% of the total number of paid-up Equity Shares of the Company. If the equity shares are bought back at a price below the Maximum Buyback Price, the actual number of equity shares bought back could exceed the indicative Maximum Buyback Shares (assuming full deployment of Maximum Buyback Size) but will always be subject to the Maximum Buyback Size. Further, the number of Equity Shares to be bought back will not exceed 25% of the total paid up equity capital of the Company.

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c. Maximum Buyback Size shall not include any expenses incurred or to be incurred for the Buyback like filing fees payable to SEBI, advisors' fees, stock exchange fee for usage of their platform for Buyback, brokerage, applicable taxes such as securities transaction tax, Goods and Services Tax, stamp duty, etc., public announcement publication expenses, printing and dispatch expenses and other incidental and related expenses.
d. Approved the formation of a Buyback Committee ("Buyback Committee") and delegated its powers to the Buyback Committee to do all such acts, deeds, matters and things as it may, in its absolute discretion, deem necessary, expedient, usual or proper in connection with the Buyback.
e. The pre-Buyback shareholding pattern of the Company as on January 27, 2019 is attached hereto as Annexure A.

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The above information will also be made available on the website of the Company: https://www.persistent.com/

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g. The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the Buyback Regulations.

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----- Start of picture text -----

Thanking you,
Yours faithfully,
For Persistent S stems Limited
Ii
Company Secretary
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Enclosure: As above

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Annexure A

Shareholding Pattern of the Company as on Januar 27, 2019

SI. No. 1. - ------ 2. ---· ·--··�	Category of Shareholders Promoter and Promoter Group - a) Indian b) Foreign Sub Total (1) - ·--·------· Public a) Mutual Funds b) VentureCapitalFunds No. of No. of Shares Shareholders 8 24,377,165 ·- --------·-"-·--- 8 24,377,165 - 11 14,185,261 ··-······-·---� 0 0	Category of Shareholders Promoter and Promoter Group - a) Indian b) Foreign Sub Total (1) - ·--·------· Public a) Mutual Funds b) VentureCapitalFunds No. of No. of Shares Shareholders 8 24,377,165 ·- --------·-"-·--- 8 24,377,165 - 11 14,185,261 ··-······-·---� 0 0	Category of Shareholders Promoter and Promoter Group - a) Indian b) Foreign Sub Total (1) - ·--·------· Public a) Mutual Funds b) VentureCapitalFunds No. of No. of Shares Shareholders 8 24,377,165 ·- --------·-"-·--- 8 24,377,165 - 11 14,185,261 ··-······-·---� 0 0	Category of Shareholders Promoter and Promoter Group - a) Indian b) Foreign Sub Total (1) - ·--·------· Public a) Mutual Funds b) VentureCapitalFunds No. of No. of Shares Shareholders 8 24,377,165 ·- --------·-"-·--- 8 24,377,165 - 11 14,185,261 ··-······-·---� 0 0	Category of Shareholders Promoter and Promoter Group - a) Indian b) Foreign Sub Total (1) - ·--·------· Public a) Mutual Funds b) VentureCapitalFunds No. of No. of Shares Shareholders 8 24,377,165 ·- --------·-"-·--- 8 24,377,165 - 11 14,185,261 ··-······-·---� 0 0	% of Shareholding . .� 30.47 ·- ··-·--·--·-··--·-·--·-·-·--· 30.47 --- - 17.73 ·------- 0
	a) Mutual Funds b) VentureCapitalFunds
	c) Alternate Investment Funds d) Foreign Venture Capital Investors e) Foreign Portfolio Investor -----·--·····--·-· - f) - Financial Institutions/Banks ·-··-· g) Insurance Companies -----·-·---�----- - h) i) j) Provident Funds/ Pension Funds Individuals NBFCs_regi_tered with RBI ·----- __		5		1,343,804	1.68
			0 171 ···---··- 5 0 0 54,032	_____	0 16,951,263 _ 1,272,685 0 0 14,335,698	0 --- 21.19 ------------ 1.59 0 -· ------"-- 0 17.92
			10		47,456	0.06
	k) Employee Trusts		1		453	0.00
	I) Overseas Depositories(holdingDRs)		0		0	0
	m) Trusts n) Foreign Nationals o) Hindu Undivided Family		9 5 1,506		6,743 24,300 293,447	0.01 0.03 0.37

	p) Non-Resident Indians(Non Repat)		658 1,287		467,586 707,479	0.59 0.88
	q) Non-ResidentIndians (Repat)
	r) Clearing Member		176		298,546	0.37
- ------ ---- �-	s). 8.odiesCorporate ..... t) Directors u) Foreign Company	....	557 • ..•................ 5 1		3,086,276 -- --- - - --------- 56,200 366,862	3.86 -- ------------------ ---------- 0.07 0.46
	v) IEPF		1		466	0.00
3.	Sub Total (2) Non-Promoter Non Public shareholder		58,440		53,444,525	66.81
	a) Custodian/DR Holder		1		2,178,310 2.72
	b) Employee Benefit Trust (under SEBI (Share based Employee Benefit) Regulations,2014)
	Sub Total (3) Total (1+2+3)		1 58,449		2,178,310 -- 80,000,000 2.72 100
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PERSISTENT

Persistent Systems Limited

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

Ph. No. +91(20)67030000; Fax +91(20)67030009; Email : [email protected], 'www.persistent.com'. CIN L72300PN1990PLCOS6696

Audited consolidated financial results of Persistent Systems Limited for the quarter and nine months ended December 31, 2018

