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Persistent Systems Limited — Interim / Quarterly Report 2020
May 5, 2020
60826_rns_2020-05-05_ee3c6faf-ca97-4b49-8d89-a764e44e3387.pdf
Interim / Quarterly Report
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NSE & BSE / 2020‐21 / 14
May 5, 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 and year ended March 31, 2020
Please find enclosed fact sheet of the Consolidated Financial Data for the quarter and year ended March 31, 2020.
The Company has scheduled an investor / analyst call on Wednesday, May 6, 2020 at 5.00 PM IST. During such call, the Management will comment on the financial results for the quarter and year ended March 31, 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 MURARI Digitally signed by AMIT MURARI ATRE ATRE Date: 2020.05.05 23:24:42 +05'30' 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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Analyst Presentation Quarter ended March 31, 2020 May 5, 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
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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Financial Highlights
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Financial Highlights for Q4FY20
USD Revenue $127M
-1.8% +7.4% QoQ YoY
INR EBITDA ₹1,276.8M
@ 13.8% Revenue +3.4% +0.9% QoQ YoY
4
INR Revenue
₹9,263.6M
+0.4% +11.4% QoQ YoY
INR PAT
₹838.2M
@9% Revenue -4.7% -0.8% QoQ YoY
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Financial Highlights for FY20
USD Revenue $501.6M
+4.3% YoY
INR EBITDA ₹4,929.5M
@ 13.8% Revenue -15.1% YoY
5
INR Revenue
₹35,658M
+5.9% YoY
INR PAT
₹3,402.9M
@9.5% Revenue -3.2% YoY
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Highlights for the Quarter
Industry Revenue Mix
Customer Concentration
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----- Start of picture text -----
8.0% 9.1%
8.8%
53.4% 53.4% 53.2% 50.6% 49.5% 10.2% 8.4%
21.0% 20.6%
20.9%
19.8% 22.3%
18.9% 19.2%
19.6% 18.9% 18.4%
23.6% 23.7%
27.0% 27.7% 28.4% 30.5% 31.3% 20.2% 21.5% 19.2%
Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20
BFSI Healthcare & Life Science Tech. Cos. & Emerging Verticals Top 1 Top 2-5 Top 6-10
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The share of revenue from BFSI customers has increased from 27.0% in Q4FY19 to 31.3% in Q4FY20
The share of Top Customer has reduced from 20.2% in Q4FY19 to 19.2% in Q4FY20
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Supporting our clients responding to COVID-19
Biocomplexity Labs, Chicago Based Academic Large Scientific Children’s Health University of Virginia Medical Center Instrumentation Provider Dallas Interactive Pandemic Integrate COVID-19 Workflow in COVID-19 Test Kits FDA No Cost Salesforce COVID-19 Surveillance Dashboard the App Emergency Clearance Care Response Solutions 7
Other Highlights
Rs. 25 Crores ($3.3M)
https://www.persistent.com/media/pressreleases/persistent-systems-contributingto-covid-19-emergency-fund/
Leader for 7[th] Year
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https://www.persistent.com/media/pressreleases/persistent-in-leadershippositions-in-zinnov-zones-2019-erdservices-report/
