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Persistent Systems Limited Interim / Quarterly Report 2022

Oct 26, 2021

60826_rns_2021-10-26_dbfa96fa-3eb2-4d99-b78c-338cee1cca7c.pdf

Interim / Quarterly Report

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NSE & BSE / 2021-22 / 94

October 26, 2021

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, BSE Limited 14[th] Floor, P J Towers, Dalal Street, Mumbai 400 001

Ref: Scrip Code: 533179

Dear Sir/Madam,

  • Sub: Outcome of the Board Meeting held on October 26, 2021 and to be continued on October 27, 2021

  • Ref: Our earlier intimation under reference no. NSE & BSE / 2021-22 / 84 dated September 23, 2021 (‘Intimation’)

Further to the above referred Intimation, we wish to inform that, the Board of Directors, at its meeting held through Tele-conferencing on October 26, 2021 and to be continued on October 27, 2021, has inter-alia taken the following decisions:

  • A. Approval of the Audited Financial Results for the quarter and half year ended September 30, 2021

Pursuant to Regulation 33 and all other applicable regulations, if any of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Audited Financial Results for the quarter and half year ended September 30, 2021 have been approved. Accordingly, we enclose the following documents:

  1. Auditors’ Report dated October 26, 2021 on the Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2021;

  2. Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2021;

  3. Auditors’ Report dated October 26, 2021 on the Unconsolidated Financial Results of the Company for the quarter and half year ended September 30, 2021;

  4. Unconsolidated Financial Results of the Company for the quarter and half year ended September 30, 2021.

  5. B. The Board of Directors has approved the appointment of M/s. PVS and Associates, Practicing Company Secretaries as the Auditor for conducting the Secretarial Audit of the Company for the Financial Year 2021-22.

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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Please note that the discussion on above agenda items was concluded at 1925 Hrs (IST). pursuant to our intimation dated September 23, 2021, the Board Meeting will continue for discussing other agenda items on Wednesday, October 27, 2021.

Please acknowledge the receipt.

Thanking you, Yours Sincerely, For Persistent Systems Limited

AMIT Digitally signed by AMIT MURARI ATRE MURARI Date: 2021.10.26 ATRE 19:26:32 +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

Registered 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 L72300PN1990PLC056696

Persistent Systems Limited

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Audited consolidated financial results of Persistent Systems Limited for the quarter and half year ended September 30, 2021

8 Segment assets As at In Million
Sept. 30, 2021 Sept. 30, 2020 March 31, 2021
- BFSI 2,371.03 2,327.70 1,950.45
- Healthcare & Life Sciences 1,998.85 1,627.90 1,525.69
- Technology Companies and Emerging Verticals 5,199.29 3,838.57 4,405.60
Total allocable segment assets 9,569.17 7,794.17 7,881.74
Unallocable assets 30,791.59 24,826.30 28,773.50
Total assets 40,360.76 32,620.47 36,655.24
, A t
In Million s a
8
Segment assets
Sr.
No.		 Particulars Quarter ended
June 30, 2021
Sept 30, 2021
Sept 30, 2020		 Half year ended
Sept 30, 2021
Sept 30, 2020
 Year ended
March 31, 2021		 March 31, 2021
- BFSI
2,371.03
2,327.70
1,950.45
Sept. 30, 2021
Sept. 30, 2020
Income - Healthcare & Life Sciences
1,998.85
1,627.90
1,525.69
1
2		 Revenue from operations (net)
Other income		 324.15
13,512.49		 388.03
12,299.26		 164.97
10,077.47		 712.18
25,811.75		 377.24
19,991.32		 1,077.72
41,878.88		 - Technology Companies and Emerging Verticals
5,199.29
3,838.57
4,405.60
3 Total income (1+2)
 13,836.64 12,687.29 10,242.44 26,523.93 20,368.56 42,956.60 Total allocable segment assets
9,569.17
7,794.17
7,881.74
4 Expenses
- Employee benefits expense		 8,092.37 7,323.69 6,096.84 15,416.06 11,881.91 25,157.99 Unallocable assets
30,791.59
24,826.30
28,773.50
- Cost of professionals 1,999.54 1,804.25 1,351.40 3,803.79 2,701.87 5,563.68 Total assets
40,360.76 32,620.47 36,655.24
- Finance costs
- Depreciation and amortization expense
- Other expenses
Total Expenses		 20.94
370.83
1,176.64
11,660.32		 22.62
350.09
1,156.12
10,656.77		 14.20
439.79
965.10
8,867.33		 43.56
720.92
2,332.76
22,317.09		 28.36
875.40
2,285.47
17,773.01		 57.94
1,755.50
4,327.06
36,862.17


Note for segment wise information:
Operating segments are components of an enterprise for which discrete financial information is available that is evaluated regularly by the chief
operating decision makers, in deciding how to allocate resources and assessing performance. The Group's chief operating decision makers are
the Chief Executive Officer and Chairman & Managing Director.
5 Profit before exceptional items and tax (3-4) 2,176.32 2,030.52 1,375.11 4,206.84 2,595.55 6,094.43 Segment wise capital employed
6 Exceptional items -
-
-
-
-
-		 Segregation of assets (other than trade receivables and unbilled revenue), liabilities, depreciation and amortization and other non-cash expenses
7 Profit before tax (5-6) 2,176.32 2,030.52 1,375.11 4,206.84 2,595.55 6,094.43 into various reportable segments have not been presented as the assets and liabilities are used interchangeably among segments and the Group
8 Tax expense 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
- Current tax 538.63 547.36 436.17 1,085.99 866.93 1,774.01 ad-hoc allocation will not be meaningful.
- Tax charge / (credit) in respect of (3.88) (13.73) (0.87) (17.61) 7.43 10.58
earlier years / periods Notes :
- Deferred tax charge /(credit) 24.04 (15.59) (80.05) 8.45 (198.75) (196.93) 1 The audited condensed interim consolidated financial statements for the quarter and half year ended September 30, 2021, have been
Total tax expense 558.79 **518.04 ** **355.25 ** 1,076.83 **675.61 ** 1,587.66 taken on record by the Board of Directors at its meeting (Day 2 of 3) held on on October 26, 2021 as recommended by the Audit
9 Profit for the period / year (7-8) 1,617.53 1,512.48 1,019.86 3,130.01 1,919.94 4,506.77 Committee at its meeting held on October 25, 2021. The statutory auditors have expressed an unqualified audit opinion. The information
10 Other comprehensive income presented above is extracted from the audited condensed interim consolidated financial statements.
A. Items that will not be reclassified
to profit and loss
- Remeasurements of the defined benefit
liabilities / assets (net of tax)
B. Items that may be reclassified to
profit and loss
- Effective portion of cash flow hedge
(net of tax)
- Exchange differences in translating the
financial statements of foreign operations		 (38.37)
(38.37)
22.11
(13.58)
8.53		 (61.72)
(61.72)
(95.10)
128.31
33.21		 8.71
8.71
191.01
(532.06)
(341.05)		 (100.09)
(100.09)
(72.99)
114.73
41.74		 17.95
17.95
340.99
(455.01)
(114.02)		 10.25
10.25
383.54
(20.07)
363.47
2
3
4		 The above consolidated financial results have been prepared from the condensed interim consolidated financial statements, which are
prepared in accordance with Indian Accounting Standards ("Ind AS"), the provisions of the Companies Act, 2013 ("the Companies Act"),
as applicable and guidelines issued by the Securities and Exchange Board of India ("SEBI"). The Ind AS are prescribed under Section 133
of the Companies Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and amendments issued thereafter.
All amounts included in the consolidated financial results (including notes) are reported in millions of Indian rupees ( in ? millions) except
share and per share data, unless otherwise stated.
The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the company towards
Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social Security, 2020 on
November 13, 2020, and has invited suggestions from stakeholders which are under active consideration by the Ministry. The Company
will assess the impact and its evaluation once the subject rules are notified and will give appropriate impact in its financial statements in
the period in which, the Code becomes effective and the related rules to determine the financial impact are published.
The Members of the Company at Thirty-First Annual General Meeting held on July 21, 2021 approved payment of Final Dividend of ? 6 per








