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Persistent Systems Limited — Interim / Quarterly Report 2020
Jul 25, 2020
60826_rns_2020-07-25_10847e06-ff65-40bd-9ba5-ba940dd473e9.pdf
Interim / Quarterly Report
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NSE & BSE / 2020-21 / 41
July 25, 2020
The Manager, Corporate Services, National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (E), Mumbai 400 051
Ref: Symbol: PERSISTENT
The Manager, Corporate Services, Bombay Stock Exchange Limited 14[th] Floor, P J Towers, Dalal Street, Mumbai 400 001
Ref: Scrip Code: 533179
Dear Sir/Madam,
Sub: Fact Sheet – Consolidated Financial Data – for the quarter ended June 30, 2020
Please find enclosed fact sheet of the Consolidated Financial Data for the quarter ended June 30, 2020.
The Company has scheduled an investor / analyst call on Monday, July 27, 2020 at 5.00 PM IST. During such call, the Management will comment on the financial results for the quarter ended June 30, 2020 as well as on the business outlook. The details of the said investor call are available on the website of the Company.
Please acknowledge the receipt.
Thanking you,
Yours Sincerely, For Persistent Systems Limited
Amit Atre Company Secretary ICSI Membership No.: A20507
Encl: As above
Persistent Systems Limited, Bhageerath, 402 Senapati Bapat Road, Pune 411 016, Maharashtra, India CIN - L72300PN1990PLCO56696
Tel: +91 (20) 670 30000 | Fax - +91 (20) 6703 0008 | E-mail - [email protected] | Website - www.persistent.com
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Quarter ended June 30th, 2020 Analyst Presentation
July 25, 2020
Forward-looking and Cautionary Statements
Certain statements in this Presentation concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements.
The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, our revenues highly dependent on customers located in the United States, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, concentration of major operations of the Company in one city, withdrawal of governmental
Confidential © 2020 Persistent Systems
fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry.
The Company may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Stock Exchanges and our reports to shareholders.
The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company.
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2
Financial Highlights
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Financial Highlights for Q1FY21
USD Revenue $131M
+3.1% +9.5% QoQ YoY INR EBITDA ₹1,464M @ 14.8% Revenue +14.7% +21.8% QoQ YoY
Confidential © 2020 Persistent Systems
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INR Revenue ₹9,914M
+7.0% +19.1% QoQ YoY INR PAT ₹900M @ 9.1% Revenue +7.4% +9.1% QoQ YoY
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Highlights for the Quarter
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Segment Revenue Client concentration
9.1% 8.0%
8.8%
48.5% 49.5% 50.6% 53.2% 53.4% 8.2% 8.3%
20.6% 21.0%
20.9%
22.3%
23.1%
19.7% 19.2% 18.9%
18.4% 18.9%
23.7% 23.6%
21.5%
31.8% 31.3% 30.5% 28.4% 27.7% 17.7% 19.2%
Q1FY21 Q4FY20 Q3FY20 Q2FY20 Q1FY20 Q1FY21 Q4FY20 Q3FY20 Q2FY20 Q1FY20
BFSI Healthcare Life Sciences Technology Companies & Emerging Verticals Top 1 Top 2- 5 Top 6-10
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Share of revenue from BFSI customers increased from 27.7% in Q1FY20 to 31.8% in Q1FY21
Share of Top 5 Customers reduced from 44.6% in Q1FY20 to 40.8% in Q1FY21
Confidential © 2020 Persistent Systems
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Key Wins for the Quarter
Banking, Financial Services and Insurance
Top 10 Global Bank: Innovate and modernize payments for commercial unit — Direct Writer of Surety Bonds & Insurance: Modern platform to customize and purchase insurance plans, ensuring seamless migrations of legacy systems — US Retirement, Healthcare and Education Savings: End-to-end AIenabled IT Service and asset management platform
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Healthcare
Life Sciences
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Large Pharmacy Benefits Manager: Platform enabling nurse practitioner and caregiver collaboration, optimize patient care — Drug and Medical Device Database Provider: E-Prescription platform connecting PMRs, PBMs and pharmacies across the United States — Integrated Healthcare Provider & Insurance Company: Patient engagement platform to mediate and monitor patients, improve patient experiences and reduce need for hospital visits
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Confidential © 2020 Persistent Systems
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Key Wins for the Quarter
Industrial Software & Hi-Tech
Leading Aerospace Manufacturer: Engineering lifecycle management and Leading Enterprise Software company in Data Virtualization space:
related services Global Technology Center to accelerate & scale product development &
support
—
Canadian Rail Network Consortium: Engineering lifecycle management —
solutions for modernization
Top 5 Tech Leader: Pioneering Smart Campus & Incentive Management
— Programs, leveraging IoT & Data Expertise
Leading Audio Communications Equipment Manufacturer: IPM solution to —
upgrade product catalogue
Global Environmental Health, Safety and Compliance Software
Developer: Quality management systems
Confidential © 2020 Persistent Systems
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Strengthening our Partner Ecosystem
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IBM Cloud Pak deployment for enterprises
Persistent now has more than 2,000 professionals in containerization and Kubernetes, including a new Cloud Pak deployment practice to help clients migrate workloads across IBM Cloud.