Segment wise Revenue, Results and capital Employed

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

Sr. No.	Pariculars			Dec 31, 2018 (Auditd)	Quarer ended Nine months ended S 30, 2018 Dec 31, 2017 Dec 31, 2018 Dec 31, 2017 (Audited) (Auditd) (Audit) (Audited)	Quarer ended Nine months ended S 30, 2018 Dec 31, 2017 Dec 31, 2018 Dec 31, 2017 (Audited) (Auditd) (Audit) (Audited)	Quarer ended Nine months ended S 30, 2018 Dec 31, 2017 Dec 31, 2018 Dec 31, 2017 (Audited) (Auditd) (Audit) (Audited)	Quarer ended Nine months ended S 30, 2018 Dec 31, 2017 Dec 31, 2018 Dec 31, 2017 (Audited) (Auditd) (Audit) (Audited)	Year ended Marh 31, 2018 (Auditd)	segment reporting. The operating segments are: a. Technology Services b. Alliance
1 2	Revenue fom operations (net) Other income			8,642.49 229.93	8,355.57 232.21	7,918.90 25,340.87 192.76 592.59		22,811.57 897.01	30,337.03 1,191.01	c. Accelerite (Products) Accordingly, the corresponding figures for the earlier reporing periods are restated in line with the above
3 4	Total income Expenses - Employee benefits expense	(1+2)		8,872.42 4,909.33	8,587.78 4,862.36	8,111.66 25,933.46 4,787.18 14,390.06		23,708.51 13,831.81	31,528.04 18,316.46	reorganization. < in Million Sr. Quarter ended Nine months ended Year ended No. Particulars Dec 31, 2018 Sept 30, 2018 Dec 31, 2017 Dec 31, 2018 Dec 31, 2017Marh 31, 2018 (Audited) (Audited) (Audit) (Audited) (Auditd) (Auditd)
	- Cost of professionals			905.89	877.05	775.55 2,627.62		2,313.95	3,180.63	1 Segment revenue
	- Finance costs			0.67	1.07	0.14 2.02		0.47	0.79	- Technology Serices 5,597.18 5,436.54 4,883.17 16,276.88 14,267.68 19,371.11
	- Depreciation and amortization expense - Other expenses			396.32 1,365.00	398.58 1,179.93	392.63 1,195.71 981.00 3,967.80		1,163.98 3,089.25	1,584.87 4,152.68	- Alliance 2,541.10 2,466.94 2,509.14 7,698.73 6,797.33 8,725.06 - Alerite (Product) 504.21 452.09 526.59 1,365.26 1,746.56 2,240.86
5 6	Total Expenses Proft before exceptional items and tax Exceptional items	(3-4)		7,577.21 1,295.21 --	7,318.99 1,268.79 --	6,936.50 22,183.21 1,175.16 3,750.25 -- --		20,399.4f 3,309.12 --	27,235.43 4,292.61 --	Total 8,642.49 8,355.57 7,918.90 25,340.87 22,811.57 30,337.03 2 Less: Intr segment revenue ~~--~~ ~~--~~ ~~--~~ ~~--~~ ~~--~~ ~~--~~ 3 Net sales/income fm opertions 8,642.49 8,355.57 7,918.90 25,340.87 22,811.57 30,337.03 4 Segment proft (loss) befor tx, inter and depreciation and amortization
7	Proft before tax	(5-6)		1,295.21	1,268.79	1,175.16 3,750.25		3,309.12	4,292.61	- Technology Serices 2,134.66 2,034.70 1,877.60 6,167.91 5,335.22 7,408.18
8	Tax expense - Current tax - Tax charge / ( credit) in respect of earlier years - Deferred tax charge / ( credit)			266.03 73.39 38.62	422.37 2.90 (37.89)	300.69 1,044.45 (33.66) 76.29 (8.57) (42.55)		929.25 (45.90) (68.05)	1,203.99 (71.19) (71.07)	- Alliance 1,061.25 826.50 877.09 2,748.13 2,217.69 2,699.89 - Accelerite (Prduct) 283.92 241.80 272.26 687.99 848.61 1,054.29 Total 3,479.83 3,103.00 3,026.95 9,604.03 8,401.52 11,162.36 5 Less: - Finance cos 0.67 1.07 0.14 2.02 0.47 0.79 - Oher un-allocable expenses 2,413.88 2,065.35 2,044.41 6,444.35 5,988.94 8,059.97
9 10 11	Total tax expense Proft fr the period / year from continuing operations Proft / (Loss) for the period / year from discontinued operations Tax expense of discontinued	(7-8)		378.04 917.17 -- --	387.38 881.41 -- --	258.46 1,078.19 916.70 2,672.06 -- -- -- --		815.30 2,493.82 -- --	1,061.73 3,230.88 -- --	6 Un-allocable income 229.93 232.21 192.76 592.59 897.01 1,191.01 7 Total prort bere tax 1,295.21 1,268.79 1,175.16 3,750.25 3,309.12 4,292.61 < in Million 8 Segment assets As at Dec 31, 2018 Dec 31, 2017 March 31, 2018 (Audited) (Audited) (Auditd)
12 13	operations Prit/ (Loss) fr the perio/year frm discntinue oprtions (Afr tx) Proft for the period / year	(10-11) (9+12)		-- 917.17	-- 881.41	-- -- 916.70 2,672.06		- 2,493.82	-- 3,230.88	- Technology Services 3,194.52 3,498.40 3,675.96 - Alliance 1,035.20 846.55 740.27 - Accelerite (Products) 496.94 660.12 431.17 Total allocable segment assets 4,726.66 5,005.07 4,847.40
14	Other comprehensive income									Unallocable assets 24,773.97 20,926.48 21,860.73
	A. Items that will not be reclassified									Total assets 29,500.63 25,931.55 26,708.13
	to proft and loss - Remeasurements of the defined benefit liabilities / ( asset)			(33.50) (33.50)	(12.79) (12.79)	11.51 (59.34) 11.51 (59.34)		68.25 68.25	106.88 106.88	Notes for segment wise information : i) Operating segments are components of an enterprise fr which discrete financial infrmation is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assessing perormance. The Group's chief operating decision maker is the Chairman and Managing Director.
	B. Items that may be reclassifed to profit and loss - Efecive portion of cash flow hedge - Exchange diferences in translating the financial statements of freign operations			351.15 (165.47)	(139.16) 185.91	27.40 52.86 (91.04) 172.24		(131.70) (18.95)	(191.81) 77.70	ii) Costs related to research and development are included under identifiable expenses for the purpose of segment reporing. Segment wise capital employed Segregation of assets ( other than trade receivables), liabilities, depreciation and amorization 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,
				185.68	46.75	(63.64) 225.10		(150.65)	(114.11)	liabilities and other non-cash expenses to individual segments and an ad-hoc allocation will not be meaningful.
	Total other comprehensive income	(A+B)		152.18	33.96	(52.13) 165.76		(82.40)	(7.23)
15 16 17 18	for the period / year Total comprehensive income fr the period/ year (Comprising Profrt (Loss) and Other Comprhensive Income fr the period / year) Paid-up equit share capital (Fce value of share" 10 each) Reserves excluding revaluation reserves Earnings per equity share	K13+14>		1,069.35 800.00	915.37 800.00	864.57 2,837.82 800.00 800.00		2,411.42 800.00	3,223.65 800.00 20,471.99	Notes: 1 The audited condensed consolidated financial statements fr the quarer and nine months ended December 31, 2018, have been taken on record by the Board of Directors at its meeting concluded on January 28, 2019 as recommended by the Audit Commitee at its meeting held on January 27, 2019. The statutory auditors have expressed an unqualified audit opinion. 2 Adoption of Ind AS 115 - Revenue from contracts with customers: Efective April 1, 2018, the Company 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 efect on adoption of Ind AS 115 was insignificant on the financial statements. 3 As repored in the previous quarer, Persistent Systems Limited (the Parent Company") had depositsof"430
	(for continuing operations) in" - Basic - Diluted			11.46 11.46	11.02 11.02	11.46 33.40 11.46 33.40		31.17 31.17	40.39 40.39	million with the financial institutions viz. Infrastructure Leasing & Financial Services Ltd. (IL&FS) and IL&FS Financial Serices Ltd. (referred to as "IL&FS Group") as on the balance sheet date. These are due fr maturity from January 2019 to June 2019, the first deposit being due on 28th January 2019. In August 2018, credit rating
19	Earnings per equity share (for discontinued operations) in"									agency, has significantly downgraded the IL& FS Group's rating. As of December 31, 2018, there have been no defaults in payment of interest on the afresaid deposits. At this stage, it is dificult to estimate the ultimate
	- Basic			--	--	-- --		--	--	probable loss if any. Accordingly, the management of the Parent Company believes that there is no immediate
20	- Diluted Earnings per equity share (for discontinued and continuing operations) in" - Basic - Diluted			-- 11.46 11.46	-- 11.02 11.02	-- -- 11.46 33.40 11.46 33.40		-- 31.17 31.17	-- 40.39 40.39	need to recognize any impairment on the above deposits as of December 31, 2018. The Parent Company will continue to monitor the developments in this mater fr the purpose of determining the financial reporing impact, if any. 4 The Board of Directors of Persistent Systems Limited ("the Parent Company"), considered and approved the Buyback of fully paid-up Equity Shares of face value of� 10 each under "open market" route through the stock exchanges, fr an aggregate amount not exceeding � 2,250 million (Maximum Buyback Size) at a price not
21 Sr. No.	Dividend per share (in ") Interim dividend 8 -- 7 8 7 Final dividend -- -- -- -- -- Total dividend 8 ~~-~~ 7 8 7 Audited unconsolidated fnancial information Quarter ended Nine months ended Particulars Dec 31, 2018 Sep 30, 2018 Dec 31, 2017 Dec 31, 2018 Dec 31, 2017 (Auditd) (Auditd) (Auditd) (Audited) (Audited) 7 3 10 ? in MIIUon Year ended Marh 31, 2018 (Auditd)									exceeding� 750 per share (Maximum Buyback Price) at the Board Meeting. 5 The Board of Directors of Persistent Systems Limited ("the Parent Company"), at its meeting commenced on January 27, 2019 and concluded on January 28, 2019 declared an interim dividendon8 per share on the face valueon10 each fr the Financial Year 2018-19. 6 Figures for the previous periods/year have been regrouped wherever necessary to conform to current period's presentation. Pune By order of Board of Directors of Persistent Systems Limited Dr. Anand Deshpande Kiran Umrootkar
1	Revenue from operations		4,879.75 4,936.30 4,300.09				14,435.96	12,947.44	17,327.49	January 28, 2019 Chairman and Managing Director Director
2 3	Profit befre tax Profit afer tax			910.44 1,306.23 1,048.81 610.01 896.82 777.32			3,422.07 2,430.08	3,239.54 2,392.56	4,552.16 3,421.17	"For risks and uncerainties relating to forward-looking statements, please visit our website :- www.persistent.com"