11
12
13
14		 Total other comprehensive income
for the period / year
Total comprehensive income for the
period / year (Comprising Profit /
(Loss) and Other Comprehensive
Income for the period / year)
Paid-up equity share capital
(Face value of share?10 each)
Other equity excluding revaluation reserves
Earnings per equity share in ?		 (A+B)
(9+10)		 (29.84)
1,587.69
764.25		 (28.51)
1,483.97
764.25		 (332.34)
687.52
764.25		 (58.35)
3,071.66
764.25		 (96.07)
1,823.87
764.25		 373.72
4,880.49
764.25
27,192.41

5
6		 Equity Share for the Financial Year 2020-21 (‘Final Dividend’). Accordingly, an amount of ? 458,503,678 was paid towards the Final
Dividend as on September 30, 2021 out of the total dividend amount of ? 458,550,000. The remaining amount of ? 46,322 is unclaimed
and the Company will make due efforts to pay the same to the respective Shareholders.
The Nomination and Remuneration Committee of the Board of Directors, on October 7, 2021, approved grant of 1,565,315 (One Million
Five Hundred and Sixty Five Thousand Three Hundred and Fifteen) Employee Stock Options (ESOPs) to its 8,747 (Eight Thousand Seven
Hundred and Forty-Seven) eligible employees under Persistent Systems Limited – Employee Stock Option Plan 2017 (‘ESOP 2017’). This is
one of the most Inclusive ESOP grant in the Global IT Services Industry which covered approximate 80% employees of the Company.
The Company has entered into an Asset Purchase Agreement with Shree Infosoft Pvt. Ltd., India (‘Shree Infosoft’) on September 29, 2021
to acquire its business. Along with this transaction, the Company, through its wholly owned subsidiary, Persistent Systems Inc., USA, has
acquired certain assets from Shree Partners LLC, USA, (Shree Partners) Parent company of Shree Infosoft.





(Nominal value of share ?10 each) 7 Persistent Systems Inc., a wholly owned Subsidiary of the Company acquired Software Corporation International, USA and its affiliate
- Basic 21.16 19.79 13.34 40.96 25.12 58.97 Fusion360 LLC, USA on October 5, 2021.
- Diluted 21.16 19.79 13.34 40.96 25.12 58.97 8 Klisma e-Services Private Limited (‘Klisma’), an Associate of the Company has been dissolved w.e.f. August 10, 2021 vide dissolution order
15 Dividend per share (in ?) passed by the Hon’ble National Company Law Tribunal, Mumbai Bench. The dissolution of Klisma does not have any impact on the
(Nominal value per share ? 10 each) operations of the Company.
Interim dividend -
-
-
-
-
14.00		 9 The investors are requested to visit the following website of the Company and Stock Exchanges for further details:
Final dividend - - - - - 6.00 • Company's website: https://www.persistent.com/investors
Total dividend -
-
-
-
-
20.00		 • BSE Ltd:
www.bseindia.com
• National Stock Exchange of India Ltd.:
www.nseindia.com

Audited consolidated statement of assets and liabilities

In Million In Million
Particulars As at
Sept. 30, 2021		 As at
Sept. 30, 2020		 As at
March 31, 2021		 Audited consolidated cash flow statement for
the half year ended September 30, 2021		 In Million
ASSETS For the half year ended For the year ended
Non-current assets Particulars
Property, plant and equipment 2,785.17 2,194.48 2,401.40 Sept. 30, 2021 Sept. 30, 2020 March 31, 2021
Capital work-in-progress 7.57 24.84 121.81
Right- of- use assets 1,054.83 642.25 852.58 Cash flow from operating activities
Goodwill 108.79 86.70 85.94 Profit before tax 4,206.84 2,595.55 6,094.43
Other intangible assets 1,192.79 1,365.41 1,229.50 Adjustments for:
Financial assets Interest income (254.60) (256.86) (558.70)
- Investments 3,871.73 3,882.21 3,621.27 Finance costs 43.56 28.36 57.94
- Loans
- Other non-current financial assets
Deferred tax assets (net)
Other non-current assets
Total non-current assets		 2,064.14
41.35
1,065.25
1,513.36
13,704.98		 150.72
143.66
1,031.30
324.72
9,846.29


134.76
25.76
1,037.57
441.52
9,952.11



Depreciation and amortization expense
Unrealised exchange (gain)/loss (net)
Change in foreign currency translation reserve
Exchange loss / (gain) on derivative contracts
Exchange loss on translation of foreign currency cash and cash equivalents
Bad debts		 720.92
(18.56)
66.62
57.87
3.46
-		 875.40
116.66
(487.82)
(66.75)
18.51
-		 1,755.50
139.55
(42.32)
(169.80)
11.50
90.30
Current assets Change in provision for expected credit loss (net) (27.36) 105.62 31.32
Financial assets Employee stock compensation expenses 364.80 107.24 290.44
- Investments 3,144.89 4,933.32 6,374.95 Provision for diminution in value of investments 147.68 18.74 18.53
- Trade receivables (net) 6,515.21 5,776.88 5,708.97 Remeasurements of the defined benefit liabilities / asset (before tax effects) (132.97) 27.39 10.25
- Cash and cash equivalents
- Other bank balances
- Loans
- Other current financial assets
Current tax assets (net)		 5,176.54
6,469.83
21.99
3,193.00
283.09		 1,297.50
6,675.93
63.56
2,151.83
165.77



2,419.30
7,389.70
71.26
2,467.23
188.00



Impairment of loan
Excess provision in respect of earlier years/period (written back)
Profit on sale/ fair valuation of financial assets designated as FVTPL
Profit on sale of property, plant and equipment (net)
Operating profit before working capital changes
Movements in working capital :		 -
(32.55)
(233.58)
(4.72)
4,907.41		 -
(6.57)
(203.37)
(3.65)
2,868.45		 23.96
(41.79)
(346.74)
(1.34)
7,363.03
Other current assets 1,851.23 1,709.39 2,083.72 Increase in non-current and current loans (0.11) (0.16) (40.03)
Total current assets 26,655.78 22,774.18 26,703.13 Increase in other non current assets (109.05) (5.83) (76.81)
TOTAL ASSETS 40,360.76 32,620.47 36,655.24 (Increase) / Decrease in other current financial assets (881.19) 51.25 (104.23)
EQUITY AND LIABILITIES Decrease in other current assets 232.49 216.85 58.26
Equity (Increase)/ Decrease in trade receivables (749.25) (45.56) 58.49
Equity share capital
Other equity
Total Equity
Liabilities
Non- current liabilities		 764.25
30,170.18
30,934.43		 764.25
24,927.49
25,691.74
764.25
27,192.41
27,956.66