Achieved SaaS & DevOps Competencies
Recognizes deep cloud-based expertise and critical DevOps skills to enhance collaboration and accelerate time to market, adds to AWS Competencies achieved – including IoT, Data & Analytics
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Persistent Systems was mentioned in IBM CEO’s Q2 2020 Earnings address as one of the key partners helping expand the reach of IBM's hybrid cloud platform.
Confidential © 2020 Persistent Systems
Persistent with Dassault Systemes bolsters Digital Capabilities in Europe
Expands partnership and brings industrial OEMs and suppliers to the Dassault Systèmes 3DEXPERIENCE platform.
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We are actively engaging in the market with our partner ecosystem through digital events and content
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Confidential © 2020 Persistent Systems
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We advanced our leadership in Enterprise Software, Consumer Software and Innovation Services
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Enterprise Software 2019
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Consumer Software 2019
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Competency
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Competency
“European Salesforce services clients should consider Persistent Systems as a credible alternative” – September 2019 Confidential © 2020 Persistent Systems
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Persistent recognized as leading innovation partner for digital transformation services.
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Large sourcing advisors started noticing our capabilities and deal momentum
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Positioned as Leader right there with large players
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Confidential © 2020 Persistent Systems
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Financial Details
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Sequential Q1 FY21 vs Q4 FY20
| Particulars | Q1FY21 | Q4FY20 | Change QoQ |
Exps / Sales % Q1FY21 |
Q4FY20 | |
|---|---|---|---|---|---|---|
| Revenue ($ M) | ||||||
| Services | 108.24 | 106.31 | 1.8% | |||
| IP Led | 22.78 | 20.74 | 9.8% | |||
| Revenue ($ M) | 131.02 | 127.05 | 3.1% | |||
| Avg. Exchange Rate ₹ /US$ | 75.69 | 72.91 | 3.8% | |||
| Revenue (₹ M) | 9,913.85 | 9,263.65 | 7.0% | |||
| Cost of Revenue | ₹ M | ₹ M | ||||
| Employee Related Expenses | 6,179.40 | 5,830.32 | 6.0% | 62.3% | 62.9% | |
| Purchase / Royalty | 392.34 | 163.98 | 139.3% | 4.0% | 1.8% | |
| Project related Travel Expenses | 74.63 | 135.33 | -44.9% | 0.8% | 1.5% | |
| Total Direct costs | 6,646.37 | 6,129.63 | 8.4% | 67.0% | 66.2% | |
| Gross Profit | 3,267.48 | 3,134.02 | 4.3% | 33.0% | 33.8% | |
| Sales & Marketing Exps | 861.80 | 948.56 | -9.1% | 8.7% | 10.2% | |
| Admin. & Other Exps | 792.79 | 840.13 | -5.6% | 8.0% | 9.1% | |
| Doubtful Debt Provision | 53.10 | 38.78 | 36.9% | 0.5% | 0.4% | |
| CSR Activities - Regular | 21.11 | 29.70 | -32.7% | 0.2% | 0.3% | |
| CSR Activities – COVID Donations | 74.32 | 0.00 | 0.7% | 0.0% | ||
| Total SGA | 1,803.12 | 1,857.17 | -2.9% | 18.2% | 20.0% | |