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

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.

1 The audited condensed consolidated financial statements for the quarter and nine months ended December 31, 2018, have been taken on record by the Board of Directors at its meeting concluded on January 28, 2019 as recommended by the Audit Committee at its meeting held on January 27, 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 Company 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 quarter, Persistent Systems Limited ("the Parent Company") had 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, the first deposit being due on 28th January 2019. In August 2018, credit rating agency, has significantly downgraded the IL& FS Group's rating. As of December 31, 2018, there have been no defaults in payment of interest on the aforesaid deposits. At this stage, it is difficult to estimate the ultimate probable loss if any. Accordingly, the management of the Parent Company believes that there is no immediate need to recognize any impairment on the above deposits as of December 31, 2018. The Parent Company will continue to monitor the developments in this matter for the purpose of determining the financial reporting impact, if any.

4 The Board of Directors of Persistent Systems Limited ("the Parent Company"), considered and approved the Buyback of fully paid-up Equity Shares of face value of� 10 each under "open market" route through the stock exchanges, for an aggregate amount not exceeding � 2,250 million (Maximum Buyback Size) at a price not exceeding� 750 per share (Maximum Buyback Price) at the Board Meeting.

5 The Board of Directors of Persistent Systems Limited ("the Parent Company"), at its meeting commenced on January 27, 2019 and concluded on January 28, 2019 declared an interim dividend on 8 per share on the face value on 10 each for the Financial Year 2018-19. 6 Figures for the previous periods/year have been regrouped wherever necessary to conform to current period's presentation.

By order of Board of Directors of Persistent Systems Limited

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

Deloitte Haskins & Sells LLP

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

INDEPENDENT AUDITORS' REPORT ON AUDIT OF INTERIM CONSOLIDATED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF PERSISTENT SYSTEMS LIMITED

We have audited the accompanying Interim 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 nine months ended 31 December 2018 (''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.
This Statement, which is the responsibility of the Parent's Management and approved by the Board of Directors, has been compiled from the related interim consolidated Ind AS financial statements which has been prepared in accordance with the recognition and measurement principles laid down in 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. Our responsibility is to express an opinion on the Statement based on our audit of such interim consolidated Ind AS financial statements.
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 control 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 control. 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.

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Regd. Office: lndiabulls Finance Centre, Tower 3, 27'"[. ] 32''[" ] Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai 400 013, Maharashtra, India. (LLP Identification No. MB-8737)

Deloitte Haskins & Sells LLP

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:
- Aepona Group Limited
Persistent Systems, Inc.
Persistent Systems Pte Limited
Aepona Limited
Persistent Systems France SAS
Valista Limited
Persistent Telecom Solutions Inc.
Persistent Systems Lanka (Private) Limited
Persistent Systems Malaysia Sdn. Bhd.
Persistent Systems Mexico, S.A. de c.v.
Akshat Corporation (d.b.a. Solutions)#
RGen • Persistent Systems Israel Ltd.
- Persistent Systems Germany GmbH
Aepona Holdings Limited
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 nine months ended 31 December 2018.