Increase/ (Decrease) in trade payables, current liabilities and non current liabilities
Increase/ (Decrease) in provisions
Operating profit after working capital changes
Direct taxes paid (net of refunds)
Net cash generated from operating activities
(A)
Cash flows from investing activities		 1,318.68
(171.83)
4,547.15
(1,150.38)
3,396.77		 (263.11)
253.68
3,075.57
(691.91)
2,383.66		 757.56
924.95
8,941.22
(1,581.97)
7,359.25
Financial liabilities Payment towards capital expenditure (including intangible assets, (2,325.90) (451.63) (1,281.04)
- Lease liabilities 897.95 438.24 716.17 capital advances and capital creditors)
- Borrowings 43.34 45.52 44.27 Proceeds from sale of property, plant and equipment 15.21 7.96 30.02
Provisions 268.22 254.12 240.94 Acquisition of step-down subsidiary including cash and cash equivalents: Nil - - (448.47)
Total Non - current liabilities
Current liabilities		 1,209.51 737.88 1,001.38 (Corresponding period: Nil / Previous year ? 30.90 million)
Purchase of bonds		 (562.62) (520.48) (712.18)
Financial liabilities
- Lease liabilities
- Trade payables		 250.96
3,479.88		 295.84
2,517.90
222.00
2,733.44
Proceeds from sale/ maturity of bonds
Investments in mutual funds
Proceeds from sale / maturity of mutual funds
Maturity / (investments) of bank deposits		 239.35
(15,686.10)
19,127.50
740.08		 172.84
(11,815.87)
13,358.42
(3,738.15)		 350.53
(24,591.91)
25,068.92
(4,198.89)
- Other financial liabilities 169.67 154.78 390.17 Loan to ESOP trust (1,880.00) - -
Other current liabilities 1,698.57 1,103.10 1,514.95 Interest received 368.05 160.38 366.29
Provisions 2,278.68 1,793.34 2,477.79 Net cash generated/(used in) investing activities (B) 35.57 (2,826.53) (5,416.73)
Current tax liabilities (net) 339.06 325.89 358.85 Cash flows from financing activities
Total current liabilities 8,216.82 6,190.85 7,697.20 Repayment of long term borrowings (1.85) (3.18) (4.54)
TOTAL EQUITY AND LIABILITIES 40,360.76 32,620.47 36,655.24 Payment of lease liabilities
Specific project related grant received		 (167.57)
-		 (145.25)
9.00		 (319.11)
9.00
Audited unconsolidated financial information In Million Interest paid
Dividends paid		 (43.67)
(458.55)		 (0.35)
(1.33)		 (58.01)
(1,069.95)
Quarter ended Half year ended Year ended Net cash used in financing activities (C) (671.64) (141.11) (1,442.61)
Particulars Sept. 30, 2021 June 30, 2021 Sept. 30, 2020
Sept. 30, 2021
Sept. 30, 2020		 March 31, 2021 Net increase/(decrease) in cash and cash equivalents (A + B + C)
Cash and cash equivalents at the beginning of the year		 2,760.70
2,419.30		 (583.98)
1,899.99		 499.91
1,899.99
Revenue from operations (net) 8,469.85 7,648.34 5,961.78
16,118.19 11,523.16		 24,796.08 Cash and cash equivalents acquired on acquisition - - 30.90
Profit before tax 2,078.90 2,209.87 1,594.29
4,288.77
3,169.77
6,680.20		 Effect of exchange difference on translation of foreign (3.46) (18.51) (11.50)
Profit after tax
1,523.95
1,660.95
1,176.35
3,184.90
2,391.11
Segment wise Revenue, Results and Capital Employed
5,050.86		 currency cash and cash equivalents
Cash and cash equivalents at the end of the period / year
Components of cash and cash equivalents		 5,176.54 1,297.50 2,419.30
The operating segments are: Cash on hand 0.23 0.21 0.41
a. Banking, Financial Services and Insurance (BFSI)
b. Healthcare & Life Sciences		 Cheques on hand
Balances with banks		 1.34 - -
c. Technology Companies and Emerging Verticals On current accounts # 4,682.35 1,105.90 1,583.20
In Million On saving accounts 8.46 0.48 1.33
Particulars
Sr.
No.		 Sept. 30, 2021 Quarter ended
June 30, 2021		 Sept. 30, 2020 Half year ended
Sept. 30, 2021
Sept. 30, 2020		 Year Ended
March 31, 2021		 On exchange earner's foreign currency accounts
On deposit accounts with original maturity less than three months
Cash and cash equivalents		 358.60
125.56
5,176.54		 169.91
21.00
1,297.50		 208.57
625.79
2,419.30
1
Segment revenue
- BFSI
- Healthcare & Life Sciences		 4,141.95
2,868.95
3,792.03
2,515.76		 3,217.36
1,941.90
7,933.98
5,384.71		 6,370.47
3,899.37		 12,857.05
8,104.24		 # Of the cash and cash equivalent balance as at September 30, 2021, the Group can utilise ? 170.21 million (Corresponding period:
? 0.12 million/ Previous year: ? 154.39 million) only towards certain predefined activities specified in the agreement.
- Technology Companies and Emerging 6,501.59 5,991.47 4,918.21 12,493.06 9,721.48 20,917.59
Verticals
Total 13,512.49 12,299.26 10,077.47 25,811.75 19,991.32 41,878.88
2
Less: Inter segment revenue		 - - - -
-
-
3
Net sales/income from operations		 13,512.49 12,299.26 10,077.47 25,811.75 19,991.32 41,878.88
4
Segment results i.e. profit/ (loss) before tax,
interest and depreciation and amortization
- BFSI 1,564.97 1,348.25 1,157.13 2,913.22 2,206.18 4,818.38
- Healthcare & Life Sciences 1,462.21 1,339.38 927.41 2,801.59 1,826.84 3,982.47
- Technology Companies and 2,027.46 1,921.38 1,754.81 3,948.84 3,342.75 6,449.40
Emerging Verticals
Total 5,054.64 4,609.01 3,839.35 9,663.65 7,375.77 15,250.25
5
Less:		 By order of Board of Directors of Persistent Systems Limited
- Finance costs 20.94 22.62 14.20 43.56 28.36 57.94
- Other un-allocable expenses 3,181.53 2,943.90 2,615.01 6,125.43 5,129.10 10,175.60 Pune Dr. Anand Deshpande
6
Un-allocable income		 324.15 388.03 164.97 712.18 377.24 1,077.72 October 26, 2021 Chairman and Managing Director
7
Profit before tax		 2,176.32 2,030.52 1,375.11 4,206.84 2,595.55 6,094.43 For risks and uncertainties relating to forward-looking statements, please visit our website :- www.persistent.com

By order of Board of Directors of Persistent Systems Limited Dr. Anand Deshpande Chairman and Managing Director

==> picture [152 x 22] intentionally omitted <==

Walker Chandiok & Co LLP

3rd floor, Unit No. 309 to 312, West Wing, Nyati Unitree Nagar Road, Yerwada, Pune - 411006 Maharashtra, India T +91 20 6744 8888 F +91 20 6744 8899

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

To the Board of Directors of Persistent Systems Limited

Opinion

  1. We have audited the accompanying consolidated quarterly Persistent Systems Limited and its subsidiaries (the Holding Company and its and its associate for the quarter ended 30 September 2021

and the year to date results for the period from 1 April 2021 to 30 September 2021, attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) , including relevant circulars issued by the SEBI from time to time.