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Salesforce Leader
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https://www.persistent.com/partnerecosystem/salesforce/persistent-as-aleader-for-salesforce-partner-ecosystemin-isg-provider-lens-2020/
Top 15 Sourcing Standout
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https://persys.co/2SllKsh
8
IBM Gold Partner
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Innovator
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https://www.persistent.com/media/pressreleases/persistent-systems-inconstellation-shortlist-2020-for-innovationservices-and-engineering/
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Financial Details
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Sequential Q4 FY20 vs Q3 FY20
| Particulars | Q4FY20 | Q3FY20 | Change QoQ | Exps / Sales % Q4FY20 | Exps / Sales % Q3FY20 | |
|---|---|---|---|---|---|---|
| Revenue ($ M) | ||||||
| Services | 106.31 | 102.02 | 4.2% | |||
| IP Led | 20.74 | 27.41 | -24.3% | |||
| Revenue ($ M) | 127.05 | 129.43 | -1.8% | |||
| Avg. Exchange Rate Rs. /US$ | 72.91 | 71.29 | 2.3% | |||
| Revenue (Rs. M) | 9,263.65 | 9,227.29 | 0.4% | |||
| Cost of Revenue | Rs. M | Rs. M | ||||
| Employee Related Expenses | 5,830.32 | 5,675.33 | 2.7% | 62.9% | 61.5% | |
| Purchase / Royalty | 163.98 | 349.89 | -53.1% | 1.8% | 3.8% | |
| Project related Travel Expenses | 135.33 | 132.21 | 2.4% | 1.5% | 1.4% | |
| Total Direct costs | 6,129.63 | 6,157.43 | -0.5% | 66.2% | 66.7% | |
| Gross Profit | 3,134.02 | 3,069.86 | 2.1% | 33.8% | 33.3% | |
| Sales & Marketing Exps | 948.56 | 957.93 | -1.0% | 10.2% | 10.4% | |
| Admin. & Other Exps | 840.13 | 843.43 | -0.4% | 9.1% | 9.1% | |
| Doubtful Debt Provision | 38.78 | 15.35 | 152.6% | 0.4% | 0.2% | |
| CSR Activities | 29.70 | 18.84 | 57.6% | 0.3% | 0.2% | |
| Total SGA | 1,857.17 | 1,835.55 | 1.2% | 20.0% | 19.9% | |
| EBITDA | 1,276.85 | 1,234.31 | 3.4% | 13.8% | 13.4% | |
| Depreciation | 111.14 | 116.24 | -4.4% | 1.2% | 1.3% | |
| Amortization | 309.11 | 312.06 | -0.9% | 3.3% | 3.4% | |
| EBIT | 856.60 | 806.01 | 6.3% | 9.2% | 8.7% | |
| Other Income / (Loss) | 229.33 | 231.64 | -1.0% | 2.5% | 2.5% | |
| Exchange Gain / (Loss) | 44.50 | 102.10 | -56.4% | 0.5% | 1.1% | |
| PBT | 1,130.43 | 1,139.75 | -0.8% | 12.2% | 12.4% | |
| Tax | 292.22 | 260.49 | 12.2% | 3.2% | 2.8% | |
| PAT | 838.21 | 879.26 | -4.7% | 9.0% | 9.5% |
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YoY Comparison Q4 FY20 vs Q4 FY19
| Particulars | Q4FY20 | Q4FY19 | Change YoY | Exps / Sales % Q4FY20 | Exps / Sales % Q4FY19 | |
|---|---|---|---|---|---|---|
| Revenue ($ M) | ||||||
| Services | 106.31 | 92.74 | 14.6% | |||
| IP Led | 20.74 | 25.56 | -18.9% | |||
| Revenue ($ M) | 127.05 | 118.30 | 7.4% | |||
| Avg. Exchange Rate ₹ /US$ | 72.91 | 70.32 | 3.7% | |||
| Revenue (₹M) | 9,263.65 | 8,318.54 | 11.4% | |||
| Cost of Revenue | ₹ M | ₹. M | ||||
| Employee Related Expenses | 5,830.32 | 4,997.26 | 16.7% | 62.9% | 60.1% | |
| Purchase / Royalty | 163.98 | 119.41 | 37.3% | 1.8% | 1.4% | |