| EBITDA | 1,464.36 | 1,276.85 | 14.7% | 14.8% | 13.8% | |
| Depreciation | 109.80 | 111.14 | -1.0% | 1.1% | 1.2% | |
| Amortization | 325.81 | 309.11 | 5.3% | 3.3% | 3.3% | |
| EBIT | 1,028.75 | 856.60 | 20.1% | 10.4% | 9.2% | |
| Other Income / (Loss) | 279.32 | 229.33 | 21.8% | 2.8% | 2.5% | |
| Exchange Gain/(Loss) | (87.63) | 44.50 | -296.9% | -0.9% | 0.5% | |
| PBT | 1,220.44 | 1,130.43 | 8.0% | 12.3% | 12.2% | |
| Tax | 320.36 | 292.22 | 9.6% | 3.2% | 3.2% | |
| PAT | 900.08 | 13 | 838.21 | 7.4% | 9.1% | 9.0% |
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YoY Comparison Q1 FY21 vs Q1 FY20
| Particulars | Q1FY21 | Q1FY20 | Change YoY |
Exps / Sales % Q1FY21 |
Q1FY20 | ||
|---|---|---|---|---|---|---|---|
| Revenue ($ M) | |||||||
| Services | 108.24 | 93.86 | 15.3% | ||||
| IP Led | 22.78 | 25.76 | -11.6% | ||||
| Revenue ($ M) | 131.02 | 119.62 | 9.5% | ||||
| Avg. Exchange Rate ₹ /US$ | 75.67 | 69.56 | 8.8% | ||||
| Revenue (₹ M) | 9,913.85 | 8,321.14 | 19.1% | ||||
| Cost of Revenue | ₹ M | ₹ M | |||||
| Employee Related Expenses | 6,179.40 | 5,061.19 | 22.1% | 62.3% | 60.8% | ||
| Purchase / Royalty | 392.34 | 193.58 | 102.7% | 4.0% | 2.3% | ||
| Project related Travel Expenses | 74.63 | 179.25 | -58.4% | 0.8% | 2.2% | ||
| Total Direct costs | 6,646.37 | 5,434.02 | 22.3% | 67.0% | 65.3% | ||
| Gross Profit | 3,267.48 | 2,887.12 | 13.2% | 33.0% | 34.7% | ||
| Sales & Marketing Exps | 861.80 | 765.24 | 12.6% | 8.7% | 9.2% | ||
| Admin. & Other Exps | 792.79 | 893.71 | -11.3% | 8.0% | 10.7% | ||
| Doubtful Debt Provision | 53.10 | 7.23 | 634.4% | 0.5% | 0.1% | ||
| CSR Activities - Regular | 21.11 | 19.01 | 5.2% | 0.2% | 0.2% | ||
| CSR Activities – COVID Donations | 74.32 | 0.00 | 0.7% | 0.0% | |||
| Total SGA | 1,803.12 | 1,685.19 | 7.0% | 18.2% | 20.3% | ||
| EBITDA | 1,464.36 | 1,201.93 | 21.8% | 14.8% | 14.4% | ||
| Depreciation | 109.80 | 110.20 | -0.2% | 1.1% | 1.3% | ||
| Amortization | 325.81 | 275.97 | 18.0% | 3.3% | 3.3% | ||
| EBIT | 1,028.75 | 815.76 | 26.1% | 10.4% | 9.8% | ||
| Other Income / (Loss) | 279.32 | 202.02 | 38.3% | 2.8% | 2.4% | ||
| Exchange Gain/(Loss) | (87.63) | 79.83 | -209.8% | -0.9% | 1.0% | ||
| PBT | 1,220.44 | 1,097.61 | 11.2% | 12.3% | 13.2% | ||
| Tax | 320.36 | 272.91 | 17.4% | 3.2% | 3.3% | ||
| PAT | 900.08 | 14 824.70 |
9.1% | 9.1% | 9.9% |
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Balance sheet
| sheet | |||
|---|---|---|---|
| ₹ M | |||
| Particulars | As on June 30, 2020 |
As on March 31, 2020 |
As on June 30, 2019 |
| Assets | |||
| PPE and Intangible assets | 4,653.62 | 4,618.66 | 4,858.53 |
| Non-Current Assets | 1,539.54 | 1,467.52 | 740.27 |
| Cash and Investments | 14,938.96 | 14,716.85 | 13,400.68 |
| Other Current Assets | 10,748.79 | 9,986.50 | 8,667.80 |
| Total | 31,880.91 | 30,789.53 | 27,667.28 |
| Equity and Liabilities | |||
| Equity | 25,050.86 | 23,857.55 | 22,464.94 |
| Non-Current Liabilities | 735.06 | 582.37 | 757.41 |
| Current Liabilities | 6,094.99 | 6,349.61 | 4,444.93 |
| Total | 31,880.91 | 30,789.53 | 27,667.28 |
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15
Fact Sheet – Q1FY21
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Fact Sheet