  1. In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of other auditors on separate audited financial statements of the subsidiaries as referred in para 12 below, the Statement:

  2. (i) includes the quarterly financial results of the entities listed in Annexure 1;

  3. (ii) presents financial results in accordance with the requirements of Regulation 33 of the Listing Regulations and

  4. (iii) gives a true and fair view in conformity with the applicable Indian Accounting Standards prescribed under Section 133 of the , read with relevant rules issued thereunder, and other accounting principles generally accepted in India, of the consolidated net profit after tax and other comprehensive income and other financial information of the Group and its associate for the quarter ended 30 September 2021 and the year to date results for the period 1 April 2021 to 30 September 2021.

Basis for Opinion

  1. We conducted our audit in accordance with the Standards on Auditing ( SAs ) specified under section 143(10) of the Act. Our responsibilities under those standards are further described in the Audit of the Statement section of our report. We are independent of the Group and its associate, in accordance with the Code of Ethics issued by the the together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and that obtained by the other auditors in terms of their reports referred to in paragraph 12 of the Other Matter section below, is sufficient and appropriate to provide a basis for our opinion.

Page 1 of 5

Chartered Accountants

Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and has its registered office at L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India

Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune

Persistent Systems Limited

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

Responsibilities of Management and Those Charged with Governance for the Statement

  1. has been approved by the Holding Company's Board of Directors, has been prepared on the basis of the consolidated quarterly audited financial statements. The Holding Company and presentation of the Statement that gives a true and fair view of the consolidated net profit or loss after tax and other comprehensive income, and other financial information of the Group including its associate accordance with the accounting principles generally accepted in India, including the Ind AS prescribed under section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Directors is also responsible for ensuring accuracy of records including financial information considered necessary for the preparation of the Statement. Further, in terms of the provisions of the Act, the respective Board of Directors of the companies included in the Group and its associate, are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act, for safeguarding of the assets of the Group, and its associate, and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively, for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial results, that give a true and fair view and are free from material misstatement, whether due to fraud or error. These financial results have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.

  2. In preparing the Statement, the respective Board of Directors of the companies included in the Group and of its associate, are responsible for assessing the ability of the Group and of its associate to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting, unless the respective Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

  3. The respective Board of Directors of the companies included in the Group and of its associate,are responsible for overseeing the financial reporting process of the companies included in the Group and of its associate.

tatement

  1. Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Standards on Auditing, specified under section 143(10) of the Act, will always detect a material misstatement, when it exists. Misstatements can arise from fraud or error, and are considered material if, individually, or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Statement.

  2. As part of an audit in accordance with the Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

  3. Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Page 2 of 5

Chartered Accountants Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune

Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and has its registered office at L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India

Persistent Systems Limited

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

  • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls.

  • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.

  • based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its associates, to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Statement or, if such disclosures are inadequate, to

  • modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our audi continue as a going concern.

  • Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.

  • Obtain sufficient appropriate audit evidence regarding the financial statements of the entities within the Group, and its associates, to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Statement, of which we are the independent auditors. For the other entities included in the Statement, which have been audited by the other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

  • We communicate with those charged with governance of the Holding Company and such other entities included in the Statement, of which we are the independent auditors, regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

  • We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

  • We also performed procedures in accordance with SEBI Circular CIR/CFD/CMD1/44/2019 dated 29 March 2019, issued by the SEBI under Regulation 33 (8) of the Listing Regulations, to the extent applicable.

Other Matter(s)

  1. We did not audit the annual financial statements of Nineteen subsidiaries included in the Statement, whose 4,799.57 Million as at 30 September 2021, total revenues of

2,433.92 Million, 192.53 Million, 11.43 Million,

and cash inflows 66.21 Million for the quarter and half year ended 30 September 2021 These quarterly financial statements have been audited by other auditors whose audit reports have been furnished to us by the management, and our opinion in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the audit reports of such other auditors, and the procedures performed by us as stated in paragraph 3 above.

Our opinion is not modified in respect of this matter with respect to our reliance on the work done by and the reports of the other auditors.

Page 3 of 5

Chartered Accountants

Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and has its registered office at L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India

Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune

Persistent Systems Limited

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

  2. Nil for the quarter and period ended 10 August 2021, in respect of one associate, based on their annual

  3. financial statements, which have not been audited by their auditors. These financial statements have been furnished to us by the Holding disclosures included in respect of aforesaid 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, these financial statements are not material to the Group.

Our opinion is not modified in respect of this matters with respect to our reliance on the financial statements certified by the Board of Directors.

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

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Shashi Tadwalkar

Partner Membership No:101797

UDIN:21101797AAAADS2432

Place: Pune Date: 26 October 2021

Page 4 of 5

Chartered Accountants Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune

Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and has its registered office at L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India

Persistent Systems Limited

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

Annexure 1

List of entities included in the Statement

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Sr No Name of Entity Nature of Relationship
1 Persistent Systems Limited (PSL) Holding Company
2 Persistent Systems, Inc. (PSI) Wholly owned subsidiary of PSL
3 Persistent Systems Pte Ltd. Wholly owned subsidiary of PSL
4 Persistent Systems France SAS Wholly owned subsidiary of PSL
5 Persistent Systems Malaysia Sdn. Bhd. Wholly owned subsidiary of PSL
6 Persistent Systems Germany GmbH (PSGG) Wholly owned subsidiary of PSL
7 Persistent Telecom Solutions Inc. Wholly owned subsidiary of PSI
8 Aepona Group Limited (AGL) Wholly owned subsidiary of PSI
9 Aepona Limited Wholly owned subsidiary of AGL
10 Youperience GmbH (YGmbH) Wholly owned subsidiary of PSGG
11 Youperience Limited Wholly owned subsidiary of YGmbH
12 Persistent Systems Lanka (Private) Limited Wholly owned subsidiary of AGL
13 Persistent Systems Mexico, S.A. de C.V. Wholly owned subsidiary of PSI
14 Persistent Systems Israel Ltd Wholly owned subsidiary of PSI
15 PARX Werk AG Wholly owned subsidiary of PSGG
16 PARX Consulting GmbH Wholly owned subsidiary of PARX Werk AG
17 Capiot Software Private Limited Wholly owned subsidiary of PSL
18 Capiot Software Inc. (Capiot US) Wholly owned subsidiary of PSI
19 Capiot Software Pty Limited Wholly owned subsidiary of Capiot US
20 Capiot Software Pte Limited Wholly owned subsidiary of Capiot US
21 Persistent Systems S.R.L. Wholly owned subsidiary of PSI
22 Klisma e-Services Private Limited Associate company of PSL
(Dissolved w.e.f. 10 August 2021)
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Page 5 of 5

Chartered Accountants Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune

Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and has its registered office at L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India

Persistent Systems Limited

Registered 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 L72300PN1990PLC056696

Audited consolidated financial results of Persistent Systems Limited for the quarter and half year ended September 30, 2021