5. Emphasis of Matter Paragraph

We draw attention to Note 03 of the Statement, relating to the deposits of Rs 430 million in Infrastructure Leasing & Financial Services Group as at 31 December 2018, whose rating was significantly downgraded by credit rating agency - ICRA in August 2018. No provision against these deposits is considered necessary by the management as at 31 December 2018 for the reasons stated in the said note.

Our opinion is not modified in respect of this matter.

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icn.- blank

Deloitte Haskins & Sells LLP

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. 1,556.27 Million as at 31 December 2018, total revenues of Rs. 1249.55 Million and Rs. 4,068.40 Million respectively, total net profit/(loss) after tax of Rs. 112.64 Million and Rs. (1035.09) Million respectively and total comprehensive income of Rs. (10.52) Million and Rs. (1079.48) Million respectively for the quarter and nine months 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 nine months ended 31 December 2018 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)

Place: Pune Date: 28 January 2019

M. Joshi Partner rship No. 038019)

Persistent Systems Limi1ed Rrr,d. OffK�: Bhar,<'<'r,Hh, 4(12, Sen,1paU Bap,>l R<>,1tl, runr 41 lfJlf,, India Ph. No. "'"91(2(1)67W(l{)(l(): fax +</1(2(1)f,70.'ll00<); Em<>,I , infoRprl"islrnt.((">m. \,.·ww.f'<'"'i.strnt.rnm["] . Cl1" L72WOP1'1990PLCOS6f-% Audited consolid�ted fin.>nda.l n-sults of Porsi:<tent Systems Llmited for the quaner and nine monthi ended December 31, WlS

Sr. No.! I Rrwnur fom nperuuons (nPt) Olht'r incnmr Total income fupones . Emplny�r hrnrfit.s r�Jn.sr . Cosl of profrss,onals Parkular . D<pnxwtion dnd dmnrto,,,tion rxp,nS< . OthrrPxp<nS( Total fpenses Prfit before exceptional it<ms and tax Excrpl•nn�l ilProfitl>eforlax Taxnpnse -Cur�nl t,,x . Tax =dit in rrspt'Ct nf <arlin )'Cdrs • [(,fpmd tax charis<> / (n<dil) Tota! tax expense Prfit fort ho period/year from continuing operation.< 10 Prfit/ (Ls.<) for the perod/yor from discontinued operations 11 Tax expense of discontinued operations 12 Prfit/ (Loss) for the perod/year frm discontinued operations (Af!n lax) 1.'l Prfit for the p<riod/year U Othercomprehon.si,·e income**	Sr. No.! I Rrwnur fom nperuuons (nPt) Olht'r incnmr Total income fupones . Emplny�r hrnrfit.s r�Jn.sr . Cosl of profrss,onals Parkular . D<pnxwtion dnd dmnrto,,,tion rxp,nS< . OthrrPxp<nS( Total fpenses Prfit before exceptional it<ms and tax Excrpl•nn�l ilProfitl>eforlax Taxnpnse -Cur�nl t,,x . Tax =dit in rrspt'Ct nf <arlin )'Cdrs • [(,fpmd tax charis<> / (n<dil) Tota! tax expense Prfit fort ho period/year from continuing operation.< 10 Prfit/ (Ls.<) for the perod/yor from discontinued operations 11 Tax expense of discontinued operations 12 Prfit/ (Loss) for the perod/year frm discontinued operations (Af!n lax) 1.'l Prfit for the p<riod/year U Othercomprehon.si,·e income**	/1+1) {'4) '"' (7-8] (1011) (9+12)	Dec,mher 3, 2018 {Audited) SM2.49 229.9} S.i2.42 4,9.}. 903.89 0.67 �%.}2 l,}53.C 7,7.21 1,95.21 1,295.21 2f.0. 7_,,_i9 �.62 376.04 917.17 917.17	Quartennded Septomhn 30, 2018 (Audited) 8,.55.57 2"2.21 S.S87.7S 4,81'2.Y, 877.05 1.07 :q/.58 1.179.9.1 7.18.99 l,2&8.79 1.2&8.79 1 41Vi 2.9(1 m.S9) 387.38 $81.41 $81.41	DecemhorI 31,2017 , (Audited) I 7.918.90 ' 192.76 8,111.66 VS7.18 775.55 {l.14 392.6� 981.0 6,936.50 1,175.16 1,175.16 : 69 m.6J {S.57) 2SSA6 916.70 1 916.70	Nine monts ended Dttomhor31,2018 Drtomhor3l,1017! {Audited) (Audited) I I 25 .. 140.S7 22.811.57 ' 592.59 2,933.46 1V9Jl6 2.627.62 2.02 1.1'5.71 .'.%7.8{l . 22.]8321 3,,�0.25 3,750.25 1.041.45 76.29 (-2. ) 1.078.19 2,672.06 2,672.06 S97.n1 23,708.58 1\831.81 2.3U.95 (l.47 1,163.98 .'.l9.25 20,39H6 3,309.12 3.309.12 929.25 (45.<) (68,()5) SIS.30 2.493.82 2,493.82	Nine monts ended Dttomhor31,2018 Drtomhor3l,1017! {Audited) (Audited) I I 25 .. 140.S7 22.811.57 ' 592.59 2,933.46 1V9Jl6 2.627.62 2.02 1.1'5.71 .'.%7.8{l . 22.]8321 3,,�0.25 3,750.25 1.041.45 76.29 (-2. ) 1.078.19 2,672.06 2,672.06 S97.n1 23,708.58 1\831.81 2.3U.95 (l.47 1,163.98 .'.l9.25 20,39H6 3,309.12 3.309.12 929.25 (45.<) (68,()5) SIS.30 2.493.82 2,493.82	Manh 31, 2018 i {,\uditod) I .<0,3<7.m 1,191.{11 31,528.0 18.316A6 .\180.6_' n.79 i 1,5S4.871· 4,152.N 27.25.43 i 4.292.61 4,292.61 um.<9 (71.19) (71.07) 1,01.73 3,230.S.� 3.20.88
15 16 17 18 19	A. Items that will not he redassified to profit and loss • Rrm�usurrmrnts of th<> definrd N'nd,t h,1fiililks / (dSWl) B. Items that may le redassified to prfit and loss • Effrdfr,, pot1ion of <",1sh now fwd!\<' • fa(hanre diffrrrn,es ,n transl.tinr the finandal sttrmenl� of forriro Total othercomplhensive income for the period/year Total comprehensive income for the period/yea (Comprsing Prfit (Loss) and Other Compnhensi�• Income for the perod/year) P,,id-up <'<u,tr shure ,apilal (Fae<> ,·alue of share f J()rMh) Res�rvp:s exdudinr rrvdlU-lion rrsrrvcs Earings per equity shal (for continuing operations) in� ·BUSK • Diluted Earings per equity shal (for discontinued opertions) in� • Bask	(A+B) {13+14)	(3�.511) (33.SO) 151.15 (1,5A7) 185.68 152.18 1,069,;5 800.()(l 11.46 11.46	(12.7q) (12.i9) (139.16) 185.91 46.75 33.% 915.7 l0.(�l 11.02 11.02	11-�1 11.51 27.40I (91.0)1 (63.641 {52.13) 864.57 81l0.()J 11.46 11.46 i	(39.�4) (59.34) 5286 172.24 22.10 165.76 2,37.82 l{l.(10 )3.4() 3�.0	68.2� 6825 (Dl.70) (18.95) 1 (150.65) (82.40) 2A11.42 ,,o,,, I "" I :11.17 1	106.B8 106��8 ! (191.Sll! _7ii0_I (114.11)1 (7.2) 3.223.65 S('J.ll 2(),471.'I 40.�9 40"'
20	• Dilutrd Erings per equity shar{fordis.ootinued and continuing opertions) inf
	• Bask		11.46	11.02	11.46		31.li
21	-Diluted Dividend persha.'(inf) lnt<>rim dividrnd		11.46	11.02	11.46		31.17
	Final dividrnd
	Total dkidend					,,		'"