| Project related Travel Expenses | 135.33 | 137.89 | -1.9% | 1.5% | 1.7% | |
| Total Direct costs | 6,129.63 | 5,254.56 | 16.7% | 66.2% | 63.2% | |
| Gross Profit | 3,134.02 | 3,063.98 | 2.3% | 33.8% | 36.8% | |
| Sales & Marketing Exps | 948.56 | 771.77 | 22.9% | 10.2% | 9.3% | |
| Admin. & Other Exps | 840.13 | 998.27 | -15.8% | 9.1% | 12.0% | |
| Doubtful Debt Provision | 38.78 | 5.47 | 609.0% | 0.4% | 0.1% | |
| CSR Activities | 29.70 | 22.97 | 29.3% | 0.3% | 0.3% | |
| Total SGA | 1,857.17 | 1,798.48 | 3.3% | 20.0% | 21.6% | |
| EBITDA | 1,276.85 | 1,265.50 | 0.9% | 13.8% | 15.2% | |
| Depreciation | 111.14 | 115.98 | -4.2% | 1.2% | 1.4% | |
| Amortization | 309.11 | 260.82 | 18.5% | 3.3% | 3.1% | |
| EBIT | 856.60 | 888.70 | -3.6% | 9.2% | 10.7% | |
| Other Income / (Loss) | 229.33 | 282.94 | -18.9% | 2.5% | 3.4% | |
| Exchange Gain / (Loss) | 44.50 | (58.50) | -176.1% | 0.5% | -0.7% | |
| PBT | 1,130.43 | 1,113.14 | 1.6% | 12.2% | 13.4% | |
| Tax | 292.22 | 268.41 | 8.9% | 3.2% | 3.2% | |
| PAT | 838.21 | 844.73 | -0.8% | 9.0% | 10.2% |
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Annual comparison FY20 vs FY19
| Particulars | FY20 | FY19 | Change YoY | Exps / Sales % FY20 | Exps / Sales % FY19 | |
|---|---|---|---|---|---|---|
| Revenue ($ M) | ||||||
| Services | 399.45 | 361.12 | 10.6% | |||
| IP Led | 102.16 | 119.85 | -14.8% | |||
| Revenue ($ M) | 501.61 | 480.97 | 4.3% | |||
| Avg. Exchange Rate ₹ /US$ | 71.09 | 69.98 | 1.6% | |||
| Revenue (₹. M) | 35,658.08 | 33,659.41 | 5.9% | |||
| Cost of Revenue | ₹ M | ₹ M | ||||
| Employee Related Expenses | 21,933.75 | 19,873.93 | 10.4% | 61.5% | 59.0% | |
| Purchase / Royalty | 982.10 | 877.15 | 12.0% | 2.8% | 2.6% | |
| Project related Travel Expenses | 578.48 | 627.07 | -7.7% | 1.6% | 1.9% | |
| Total Direct costs | 23,494.33 | 21,378.15 | 9.9% | 65.9% | 63.5% | |
| Gross Profit | 12,163.75 | 12,281.26 | -1.0% | 34.1% | 36.5% | |
| Sales & Marketing Exps | 3,641.32 | 3,060.50 | 19.0% | 10.2% | 9.1% | |
| Admin. & Other Exps | 3,422.68 | 3,268.47 | 4.7% | 9.6% | 9.7% | |
| Doubtful Debt Provision | 83.86 | 66.29 | 26.5% | 0.2% | 0.2% | |
| CSR Activities | 86.35 | 80.64 | 7.1% | 0.2% | 0.2% | |
| Total SGA | 7,234.21 | 6,475.90 | 11.7% | 20.3% | 19.2% | |
| EBITDA | 4,929.54 | 5,805.36 | -15.1% | 13.8% | 17.2% | |
| Depreciation | 453.35 | 474.39 | -4.4% | 1.3% | 1.4% | |
| Amortization | 1,206.27 | 1,098.12 | 9.8% | 3.4% | 3.3% | |
| EBIT | 3,269.92 | 4,232.85 | -22.7% | 9.2% | 12.6% | |
| Other Income / (Loss) | 889.15 | 873.63 | 1.8% | 2.5% | 2.6% | |
| Exchange Gain / (Loss) | 364.35 | (243.09) | -249.9% | 1.0% | -0.7% | |
| PBT | 4,523.42 | 4,863.39 | -7.0% | 12.7% | 14.4% | |
| Tax | 1,120.53 | 1,346.60 | -16.8% | 3.1% | 4.0% | |
| PAT | 3,402.89 | 3,516.79 | -3.2% | 9.5% | 10.4% |
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Balance sheet
| ₹ M | ||
|---|---|---|
| Particulars | As on March 31, 2020 | As on March 31, 2019 |
| Assets | ||
| PPE and Intangible assets | 4,618.66 | 4,323.53 |
| Non-Current Assets | 1,467.52 | 637.36 |
| Cash and Investments | 14,716.85 | 14,767.22 |
| Other Current Assets | 10,118.66 | 8,827.88 |