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in Million
Sr. Particulars Quarter ended Half year ended Year ended
No. September 30, June 30, September 30, September 30, September 30, March 31,
2021 2021 2020 2021 2020 2021
Income
1 Revenue from operations (net) 13,512.49 12,299.26 10,077.47 25,811.75 19,991.32 41,878.88
2 Other income 324.15 388.03 164.97 712.18 377.24 1,077.72
3 Total income (1+2) 13,836.64 12,687.29 10,242.44 26,523.93 20,368.56 42,956.60
4 Expenses
- Employee benefits expense 8,092.37 7,323.69 6,096.84 15,416.06 11,881.91 25,157.99
- Cost of professionals 1,999.54 1,804.25 1,351.40 3,803.79 2,701.87 5,563.68
- Finance costs 20.94 22.62 14.20 43.56 28.36 57.94
- Depreciation and amortization expense 370.83 350.09 439.79 720.92 875.40 1,755.50
- Other expenses 1,176.64 1,156.12 965.10 2,332.76 2,285.47 4,327.06
Total Expenses 11,660.32 10,656.77 8,867.33 22,317.09 17,773.01 36,862.17
5 Profit before exceptional items and tax (3-4) 2,176.32 2,030.52 1,375.11 4,206.84 2,595.55 6,094.43
6 Exceptional items - - - - - -
7 Profit before tax (5-6) 2,176.32 2,030.52 1,375.11 4,206.84 2,595.55 6,094.43
8 Tax expense
- Current tax 538.63 547.36 436.17 1,085.99 866.93 1,774.01
- Tax charge / (credit) in respect of earlier (3.88) (13.73) (0.87) (17.61) 7.43 10.58
years / periods
- Deferred tax charge / (credit) 24.04 (15.59) (80.05) 8.45 (198.75) (196.93)
Total tax expense 558.79 518.04 355.25 1,076.83 675.61 1,587.66
9 Profit for the period / year (7-8) 1,617.53 1,512.48 1,019.86 3,130.01 1,919.94 4,506.77
10 Other comprehensive income
A. Items that will not be reclassified to profit
and loss
- Remeasurements of the defined benefit (38.37) (61.72) 8.71 (100.09) 17.95 10.25
liabilities / assets (net of tax)
(38.37) (61.72) 8.71 (100.09) 17.95 10.25
B. Items that may be reclassified to profit and
loss
- Effective portion of cash flow hedge (net of 22.11 (95.10) 191.01 (72.99) 340.99 383.54
tax)
- Exchange differences in translating the (13.58) 128.31 (532.06) 114.73 (455.01) (20.07)
financial statements of foreign operations
8.53 33.21 (341.05) 41.74 (114.02) 363.47
Total other comprehensive income for the (A+B) (29.84) (28.51) (332.34) (58.35) (96.07) 373.72
period / year
11 Total comprehensive income for the period / (9+10) 1,587.69 1,483.97 687.52 3,071.66 1,823.87 4,880.49
year (Comprising Profit / (Loss) and Other
Comprehensive Income for the period / year)
12 Paid-up equity share capital 764.25 764.25 764.25 764.25 764.25 764.25
(Face value of share 10 each)
13 Other equity excluding revaluation reserves 27,192.41
14 Earnings per equity share in (Nominal value
of share 10 each)
- Basic 21.16 19.79 13.34 40.96 25.12 58.97
- Diluted 21.16 19.79 13.34 40.96 25.12 58.97
15 Dividend per share (in ) (Nominal value per
share 10)
Interim dividend - - - - - 14.00
Final dividend - - - - - 6.00
Total dividend - - - - - 20.00
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Audited consolidated statement of assets and liabilities

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in Million
Particulars As at As at As at
September 30, September 30, March 31,
2021 2020 2021
ASSETS
Non-current assets
Property, plant and equipment 2,785.17 2,194.48 2,401.40
Capital work-in-progress 7.57 24.84 121.81
Right- of- use assets 1,054.83 642.25 852.58
Goodwill 108.79 86.70 85.94
Other intangible assets 1,192.79 1,365.41 1,229.50
Financial assets
- Investments 3,871.73 3,882.21 3,621.27
- Loans 2,064.14 150.72 134.76
-Other non-current financial assets 41.35 143.66 25.76
Deferred tax assets (net) 1,065.25 1,031.30 1,037.57
Other non-current assets 1,513.36 324.72 441.52
Total non-current assets 13,704.98 9,846.29 9,952.11
Current assets
Financial assets
- Investments 3,144.89 4,933.32 6,374.95
- Trade receivables (net) 6,515.21 5,776.88 5,708.97
- Cash and cash equivalents 5,176.54 1,297.50 2,419.30
- Other bank balances 6,469.83 6,675.93 7,389.70
- Loans 21.99 63.56 71.26
- Other current financial assets 3,193.00 2,151.83 2,467.23
Current tax assets (net) 283.09 165.77 188.00
Other current assets 1,851.23 1,709.39 2,083.72
Total current assets 26,655.78 22,774.18 26,703.13
TOTAL ASSETS 40,360.76 32,620.47 36,655.24
EQUITY AND LIABILITIES
Equity
Equity share capital 764.25 764.25 764.25
Other equity 30,170.18 24,927.49 27,192.41
Total Equity 30,934.43 25,691.74 27,956.66
Liabilities
Non- current liabilities
Financial liabilities
- Lease liabilities 897.95 438.24 716.17
- Borrowings 43.34 45.52 44.27
Provisions 268.22 254.12 240.94
Total Non- current liabilities 1,209.51 737.88 1,001.38
Current liabilities
Financial liabilities
- Lease liabilities 250.96 295.84 222.00
- Trade payables 3,479.88 2,517.90 2,733.44
- Other financial liabilities 169.67 154.78 390.17
Other current liabilities 1,698.57 1,103.10 1,514.95
Provisions 2,278.68 1,793.34 2,477.79
Current tax liabilities (net) 339.06 325.89 358.85
Total current liabilities 8,216.82 6,190.85 7,697.20
TOTAL EQUITY AND LIABILITIES 40,360.76 32,620.47 36,655.24
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Audited unconsolidated financial information

Revenue from operations (net)
Profit before tax
Profit after tax
Particulars		 in
Million
Year ended
September 30,
2021
June 30,
2021
September 30,
2020
September 30,
2021
September 30,
2020
March 31,
2021
8,469.85
7,648.34
5,961.78
16,118.19
11,523.16
24,796.08
2,078.90
2,209.87
1,594.29
4,288.77
3,169.77
6,680.20
1,523.95
1,660.95
1,176.35
3,184.90
2,391.11
5,050.86
Quarter ended
Half year ended