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Audited unconsolidated financial informa!ion

R<'wnuc• from Op<'r.>lion< I'm fit l>efor<' tax Pm ft afl<>r lax	Paricular	December 3t,201S (Audited) 4.�71.75 910.44 l1i.(l1 Quarer ended September 30. 201S (Audited) 4.'nf<' 1�"0.2." S%.82 December 31,2017 (Audited) 4.:.O 1.0S.S1 /jJ .}2	I I I I j	1ine month.\ ended December31,201S De(ember31,201i {Audited) (Audited) 14,4.5.% " . . 94i " \219.-1 2.,<2.56	I I I I I	Manh 31. 201$ (Audited) 17,127.49 4.552.16 1 .A21.17

Segment wise Revenue, Results and Capital Employed

b.A!!,an(<' ,,. T<'<·hnolor.)' 5(,",'""' t. A,wleri!<' (Produrls) An-ordinr.Jy. th<' co=rondinr, f;r.urPs for thr <'ddkr !'<'portinr, pr nods arr rrst,1led in Im<' with th<' ubov{' rrori;,mi7.it,on. Th<' Croup l'<'Mf("n,.S<"d ilsPII inlo thrl'I' 11usm<'ss unit, from Apnl 1. 20JS. wh,ch form th,, npN,1tmr. SPJ;m<'nls for s<'1;m<'n\ rrpNUnJ' .. Th<' Of'< ruunr, ,;,,r,ments ,11'< :

Quarer ended DecemberSeptember 31, 2016 30, 201S (Audited) {Audited) 5,597.11 5,4�6.54 2.51.10 2Al,{.\4 54.21 452.0 8,642.49 8,5557 8,(,-2A9 8��55.57 2.1.4.l 2,034.i 1.{){1.23 826.50 28. 91 241.80 3,i9.S3 3,103.00 n.ni , 1 1 1.n7 2AB.S8 2.06.'5 229.91 232.21 1,95.21 I 1.268.79 December 31, 2017 (,\udHed) I 4)1S,.1;1 2�:;�i 7,918.90. 7.918.90 1,877.W 877.()< 272.26 3,026.95 I 1,175.16 ' Nine months ended De,ember31, 2018 D�cember31, 2017 (AudHed) (Audited) Jf 276.88 7,698.7.1 1,:,65.26 25,340.87 25�'.W.87 f,,167.'11 2.748.B 6S7.9 9,60M3 2.01 ";:�� S i 3,75015 I 14,267.68 6,797_, 1.7-6.5! 22,Sll.Si 22.811.57 5,:�5.:U 2.217-6!/ 848.61 6.01.52 [l.47 5.988.94 897.01 3,309.12 A.<at ,n � M,llwn Year ended I M.,nh31,2018 (Audited) 19,:71.11 j S,725.0lI 2,24[Jf 30,337.03' 7 . .mu8 2699.89 1,05-1.29 11,16236 i 0.79i S,059.97! 1,191.01 i 4.292.61 i	Quarer ended DecemberSeptember 31, 2016 30, 201S (Audited) {Audited) 5,597.11 5,4�6.54 2.51.10 2Al,{.\4 54.21 452.0 8,642.49 8,5557 8,(,-2A9 8��55.57 2.1.4.l 2,034.i 1.{){1.23 826.50 28. 91 241.80 3,i9.S3 3,103.00 n.ni , 1 1 1.n7 2AB.S8 2.06.'5 229.91 232.21 1,95.21 I 1.268.79 December 31, 2017 (,\udHed) I 4)1S,.1;1 2�:;�i 7,918.90. 7.918.90 1,877.W 877.()< 272.26 3,026.95 I 1,175.16 ' Nine months ended De,ember31, 2018 D�cember31, 2017 (AudHed) (Audited) Jf 276.88 7,698.7.1 1,:,65.26 25,340.87 25�'.W.87 f,,167.'11 2.748.B 6S7.9 9,60M3 2.01 ";:�� S i 3,75015 I 14,267.68 6,797_, 1.7-6.5! 22,Sll.Si 22.811.57 5,:�5.:U 2.217-6!/ 848.61 6.01.52 [l.47 5.988.94 897.01 3,309.12 A.<at ,n � M,llwn Year ended I M.,nh31,2018 (Audited) 19,:71.11 j S,725.0lI 2,24[Jf 30,337.03' 7 . .mu8 2699.89 1,05-1.29 11,16236 i 0.79i S,059.97! 1,191.01 i 4.292.61 i	Quarer ended DecemberSeptember 31, 2016 30, 201S (Audited) {Audited) 5,597.11 5,4�6.54 2.51.10 2Al,{.\4 54.21 452.0 8,642.49 8,5557 8,(,-2A9 8��55.57 2.1.4.l 2,034.i 1.{){1.23 826.50 28. 91 241.80 3,i9.S3 3,103.00 n.ni , 1 1 1.n7 2AB.S8 2.06.'5 229.91 232.21 1,95.21 I 1.268.79 December 31, 2017 (,\udHed) I 4)1S,.1;1 2�:;�i 7,918.90. 7.918.90 1,877.W 877.()< 272.26 3,026.95 I 1,175.16 ' Nine months ended De,ember31, 2018 D�cember31, 2017 (AudHed) (Audited) Jf 276.88 7,698.7.1 1,:,65.26 25,340.87 25�'.W.87 f,,167.'11 2.748.B 6S7.9 9,60M3 2.01 ";:�� S i 3,75015 I 14,267.68 6,797_, 1.7-6.5! 22,Sll.Si 22.811.57 5,:�5.:U 2.217-6!/ 848.61 6.01.52 [l.47 5.988.94 897.01 3,309.12 A.<at ,n � M,llwn Year ended I M.,nh31,2018 (Audited) 19,:71.11 j S,725.0lI 2,24[Jf 30,337.03' 7 . .mu8 2699.89 1,05-1.29 11,16236 i 0.79i S,059.97! 1,191.01 i 4.292.61 i
Quarer ended DecemberSeptember 31, 2016 30, 201S (Audited) {Audited) 5,597.11 5,4�6.54 2.51.10 2Al,{.\4 54.21 452.0 8,642.49 8,5557 8,(,-2A9 8��55.57 2.1.4.l 2,034.i 1.{){1.23 826.50 28. 91 241.80 3,i9.S3 3,103.00 n.ni , 1 1 1.n7 2AB.S8 2.06.'5 229.91 232.21 December 31, 2017 (,\udHed) I 4)1S,.1;1 2�:;�i 7,918.90. 7.918.90 1,877.W 877.()< 272.26 3,026.95 I Nine months ended De,ember31, 2018 D�cember31, 2017 (AudHed) (Audited) Jf 276.88 7,698.7.1 1,:,65.26 25,340.87 25�'.W.87 f,,167.'11 2.748.B 6S7.9 9,60M3 2.01 ";:�� S i 14,267.68 6,797_, 1.7-6.5! 22,Sll.Si 22.811.57 5,:�5.:U 2.217-6!/ 848.61 6.01.52 [l.47 5.988.94 897.01		Year en M.,nh31 (Audit 1 3 1
1,95.21 I 1.268.79 1,175.16	' 3,75015 I 3,309.12