| Total | 30,921.69 | 28,555.99 |
| Equity and Liabilities | ||
| Equity | 23,857.55 | 23,446.80 |
| Non-Current Liabilities | 590.33 | 188.74 |
| Current Liabilities | 6,473.81 | 4,920.45 |
| Total | 30,921.69 | 28,555.99 |
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13
Fact Sheet – Q4FY20
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Fact Sheet
| Description / Nos. / % | Q4FY20 | Q3FY20 | Q2FY20 | Q1FY20 | Q4FY19 | FY20 | FY19 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Revenue from Operations, USD M % QoQ / YoY growth Revenue from Operations, INR M |
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 |
118.30 -2.1% 8,318.54 |
501.61 4.3% 35,658.08 |
480.97 2.2% 33,659.41 |
|||||
| % QoQ / YoY growth | 0.4% | 4.3% | 6.3% | 0.0% | -3.7% | 5.9% | 11.0% | ||||||
| Business | Offerings | Revenue Mix | Description / % Services IP Led Total |
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% |
Q4FY19 78.4% 21.6% 100.0% |
FY20 79.6% 20.4% 100.0% |
FY19 75.1% 24.9% 100.0% |
|||
| Segment Revenue | Mix | Description / % Technology Services (Services) Technology Services (Digital) Alliance Accelerite |
Q4FY20 48.4% 25.3% 22.2% 4.1% |
Q3FY20 46.5% 23.2% 26.7% 3.6% |
Q2FY20 45.2% 22.4% 28.1% 4.3% |
Q1FY20 45.8% 22.7% 27.8% 3.7% |
Q4FY19 44.6% 24.4% 24.8% 6.2% |
FY20 46.5% 23.4% 26.2% 3.9% |
FY19 42.7% 22.7% 29.0% 5.6% |
||||
| Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
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Fact Sheet
| Industry | Revenue Mix | Description / % BFSI Healthcare & Life Science Tech. Cos. & Emerging Verticals |
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% |
Q4FY19 27.0% 19.6% 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% | ||||
| Geography | Revenue Mix | Description / % North America Europe India ROW |
Q4FY20 80.2% 8.8% 9.0% 2.0% |
Q3FY20 80.1% 10.6% 7.4% 1.9% |
Q2FY20 81.4% 9.9% 6.7% 2.0% |
Q1FY20 82.5% 8.5% 6.7% 2.3% |
Q4FY19 80.9% 7.9% 7.7% 3.5% |
FY20 81.0% 9.5% 7.4% 2.1% |
FY19 81.7% 8.8% 7.0% 2.5% |
||
| Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | ||||
| Description / % | Q4FY20 | Q3FY20 | Q2FY20 | Q1FY20 | Q4FY19 | FY20 | FY19 | ||||
| Industry | Classification | ISV Enterprise IP Led |
41.7% 42.0% 16.3% |
39.0% 39.8% 21.2% |
38.6% 38.9% 22.5% |
40.6% 37.9% 21.5% |
41.2% 37.2% 21.6% |
40.0% 39.6% 20.4% |
39.8% 35.3% 24.9% |
||
| Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
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Fact Sheet
| Revenue by | Delivery Centers | Description / % Global Development Centers India IP Led |
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% |
Q4FY19 31.4% 47.0% 21.6% |
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% | ||||
| Clients | Billed | Nos. Services |
Q4FY20 501 |
Q3FY20 483 |
Q2FY20 470 |
Q1FY20 429 |
Q4FY19 420 |
FY20 653 |
FY19 586 |
||
| IP Led | 151 | 154 | 156 | 167 | 185 | 257 | 287 | ||||
| Includes one-time clients with overlap across business offerings | |||||||||||
| Revenue | Concentration | Description / % Top 1 Top 5 Top 10 |
Q4FY20 19.2% 41.5% 49.9% |
Q3FY20 21.5% 42.3% 51.1% |
Q2FY20 23.7% 44.3% 53.4% |
Q1FY20 23.6% 44.6% 52.6% |