Segment wise Revenue, Results and Capital Employed

The operating segments are:

a. Banking, Financial Services and Insurance (BFSI)

b. Healthcare & Life Sciences

c. Technology Companies and Emerging Verticals

Particulars
1
Segment revenue
- BFSI
- Healthcare & Life Sciences
- Technology Companies and
Emerging Verticals
Total
2
Less: Inter segment revenue
3
Net sales/income from operations
4
Segment results i.e. profit/ (loss) before tax,
interest and depreciation and amortization
- BFSI
- Healthcare & Life Sciences
- Technology Companies and
Total
5
Less:
- Finance costs
- Other un-allocable expenses
6
Un-allocable income
7
Profit before tax
8
Segment assets
- BFSI
- Healthcare & Life Sciences
- Technology Companies and Emerging Verticals
Total allocable segment assets
Unallocable assets
Total assets
Sr.
No.		 in
Million
Year ended
September 30,
2021
June 30,
2021
September 30,
2020
September 30,
2021
September 30,
2020
March 31,
2021
4,141.95 3,792.03 3,217.36 7,933.98 6,370.47 12,857.05
2,868.95 2,515.76 1,941.90 5,384.71 3,899.37 8,104.24
6,501.59 5,991.47 4,918.21 12,493.06 9,721.48 20,917.59
13,512.49 12,299.26 10,077.47 25,811.75 19,991.32 41,878.88
- - - - - -
13,512.49 12,299.26 10,077.47 25,811.75 19,991.32 41,878.88
1,564.97 1,348.25 1,157.13 2,913.22 2,206.18 4,818.38
1,462.21 1,339.38 927.41 2,801.59 1,826.84 3,982.47
2,027.46 1,921.38 1,754.81 3,948.84 3,342.75 6,449.40
5,054.64 4,609.01 3,839.35 9,663.65 7,375.77 15,250.25
20.94 22.62 14.20
43.56 28.36 57.94
3,181.53
2,943.90
2,615.01
6,125.43
5,129.10
10,175.60
324.15 388.03 164.97 712.18 377.24 1,077.72
2,176.32 2,030.52 1,375.11 4,206.84 2,595.55 6,094.43
in
Million
September 30,
2021
September 30,
2020
March 31,
2021
2,371.03 2,327.70 1,950.45
1,998.85 1,627.90 1,525.69
5,199.29 3,838.57 4,405.60
9,569.17 7,794.17 7,881.74
30,791.59 24,826.30 28,773.50
40,360.76 32,620.47 36,655.24
Quarter ended
As on
Half year ended

Note for segment wise information:

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

Segment wise capital employed

Segregation of assets (other than trade receivables and unbilled revenue), liabilities, depreciation and amortization and other non-cash expenses into various reportable segments have not been presented as the assets and liabilities are used interchangeably among 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.

in Million

Audited consolidated cash flow statement for the half year ended September 30, 2021

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For the half year ended For the year ended
September 30, 2021 September 30, 2020 March 31, 2021
Cash flow from operating activities
Profit before tax 4,206.84 2,595.55 6,094.43
Adjustments for:
Interest income (254.60) (256.86) (558.70)
Finance costs 43.56 28.36 57.94
Depreciation and amortization expense 720.92 875.40 1,755.50
Unrealised exchange (gain)/loss (net) (18.56) 116.66 139.55
Change in foreign currency translation reserve 66.62 (487.82) (42.32)
Exchange loss / (gain) on derivative contracts 57.87 (66.75) (169.80)
Exchange loss on translation of foreign currency cash and cash equivalents 3.46 18.51 11.50
Bad debts - - 90.30
Change in provision for expected credit loss (net) (27.36) 105.62 31.32
Employee stock compensation expenses 364.80 107.24 290.44
Provision for diminution in value of investments 147.68 18.74 18.53
Remeasurements of the defined benefit liabilities / asset (before tax effects) (132.97) 27.39 10.25
Impairment of loan - - 23.96
Excess provision in respect of earlier years/period (written back) (32.55) (6.57) (41.79)
Profit on sale/ fair valuation of financial assets designated as FVTPL (233.58) (203.37) (346.74)
Profit on sale of property, plant and equipment (net) (4.72) (3.65) (1.34)
Operating profit before working capital changes 4,907.41 2,868.45 7,363.03
Movements in working capital :
Increase in non-current and current loans (0.11) (0.16) (40.03)
Increase in other non current assets (109.05) (5.83) (76.81)
(Increase) / Decrease in other current financial assets (881.19) 51.25 (104.23)
Decrease in other current assets 232.49 216.85 58.26
(Increase)/ Decrease in trade receivables (749.25) (45.56) 58.49
Increase/ (Decrease) in trade payables, current liabilities and non current liabilities 1,318.68 (263.11) 757.56
Increase/ (Decrease) in provisions (171.83) 253.68 924.95
Operating profit after working capital changes 4,547.15 3,075.57 8,941.22
Direct taxes paid (net of refunds) (1,150.38) (691.91) (1,581.97)
Net cash generated from operating activities (A) 3,396.77 2,383.66 7,359.25
Cash flows from investing activities
Payment towards capital expenditure (including intangible assets, capital advances and capital (2,325.90) (451.63) (1,281.04)
creditors)
Proceeds from sale of property, plant and equipment 15.21 7.96 30.02
- -
Acquisition of step-down subsidiary including cash and cash equivalents: Nil (448.47)
(Corresponding period: Nil / Previous year 30.90 million)
Purchase of bonds (562.62) (520.48) (712.18)
Proceeds from sale/ maturity of bonds 239.35 172.84 350.53
Investments in mutual funds (15,686.10) (11,815.87) (24,591.91)
Proceeds from sale / maturity of mutual funds 19,127.50 13,358.42 25,068.92
Maturity / (investments) of bank deposits having original maturity over three months 740.08 (3,738.15) (4,198.89)
Loan to ESOP trust (1,880.00) - -
Interest received 368.05 160.38 366.29
Net cash generated/(used in) investing activities (B) 35.57 (2,826.53) (5,416.73)
Cash flows from financing activities
Repayment of long term borrowings (1.85) (3.18) (4.54)
Payment of lease liabilities (167.57) (145.25) (319.11)
Specific project related grant received - 9.00 9.00
Interest paid (43.67) (0.35) (58.01)
Dividends paid (458.55) (1.33) (1,069.95)
Net cash used in financing activities (C) (671.64) (141.11) (1,442.61)
Net increase/(decrease) in cash and cash equivalents (A + B + C) 2,760.70 - 583.98 499.91
Cash and cash equivalents at the beginning of the year 2,419.30 1,899.99 1,899.99
Cash and cash equivalents acquired on acquisition - - 30.90
Effect of exchange difference on translation of foreign currency cash and cash equivalents (3.46) (18.51) (11.50)
Cash and cash equivalents at the end of the period / year 5,176.54 1,297.50 2,419.30
Components of cash and cash equivalents
Cash on hand 0.23 0.21 0.41
Cheques on hand (refer note 14) 1.34 - -
Balances with banks
On current accounts # 4,682.35 1,105.90 1,583.20
On saving accounts 8.46 0.48 1.33
On exchange earner's foreign currency accounts 358.60 169.91 208.57
On deposit accounts with original maturity less than three months 125.56 21.00 625.79
Cash and cash equivalents 5,176.54 1,297.50 2,419.30
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Of the cash and cash equivalent balance as at September 30, 2021, the Group can utilise 170.21 million (Corresponding period: 0.12 Million/ Previous year: 154.39 million) only towards certain predefined activities specified in the agreement.

Notes:

  • 1 The audited condensed interim consolidated financial statements for the quarter and half year ended September 30, 2021, have been taken on record by the Board of Directors at its meeting (Day 2 of 3) held on on October 26, 2021 as recommended by the Audit Committee at its meeting held on October 25, 2021. The statutory auditors have expressed an unqualified audit opinion. The information presented above is extracted from the audited condensed interim consolidated financial statements.