	0{'eml>er 31, 2018 !(ember 31, 2017 (Audited) (Audited) 3,194.52 1,035.20 4%.'l4 3,498.4[) .'\l.55 (().12	1'farh 31, 2018 (Audited) 3,f75.% 740.27 �.'J.17
	4,726.66 5,05,07	4,Mi.40
	2- '3.97 20,92(AS	21.860.i.'
	29,50.63 2.',931.55	26.708.13
is avai\,1ble that (s ,,,·,,lu,,trd r<'rularly hy lh<' chirf oprr,,lini: d<'<iston maker. ,n dr<·id,nr, h(>w to ,>11<><·.itr ,m,,m ,ind M,,n.ir,,ni; DitN1or. urposP of ,r.mPnt lpnrt,nr,. er non-c.sh l'Xp<n"S ;nto vanous rPportable ,gmrnls haw nnl bP<'n ,'l""ntrd ns lh<' as,ls lloc,,lr thr NhN ,>S"'l<, li.hihl!PS ,md oth<r non.rnsh <'XpPnSs tn ,nd"·idu,11 srr,m<nls and un ud.hor**

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u[,.]

Notos:

1 Th<' audit�d rn drn�rd n,nsolidat,:,d finanr,al statrm,:,nls for lh� quart<:'r and nirw months <:'nd�d DN·rmhrr �1, 201S. h,,w hrrn tak,:,n on r<'<"<>rd hy the lloard of o,.Ntors at 11s m<>,:,Hnr, condudrd on j,>nu,iry 28, 2019 as r,,mmmrndf'd hy thr Audit CommillN' Jl llS m<:'<:'t1nr, hcld on January 27, 2019. Th<:' %>tutor,· ,mdn,:,rs havc <:'xrn'r..'S<'d ,in unqualifi<:'d audit opinion.
2 Adnplinn c,f Ind AS 115 · R<>wnuP from (Mlr,Kts with ,. ,HOm<:'rs:
Effrct,w Arn\ 1, 20JR, tk Comr<>ny adortrd Ind AS 115 "R<:'wnur from ContrMls w,th Cuslom<:'rs" us,nr, the cumu1aliw rn!ch.up tr,,nsllt<:>n mrthod wh,ch i.s applird to rn lrMt.s th,,t """"' not romplrl<:'d JS t>f April 1, 2018. Arcordinr,!y, thr comparatiws haw not lwrn n:-trospr,1iwly adjus!rd. Thr rffr l on adoption of Jnd AS 113 was ,nsir,nifK,mt on lhr hn,,ncfal sWlrmrnls.
As r,,pnrted m lh<:' pr<>v,ous quurln, Prrs,strnt Systrm, Lin,Md ("th,:, PM<:'nt Company'') had drpos,ts of� H(l million with thr f1n.1n,i,1l 1nst,lutions vi,. Infrastructure Lr,,sinr. & Fmandal S.,rvie\'s Ltd. (!L&FS) and IL&FS Fmanrial 5<orV1(\'S Ltd. (n:,f\'l'n'd to as "!L&FS Group")as on th" halancr shP<:'l dat\'. Th="'" du" for matunty from )a nu My 2019 lo Junr 2019, the fus\ d\'ros,l l>omr. dur on 28th January 2019. In Aur,ust 2018, <1'Pdit ralinr, ar,ency, has sir,nifkunlly dnwnr,radPd th" IL& FS Group'< r.itinr,. As nf ()('eNnhor .�1. 2()18, lher<> haw n<'\'n no defaults rn papnrnl o/ ,n\rr<'l'\ on the afor<>s,,id depnsit<. At thi.> st.ir,r, ,t (< diff>eult tn c.>limat,' thr ultimal<:' proh,,hlr loss if any. A<[Y] ordinr,ly, the manar.cmcnt nf thr l'a,enl C<>mpany he lie� that thPre t< no immedi,,l\' need to r<>cor,[n] i,.P any impairm<:'nt on lh<' ,,how drposils as of Df'<"eml>rr 31, W1S. The l'M<:'nl Company will ron1,nu<' to monitor tho drwlc,rmrnts in the< m,,ucr for lh<' purpn"" of determ,n,ng thr fm,m,ial rrporlinr, ,mpact, if any.
ThP Board o/ Directors of Persistent Sysl,:,ms Limjted ("lhP Parent Company"), ,·on.<,d<:'n:,d and ,,ppn>wd 1hr Buyhaek of fully p,11d-ur F.<1rnty Sha n's of f,K<' �aluP of� 10 ce<>dmr. � 2,230 m,11,on (Max,mum Buyba<"k S1,:r) ,,l., prier nnl """rd,nr. � 75() r•'r�ba,-., (M,,ximum Buyback Prier) at th,. Srtard Me<>tinr,.
3 Th<> Board of Directors of l'<>rsistrnl Systrm� Limit�d ("lhr P,,rrnt Comrany"), al its me<>tmr, rnmmen,od on January 27, 2019 ant! cnndud�d on January 28, 2019 ,kdan'd ,1n int<-nm d:vidt'nd rft � per �h,,r� on th� facp ,•,1lu\' oft 10 N<h for thP Fjn,,ncial YMr 2()JS-19.
6 Fi1:u= for the rn'VJous prriod�/y<'ar have h<,en rP!',rourrd whrn:,wr nP<:rssury to rn fnrm lo rnm:-nt pc nod's pr<'S<.'nt.,tion.