| Description / Nos. / % | Q1FY21 | Q4FY20 | Q3FY20 | Q2FY20 | Q1FY20 | FY20 | FY19 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Revenue from Operations, USD M % QoQ / YoY growth Revenue from Operations, INR M |
131.02 3.1% 9,913.85 |
127.05 -1.8% 9,263.65 |
129.43 3.1% 9227.29 |
125.51 4.9% 8,846.00 |
119.62 1.1% 8,321.14 |
501.61 4.3% 35,658.08 |
480.97 2.2% 33,659.41 |
||||
| % QoQ / YoY growth | 7.0% | 0.4% | 4.3% | 6.3% | 0.0% | 5.9% | 11.0% | |||||
| Business | Offerings | Revenue Mix | Description / % Services IP Led Total |
Q1FY21 82.6% 17.4% 100.0% |
Q4FY20 83.7% 16.3% 100.0% |
Q3FY20 78.8% 21.2% 100.0% |
Q2FY20 77.5% 22.5% 100.0% |
Q1FY20 78.5% 21.5% 100.0% |
FY20 79.6% 20.4% 100.0% |
FY19 75.1% 24.9% 100.0% |
| Segment | Revenue Mix | Description / % BFSI Healthcare & Life Science Tech. Cos. & Emerging Verticals |
Q1FY21 31.8% 19.7% 48.5% |
Q4FY20 31.3% 19.2% 49.5% |
Q3FY20 30.5% 18.9% 50.6% |
Q2FY20 28.4% 18.4% 53.2% |
Q1FY20 27.7% 18.9% 53.4% |
FY20 29.5% 18.9% 51.6% |
FY19 25.3% 18.4% 56.3% |
||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
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Fact Sheet
| Revenue Mix by Business Units |
Description / % Q1FY21 Q4FY20 Q3FY20 Q2FY20 Q1FY20 FY20 FY19 |
Description / % Q1FY21 Q4FY20 Q3FY20 Q2FY20 Q1FY20 FY20 FY19 |
|---|---|---|
| Technology Services | 77.1% 77.8% 73.3% 71.9% 72.2% 73.8% 71.0% 22.9% 22.2% 26.7% 28.1% 27.8% 26.2% 29.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% |
|
| Alliance | ||
| Total | ||
| Accelerite has been merged with Technology Services from Q1FY21. Prior period numbers have been regrouped accordingly. | ||
| Geography Revenue Mix |
Description / % Q1FY21 Q4FY20 Q3FY20 Q2FY20 Q1FY20 FY20 FY19 |
|
| North America 80.4% 80.2% 80.1% 81.4% 82.5% 81.0% 81.7% Europe 10.2% 8.8% 10.6% 9.9% 8.5% 9.5% 8.8% India 7.9% 9.0% 7.4% 6.7% 6.7% 7.4% 7.0% ROW 1.5% 2.0% 1.9% 2.0% 2.3% 2.1% 2.5% Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% |
||
| Revenue Concentration |
Description / % Q1FY21 Q4FY20 Q3FY20 Q2FY20 Q1FY20 FY20 FY19 |
|
| Top 1 | 17.7% 19.2% 21.5% 23.7% 23.6% 22.0% 24.0% 40.8% 41.5% 42.3% 44.3% 44.6% 43.2% 42.4% 49.0% 49.9% 51.1% 53.4% 52.6% 51.7% 51.8% |
|
| Top 5 | ||
| Top 10 |
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Fact Sheet
| Revenue by | Revenue by | Delivery Centers | Delivery Centers | Description / % Global Development Centers India IP Led |
Q1FY21 33.7% 48.9% 17.4% |
Q4FY20 33.0% 50.7% 16.3% |
Q3FY20 31.5% 47.3% 21.2% |
Q2FY20 31.0% 46.5% 22.5% |
Q1FY20 30.5% 48.0% 21.5% |
FY20 31.5% 48.1% 20.4% |
FY19 30.5% 44.6% 24.9% |
||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | ||||||
| Client | Billed | Nos. Services |
Q1FY21 508 |
Q4FY20 501 |
Q3FY20 483 |
Q2FY20 470 |
Q1FY20 429 |
FY20 653 |
FY19 586 |
||||
| IP Led | 140 | 151 | 154 | 156 | 167 | 257 | 287 | ||||||
| Includes one-time clients with overlap across business offerings | |||||||||||||
| DSO | Nos. Days |
Q1FY21 69 |
Q4FY20 65 |
Q3FY20 68 |
Q2FY20 64 |
Q1FY20 65 |
FY20 65 |
FY19 63 |
|||||
| Client | Engagement | Size | Nos. Large > USD 5M Medium > USD 1M, < USD 5M |
Q1FY21 15 63 |
Q4FY20 11 61 |
Q3FY20 10 65 |
Q2FY20 11 65 |
Q1FY20 10 68 |
FY20 11 61 |
FY19 10 67 |
Re-categorized Large clients to more than $5M and Medium clients from $1M to $5M. Prior period numbers are aligned accordingly.