  • 2 The above consolidated financial results have been prepared from the condensed interim consolidated financial statements, which are prepared in accordance with Indian Accounting Standards ("Ind AS"), the provisions of the Companies Act, 2013 ("the Companies Act"), as applicable and guidelines issued by the Securities and Exchange Board of India ("SEBI"). The Ind AS are prescribed under Section 133 of the Companies Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and amendments issued thereafter. All amounts included in the consolidated financial results (including notes) are reported in millions of Indian rupees ( in millions) except share and per share data, unless otherwise stated.

  • 3 The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the company towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social Security, 2020 on November 13, 2020, and has invited suggestions from stakeholders which are under active consideration by the Ministry. The Company will assess the impact and its evaluation once the subject rules are notified and will give appropriate impact in its financial statements in the period in which, the Code becomes effective and the related rules to determine the financial impact are published.

  • 4 The Members of the Company at Thirty-First Annual General Meeting held on July 21, 2021 approved payment of Final Dividend of 6 per Equity Share for the Financial Year 2020-21 (‘Final Dividend’). Accordingly, an amount of 458,503,678 was paid towards the Final Dividend as on September 30, 2021 out of the total dividend amount of 458,550,000. The remaining amount of 46,322 is unclaimed and the Company will make due efforts to pay the same to the respective Shareholders.

  • 5 The Nomination and Remuneration Committee of the Board of Directors, on October 7, 2021, approved grant of 1,565,315 (One Million Five Hundred and Sixty Five Thousand Three Hundred and Fifteen) Employee Stock Options (ESOPs) to its 8,747 (Eight Thousand Seven Hundred and Forty-Seven) eligible employees under Persistent Systems Limited – Employee Stock Option Plan 2017 (‘ESOP 2017’). This is one of the most Inclusive ESOP grant in the Global IT Services Industry which covered approximate 80% employees of the Company.

  • 6 The Company has entered into an Asset Purchase Agreement with Shree Infosoft Pvt. Ltd., India (‘Shree Infosoft’) on September 29, 2021 to acquire its business. Along with this transaction, the Company, through its wholly owned subsidiary, Persistent Systems Inc., USA, has acquired certain assets from Shree Partners LLC, USA, (Shree Partners) Parent company of Shree Infosoft.

  • 7 Persistent Systems Inc., a wholly owned Subsidiary of the Company acquired Software Corporation International, USA and its affiliate Fusion360 LLC, USA on October 5, 2021.

  • 8 Klisma E-Services Private Limited (‘Klisma’), an Associate Company of the Company has been dissolved w.e.f. August 10, 2021 vide dissolution order passed by the Hon’ble National Company Law Tribunal, Mumbai Bench. The dissolution of Klisma does not have any impact on the operations of the Company.

  • 9 The investors are requested to visit the following website of the Company and Stock Exchanges for further details:

By order of Board of Directors of Persistent Systems Limited

Pune Dr. Anand Deshpande Date : October 26, 2021 Chairman and Managing Director

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

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Walker Chandiok & Co LLP 3rd floor, Unit No. 309 to 312, West Wing, Nyati Unitree Nagar Road, Yerwada, Pune - 411006 Maharashtra, India T +91 20 6744 8888 F +91 20 6744 8899

Date Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of Persistent Systems Limited

Opinion

  1. Persistent Systems Limited for the quarter ended 30 September 2021 and the year to date results for the period from 1 April 2021 to 30 September 2021, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure issued by the SEBI from time to time.

  2. In our opinion and to the best of our information and according to the explanations given to us, the Statement:

  3. (i) is presented in accordance with the requirements of Regulation 33 of the Listing Regulations, read with SEBI Circulars CIR/CF and

  4. (ii) gives a true and fair view in conformity with the recognition and measurement principles laid down Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India of the standalone net profit after tax (including other comprehensive income) and other financial information of the Company for the quarter ended 30 September 2021 and the year to date results for the period 1 April 2021 to 30 September 2021.

Basis for Opinion

  1. ified under section described in the section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Statement under the provisions of the Act and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us, is sufficient and appropriate to provide a basis for our opinion.

Page 1 of 3

Chartered Accountants

Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and has its registered office at L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India

Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune

Persistent Systems Limited

Date Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

  1. This Statement has been prepared on the basis of the interim Standalone financial statements. The Statement that give a true

and fair view of the net profit/loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Ind AS 34 prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations including SEBI Circular(s). This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

  1. ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

  2. process.

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

  4. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

  5. Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

  6. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls.

  7. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

Page 2 of 3

Chartered Accountants

Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and has its registered office at L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India

Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune

Persistent Systems Limited

Date Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

  • accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant do continue as a going concern. If we conclude that a material uncertainty exists, we are required such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit may cause the Company to cease to continue as a going concern.

  • Evaluate the overall presentation, structure and content of the standalone financial results, including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation.

  • We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

  • We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

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

==> picture [150 x 46] intentionally omitted <==

Shashi Tadwalkar Partner Membership No:101797

UDIN:21101797AAAADR7472

Place: Pune Date: 26 October 2021

Page 3 of 3

Chartered Accountants

Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and has its registered office at L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India

Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune

Persistent Systems Limited

Registered 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 L72300PN1990PLC056696

Audited unconsolidated financial results of Persistent Systems Limited for the quarter and half year ended September 30, 2021

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(In Million)
Sr. No. Particulars Quarter ended Half year ended Year ended
September 30, 2021 June 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 March 31, 2021
Income
1 Revenue from operations (net) 8,469.85 7,648.34 5,961.78 16,118.19 11,523.16 24,796.08
2 Other income 281.65 344.68 207.22 626.33 500.98 1,176.16
3 Total income (1+2) 8,751.50 7,993.02 6,169.00 16,744.52 12,024.14 25,972.24
4 Expenses
- Employee benefits expense 5,109.82 4,441.54 3,265.09 9,551.36 6,322.35 14,093.21
- Cost of professionals 472.67 337.25 483.76 809.92 861.46 1,775.07
- Finance costs 17.19 18.50 9.80 35.69 18.59 38.21
- Depreciation and amortization expense 197.79 162.71 139.06 360.50 270.87 566.79
- Other expenses 875.13 823.15 677.00 1,698.28 1,381.10 2,818.76
Total expenses 6,672.60 5,783.15 4,574.71 12,455.75 8,854.37 19,292.04
5 Profit before exceptional items and tax (3-4) 2,078.90 2,209.87 1,594.29 4,288.77 3,169.77 6,680.20
6 Exceptional items - - - - - -
7 Profit before tax (5-6) 2,078.90 2,209.87 1,594.29 4,288.77 3,169.77 6,680.20
8 Tax expense
- Current tax 518.83 537.22 430.03 1,056.05 840.00 1,684.00
- Tax charge / (credit) in respect of earlier years - - - - 2.74 2.74
- Deferred tax charge / (credit) 36.12 11.70 (12.09) 47.82 (64.08) (57.40)
Total tax expense 554.95 548.92 417.94 1,103.87 778.66 1,629.34
9 Profit for the period / year (7-8) 1,523.95 1,660.95 1,176.35 3,184.90 2,391.11 5,050.86
10 Other comprehensive income
A. Items that will not be reclassified to profit and loss
- Remeasurements of the defined benefit asset / liabilities (39.47) (58.30) 6.53 (97.77) 24.26 15.93
(net of tax)
(39.47) (58.30) 6.53 (97.77) 24.26 15.93
B. Items that may be reclassified to profit and loss
- Effective portion of cash flow hedge (net of tax) 22.11 (95.11) 191.01 (73.00) 340.99 383.55
22.11 (95.11) 191.01 (73.00) 340.99 383.55
Total other comprehensive income for the period / year (A+B) (17.36) (153.41) 197.54 (170.77) 365.25 399.48
11 Total comprehensive income for the period / year (9+10) 1,506.59 1,507.54 1,373.89 3,014.13 2,756.36 5,450.34
(Comprising Profit/ (Loss) and Other Comprehensive
Income for the period/ year)
12 Paid-up equity share capital 764.25 764.25 764.25 764.25 764.25 764.25
(Face value of share 10 each)
13 Other equity excluding revaluation reserves 26,890.99
14 Earnings per equity share in (Nominal value of share 10
each)
- Basic 19.94 21.73 15.39 41.67 31.29 66.09
- Diluted 19.94 21.73 15.39 41.67 31.29 66.09
15 Dividend per share (in ) (Nominal value of share 10
each)
Interim dividend - - - - - 14.00
Final dividend - - - - - 6.00
Total dividend - - - - - 20.00
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Audited unconsolidated statement of assets and liabilities