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Pun�

J,,nuary 28, 2019

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

Deloitte Haskins & Sells LLP

Te!: +91 20 6624 4600 Fax: +91 20 6624 4605

INDEPENDENT AUDITORS' REPORT ON AUDIT OF INTERIM STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF PERSISTENT SYSTEMS LIMITED

We have audited the accompanying Interim Statement of Standalone Financial Results of PERSISTENT SYSTEMS LIMITED ("the Company"), for the quarter and nine months ended 31 December 2018 ("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.
This Statement, which is the responsibility of the Company's Management and approved by the Board of Directors, has been compiled from the related interim Ind AS standalone financial statements which has been prepared in accordance with the recognition and measurement principles laid down in 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 ('Ind AS') 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 standalone Ind AS financial statements.
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 control 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 control. 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.

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Regd. Office: lndiabulls Finance Centre, Tower 3, 27"· 32["" ] Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai - 400 013, Maharashtra, India. (LLP Identification No. MB-8737)

Deloitte Haskins & Sells LLP

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 and total comprehensive income and other financial information of the Company for the quarter and nine months ended 31 December 2018.

5. Emphasis of Matter paragraph

We draw attention to Note 03 of the Statement relating to the deposits of Rs 430 million in Infrastructure Leasing & Financial Services Group as at 31 December 2018, whose rating was significantly downgraded by credit rating agency - ICRA in August 2018. No provision against these deposits is considered necessary by the management as at 31 December 2018 for the reasons stated in the said note.

Our opinion is not modified in respect of this matter.

For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018)

Place: Pune Date: 28 January 2019

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•
Partner
{M..-,m'hership No. 038019)
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Persist<.'nt Sys('11\S Limit{'d

Regd. Office: Bhag<?<.>r,,th, 402, S<'ll<lpilti B,tpilt Ro,1d, Pune 411016. India Ph. No. +91 (20)67030000; Fax +91 (20)67030009; Email mfo@p<'rsislent.com,'www.persistenl.com'. CIN L72300PN1990PLC056696

Audill'd unrnnsolidatl'd finandal rl'suUs of l'l'rsi5len! Systems Limikd for the quartN and ninl' months <.'nd<.'d l)('fl'llliwr 31, 2018


		Quart<r l'ndl'd Ni1w month� <ndcd S<p!ember 30, 2018 Dccemher 31, 2017 Dlr<mhrr 31, 201H Dr(lm>,r :n, 2017 (Audit<>d) (Audilld) (Audited) {Audi!l'd) 5 4,936.30 4,300.09 !4.435.96 12,947.44 369.39 252.12 782.33 993.57 0 5,305.69 4,552.21 15,218.29 B,941.01 8 2,318.34 2,252.99 7,022.71 6,637.48 3 556.74 512.42 l,M6.l5 1,67).80 2 0.16 0.14 0.39 0.47 7 113.89 128.18 344.55 414.9 6 1,010.33 609.67 2,782.42 1,976.73		Ylarl'nd<d Mardi 31, 2018 (Auditl'd) 17,327.49 1,276.12 18,604.:n 8,740.66 2.1:n.03 0.62 537.81 2,M0.03
IJ<ll'rllb('r 31, 2018 (Audild) 4,879.7 222.95 5,102.7
2,443.5 583.2 0.1 113.4 1,051.8		8 2,318.34 2,252.99 7,022.71 3 556.74 512.42 l,M6.l5 2 0.16 0.14 0.39 7 113.89 128.18 344.55 6 1,010.33 609.67 2,782.42
4,192.26 3,999.46 3,503.40 11,796.22 910.44 1,306.23 1,08.81 3,422.07			10,701.47 3,239.54	14,052.15 4,552.16
910.4
910.44 1,30.23 1,048.81 3,422.07 235.00 405.70 284.92 981.50 49.09 (3.9) 49.09 16.3.\ 3.71 (9.4·1) (38.60) 30.H 409.41 271.49 991.99			3,239.54 877.28 (3.9) (26.31) 846.�!8	4,552.16 1,175.90 (3.99) (40.92) 1,B0.99 .,421.17
610.01		896.82 777.32 2,430.08	2,392.5(,


610.01 896.82 777.32 2,430.08 (28.65) {12.56) 12.04 (54.12)			2,392.56 72.13	3,421.17 104.97
{28.65) (12.56) 12.04 (54.12)			72.13	104.97 (191.81)
351	.15 (139.16) 27.40 52.86		(131.70)
351	.15 (139.16) 27.40 52.86 (131.70)			(191.81)

322

932 800 7 7 7 7

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Notes:

1 Tlw ,1udited condensed financial stM('ments for th(' quarler and nine months ended D!Xl'mher 31, 2018, have ]X'(>n taken on r('COrd hy the Board of Directors ,,tits meeting concluded on January 28, 2019 as re<;'omrnrnded by thl' Audit Committee <1l ih meeting hl'ld on j,111Uilr)' 27, 2019. Tlw st<l\ulorr ,rnditors have l'xpressed an unqua!if1('d audit opinion.
2 Adoption of Ind AS 115- Rev('nue from contracts with rustomrrs:

Effcrlive April 1, 2018, tht>Company adopl('d Ind AS 115 "Rl'venue fromContrarls withCustonwrs" using the cumul<1livernlch-up tr,rnsition nwthod which is applil'd to ronlrMIS I hat Wl'tl' not completed as of April 1, 2018 Accordingly, lhe comparatives hal'(' not h('('ll r('lrosp('<:tiwl)' <1ctjusted. Tlw efffft on adoplion of Ind AS 115 was 111sir,nilicant on the fman,ial stalemenls

3 As reporll'd in the pr('vious quartl'r, the Co111p<1ny has deposits oH 430 million wilh tlw financial institutions viz. lnfrastrurlure LNsmr, & Fmannal S<>rviC('S Ltd. {IL&FS) and IL&FS Fi11< 1 K1,1I Sl>r1·icps L1d. (referred lo as '"!L&FS Group") i\S on lhe balancl' sh('('J dilt('. Th!'se ilre du(' for ma1urity from j,muary 2019 to Junl' 2019, the first deposit beinr, due on 28th Janu<1ry 2019. Jn August 2018, rrl'dil riltinr, ar,('1Ky, has signifir,111tly downgr,1ded the IL& FS Group's rating. As of De..-emhl'r 31, 2018, tlwrr haVl' [l('('n no defaults in p<1ym('n! of 111terl'st on lhe afor('said d('posits. Al this st,1g(', it is diffault to<'stimatl' tht• ultimate probabll' loss if any. Arcordmr,ly, lh(' 111an<1r,ement of the Companr belil'vt'S th,1l there is no imnwdii l e fl{'('d lo rl'rnr,ni7.e ilny impairment on th(' above dl'posits i\S of Dffember 31, 2018. ThP Comp<1ny will conlinu(' lo monitor tlw tfol'l'lopmen!s m this matll'r for lhe purpow of del('rtnining the fm,rnt"ial r<:porting impac\, 1f <Ill)'.
4 The Board of Dirfflors rnnsid('red and approved the Buy!Mck of fully paid-up Equity Shares of face l'< I U(' of I! 10 ('Mh under "open markPt" rout,• through the stock ('Xrhangt'S, for an ,1r,gr('gat,, amount not PXC{'('ding � 2,250 1111!11011 (M,1ximun1 Buyh,1ckSm•) ,1l ,1 pnn> not l'XC('('ding � 750 ppr shan' (Maxunum Buyback Pnre) ,11 l!ll' Board Meeting ..
5 Tln' Bo,ird of Dirl'clors at its lllPl'ling comme1Kl'd on )ilnUM)' 27, 2019 <1ml concluded on January 28, 2019 decl,1r<'d an 111h:rim d11'1lfond of I! 8 pl'r ,har<' on lhe f,irl' v,1lur of I:' 10 each for tlw Fm,moal )'(',n 2018-19.

Pun(' J<1nu,1ry 28, 2019

B)• ord('f of Board of D1m.·tors of l'ersislPnl Systrm� l.imih>d � � --[--] � - -- Dr. Anand De�hpandl' Kir,rn Umron1kM Ch,1irman ,md M,111,ig1ng D1rl'<lor D1re.-lor

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AI assistant

Persistent Systems Limited Interim / Quarterly Report 2019

60826_rns_2019-01-28_cc29a74a-29e2-4fdd-a0e8-ea9cee604f37.pdf

Subject: Outcome of the Board Meeting - Quarterly Results for Q3 FY19, declaration of Interim Dividend and Buyback

1. Approval of the Audited Financial Results for Q3 FY19

3. Approval of the Buyback

Annexure A

Shareholding Pattern of the Company as on Januar 27, 2019

Persistent Systems Limited

Audited consolidated financial results of Persistent Systems Limited for the quarter and nine months ended December 31, 2018

Segment wise Revenue, Results and capital Employed

Deloitte Haskins & Sells LLP

INDEPENDENT AUDITORS' REPORT ON AUDIT OF INTERIM CONSOLIDATED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF PERSISTENT SYSTEMS LIMITED

Deloitte Haskins & Sells LLP

entity closed down on 21 December 2018

5. Emphasis of Matter Paragraph

Segment wise Revenue, Results and Capital Employed

Notos:

Deloitte Haskins & Sells LLP

INDEPENDENT AUDITORS' REPORT ON AUDIT OF INTERIM STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF PERSISTENT SYSTEMS LIMITED

Deloitte Haskins & Sells LLP

5. Emphasis of Matter paragraph

Persist<.'nt Sys('11\S Limit{'d

AI assistant

Persistent Systems Limited — Interim / Quarterly Report 2019

60826_rns_2019-01-28_cc29a74a-29e2-4fdd-a0e8-ea9cee604f37.pdf

Subject: Outcome of the Board Meeting - Quarterly Results for Q3 FY19, declaration of Interim Dividend and Buyback

1. Approval of the Audited Financial Results for Q3 FY19

3. Approval of the Buyback

Annexure A

Shareholding Pattern of the Company as on Januar 27, 2019

Persistent Systems Limited

Audited consolidated financial results of Persistent Systems Limited for the quarter and nine months ended December 31, 2018

Segment wise Revenue, Results and capital Employed

Deloitte Haskins & Sells LLP

INDEPENDENT AUDITORS' REPORT ON AUDIT OF INTERIM CONSOLIDATED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF PERSISTENT SYSTEMS LIMITED

Deloitte Haskins & Sells LLP

entity closed down on 21 December 2018

5. Emphasis of Matter Paragraph

Segment wise Revenue, Results and Capital Employed

Notos:

Deloitte Haskins & Sells LLP

INDEPENDENT AUDITORS' REPORT ON AUDIT OF INTERIM STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF PERSISTENT SYSTEMS LIMITED

Deloitte Haskins & Sells LLP

5. Emphasis of Matter paragraph

Persist<.'nt Sys('11\S Limit{'d

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Persistent Systems Limited Interim / Quarterly Report 2019