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Fact Sheet
| Nos. | Q1FY21 | Q4FY20 | Q3FY20 | Q2FY20 | Q1FY20 | FY20 | FY19 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| People | Numbers | Technical Sales and Business Development Others |
10,027 274 528 |
9,835 263 534 |
9,729 266 537 |
9,726 285 532 |
9,363 272 532 |
9,835 263 534 |
9,185 273 504 |
||||
| Total | 10,829 | 10,632 | 10,532 | 10,543 | 10,167 | 10,632 | 9,962 | ||||||
| Linear | Revenue Per | Billed PM* | USD / Per Person Month* Global Delivery Centres India |
Q1FY21 17,036 4,308 |
Q4FY20 17,276 4,427 |
Q3FY20 16,761 4,420 |
Q2FY20 17,155 4,437 |
Q1FY20 16,742 4,427 |
FY20 16,987 4,428 |
FY19 16,299 4,371 |
|||
| *Revenue | per billed PM excludes IP Led revenue and calculated on total | revenue including | contractual reimbursable portion. | ||||||||||
| Attrition | Rate | % TTM Basis |
Q1FY21 12.7% |
Q4FY20 14.3% |
Q3FY20 14.9% |
Q2FY20 15.7% |
Q1FY20 17.1% |
FY20 14.3% |
FY19 16.7% |
||||
| IP Led | Nos. IP Led Person Months |
Q1FY21 4,031 |
Q4FY20 4,317 |
Q3FY20 4,325 |
Q2FY20 4,602 |
Q1FY20 4,711 |
FY20 17,954 |
FY19 18,826 |
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Fact Sheet
| Description / Nos. / % | Q1FY21 | Q4FY20 | Q3FY20 | Q2FY20 | Q1FY20 | FY20 | FY19 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Billable Person Months | 22,246 | 21,580 | 20,419 | 19,846 | 19,441 | 81,287 | 71,563 | ||||
| - Global Delivery Centers | 3,060 | 2,872 | 2,893 | 2,779 | 2,658 | 11,202 | 10,703 | ||||
| Efforts and Utilization | Mix - Linear | - India Billed Person Months - Global Delivery Centers - India Linear Utilization |
19,186 17,461 2,595 14,866 |
18,708 16,975 2,425 14,550 |
17,526 16,295 2,430 13,865 |
17,067 15,409 2,271 13,138 |
16,783 15,141 2,179 12,962 |
70,085 63,820 9,305 54,516 |
60,860 58,037 9,007 49,030 |
||
| - Blended | 78.5% | 78.7% | 79.8% | 77.6% | 77.9% | 78.5% | 81.1% | ||||
| - Global Delivery Centers | 84.8% | 84.4% | 84.0% | 81.7% | 82.0% | 83.1% | 84.2% | ||||
| - India | 77.5% | 77.8% | 79.1% | 77.0% | 77.2% | 77.8% | 80.6% |
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About Persistent
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We are a global solutions company delivering digital business acceleration and enterprise modernization for businesses across industries and geographies.
Industry Expertise & Solutions
Service Lines Digital Business Strategy
CX Innovation & Optimization Digital Product Engineering
Core IT Modernization
Data-Driven Business & Intelligence Identity, Access & Privacy
Outcomes Accelerate Time-to-Market Enable Business Agility Business Partner Unlock Banking Industrial Healthcare Software Ecosystem Growth Financial Life Sciences Hi-tech Services Maximize Value Creation Insurance Drive Enterprise Simplification
Confidential © 2020 Persistent Systems
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Thank you! [email protected]
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