Q4FY19 20.2% 40.0% 50.2% |
FY20 22.0% 43.2% 51.7% |
FY19 24.0% 42.4% 51.8% |
||
| DSO | Nos. Days |
Q4FY20 65 |
Q3FY20 68 |
Q2FY20 64 |
Q1FY20 65 |
Q4FY19 63 |
FY20 69 |
FY19 63 |
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Fact Sheet
| Client Engageme |
Client Engageme |
nt Size | nt Size | Nos. Large > USD 3M Medium > USD 1M, < USD 3M |
Q4FY20 20 52 |
Q3FY20 22 53 |
Q2FY20 20 56 |
Q1FY20 22 56 |
Q4FY19 20 57 |
FY20 20 52 |
FY19 20 57 |
||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Yield* | USD / Per Person Month | Q4FY20 4,906 |
Q3FY20 5,231 |
Q2FY20 5,134 |
Q1FY20 4,953 |
Q4FY19 5,082 |
FY20 5,055 |
FY19 5,321 |
|||||
| *Yield is | computed as a ratio of total revenue to billable person months excluding employees under training. | ||||||||||||
| Linear | Revenue Per Billed |
PM* | USD / Per Person Month* Global Delivery Centres India |
Q4FY20 17,276 4,427 |
Q3FY20 16,761 4,420 |
Q2FY20 17,155 4,437 |
Q1FY20 16,742 4,427 |
Q4FY19 16,846 4,385 |
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 |
Q4FY20 14.3% |
Q3FY20 14.9% |
Q2FY20 15.7% |
Q1FY20 17.1% |
Q4FY19 16.7% |
FY20 14.3% |
FY19 16.7% |
|||||
| IP Led | Nos. IP Led Person Months |
Q4FY20 4,317 |
Q3FY20 4,325 |
Q2FY20 4,602 |
Q1FY20 4,711 |
Q4FY19 4,618 |
FY20 17,954 |
FY19 18,826 |
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Fact Sheet
| Nos. | Q4FY20 | Q3FY20 | Q2FY20 | Q1FY20 | Q4FY19 | FY20 | FY19 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| People | Numbers | Technical Sales and Business Development Others |
9,835 263 534 |
9,729 266 537 |
9,726 285 532 |
9,363 272 532 |
9,185 273 504 |
9,835 263 534 |
9,185 273 504 |
||
| Total | 10,632 | 10,532 | 10,543 | 10,167 | 9,962 | 10,632 | 9,962 | ||||
| Description / Nos. / % | Q4FY20 | Q3FY20 | Q2FY20 | Q1FY20 | Q4FY19 | FY20 | FY19 | ||||
| Billable Person Months | 21,580 | 20,419 | 19,846 | 19,441 | 18,663 | 81,287 | 71,563 | ||||
| - Global Delivery Centers | 2,872 | 2,893 | 2,779 | 2,658 | 2,630 | 11,202 | 10,703 | ||||
| Efforts and Utilization | Mix - Linear | - India Billed Person Months - Global Delivery Centers - India Linear Utilization |
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 |
16,033 14,879 2,206 12,674 |
70,085 63,820 9,305 54,516 |
60,860 58,037 9,007 49,030 |
||
| - Blended | 78.7% | 79.8% | 77.6% | 77.9% | 79.7% | 78.5% | 81.1% | ||||
| - Global Delivery Centers | 84.4% | 84.0% | 81.7% | 82.0% | 83.9% | 83.1% | 84.2% | ||||
| - India | 77.8% | 79.1% | 77.0% | 77.2% | 79.0% | 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 Management
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
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Why Persistent?
Boutique mindset focused on enterprise clients moving their digital presence to the cloud
1,000+ Active Clients Annually
Diverse, open and innovative business partner ecosystem for maximum flexibility
10,600 Industry & Tech Experts
30-year legacy of leadership in Software Engineering & Digital Transformation
Trusted security and dedication to data privacy across our enterprise
20 $500M Countries Revenue
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