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(In Million)
Particulars As on As on As on
September 30, 2021 September 30, 2020 March 31, 2021
ASSETS
Non-current assets
Property, plant and equipment 2,601.22 2,040.34 2,270.24
Capital work-in-progress 7.15 23.63 112.33
Right of use assets 556.78 347.20 314.62
Other intangible assets 176.27 174.53 171.65
Financial assets
- Investments 8,165.99 7,664.60 7,779.54
- Loans 1,987.70 101.45 52.23
-Other non-current financial assets 3,010.95 143.66 25.76
Deferred tax assets (net) 222.47 266.74 245.74
Other non-current assets 1,417.97 319.71 419.73
Total non-current assets 18,146.50 11,081.86 11,391.84
Current assets
Financial assets
- Investments 3,144.87 4,933.32 6,374.95
- Trade receivables (net) 3,383.92 2,642.65 2,966.26
- Cash and cash equivalents 638.75 497.51 862.72
- Other bank balances 6,308.38 6,431.04 7,387.00
- Loans 6.00 7.16 49.33
- Other current financial assets 2,756.01 2,122.70 2,063.79
Other current assets 1,535.35 1,661.95 1,656.93
Total current assets 17,773.28 18,296.33 21,360.98
TOTAL ASSETS 35,919.78 29,378.19 32,752.82
EQUITY AND LIABILITIES
Equity
Equity share capital 764.25 764.25 764.25
Other equity 29,811.43 24,989.27 26,890.99
Total Equity 30,575.68 25,753.52 27,655.24
Liabilities
Non- current liabilities
Financial liabilities
- Lease liabilities 518.87 254.94 304.72
- Borrowings 3.69 5.54 5.54
Provisions 252.59 225.80 240.94
Total Non- current liabilities 775.15 486.28 551.20
Current liabilities
Financial liabilities
- Lease liabilities 112.83 162.34 73.82
- Trade payables 902.14 824.85 938.40
- Other financial liabilities 167.97 146.82 397.42
Other current liabilities 1,961.69 872.53 1,679.01
Provisions 1,168.02 824.21 1,145.59
Current tax liabilities (net) 256.30 307.64 312.14
Total current liabilities 4,568.95 3,138.39 4,546.38
TOTAL EQUITY AND LIABILITIES 35,919.78 29,378.19 32,752.82
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Audited unconsolidated cash flow statement for the half year ended September 30, 2021

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(In Million)
For the half year ended For the year ended
September 30, 2021 September 30, 2020 March 31, 2021
Cash flows from operating activities
Profit before tax 4,288.77 3,169.77 6,680.20
Adjustments for:
Interest income (251.23) (251.57) (548.82)
Finance cost 35.69 18.59 38.21
Dividend income - (94.56) (131.45)
Depreciation and amortization expense 360.50 270.87 566.79
Unrealised exchange loss (net) 30.66 0.85 151.02
Exchange loss / (gain) on derivative contracts 57.87 (66.75) (169.80)
Exchange (gain) / loss on translation of foreign currency cash and cash equivalents (3.59) 0.41 23.15
Bad debts - - 46.96
Change in provision for expected credit loss (net) (4.75) 47.56 (20.20)
Employee stock compensation expenses 277.34 73.01 236.33
Remeasurements of the defined benefit liabilities / asset (before tax effects) (64.89) 30.94 15.93
Profit on sale/ fair valuation of financial assets designated as FVTPL (218.20) (203.37) (344.43)
(Profit) / loss on sale of property, plant and equipment (net) (4.72) (3.25) 8.10
Operating profit before working capital changes 4,503.45 2,992.50 6,551.99
Movements in working capital :
(Increase) / Decrease in non-current and current loans (16.99) 19.31 37.02
(Increase) in other non current assets (13.63) (2.74) (78.73)
(Increase) / Decrease in other current financial assets (765.82) 126.14 363.88
Decrease/ (Increase) in other current assets 120.82 (176.58) (171.56)
(Increase) / Decrease in trade receivables (440.16) 192.55 (312.65)
Increase in trade payables, current liabilities and non current liabilities 566.79 16.83 1,059.46
Increase in provisions 34.08 276.84 613.36
Operating profit after working capital changes 3,988.54 3,444.85 8,062.77
Direct taxes paid (net of refunds) (1,144.77) (661.99) (1,494.81)
Net cash generated from operating activities (A) 2,843.77 2,782.86 6,567.96
Cash flows from investing activities
Payment towards capital expenditure (including intangible assets, capital advances and (2,027.12) (328.08) (707.24)
capital creditors)
Proceeds from sale of property, plant and equipment 5.05 7.59 4.13
- -
Share application money paid (2,969.60)
- -
Investment in wholly owned subsidiaries (376.61)
Loan to ESOP trust (1,880.00) - -
Purchase of bonds (562.62) (520.48) (712.18)
Proceeds from sale of bonds 239.35 172.84 350.53
Investments in mutual funds (15,686.10) (11,815.87) (24,591.91)
Proceeds from sale / maturity of mutual funds 19,127.50 13,358.42 25,068.92
Maturity / (investments) in bank deposits having original maturity over three months 900.50 (3,759.80) (4,464.82)
Interest received 363.04 154.76 359.89
Dividend received - - 131.45
Net cash used in investing activities (B) (2,490.00) (2,730.62) (4,937.84)
Cash flows from financing activities
Repayment of long term borrowings (1.85) (3.18) (4.54)
Specific project related grant received - 9.00 9.00
Payment of lease liabilities (85.13) (91.11) (173.11)
Dividend paid (458.55) (1.33) (1,069.95)
Interest paid (35.80) (0.33) (38.28)
Net cash used in financing activities (C ) (581.33) (86.95) (1,276.88)
Net (decrease)/ increase in cash and cash equivalents (A + B + C) (227.56) (34.71) 353.24
Cash and cash equivalents at the beginning of the year 862.72 532.63 532.63
Effect of exchange differences on translation of foreign currency cash and cash equivalents 3.59 (0.41) (23.15)
Cash and cash equivalents at the end of the period/ year 638.75 497.51 862.72
Components of cash and cash equivalents
Cash on hand 0.07 0.15 0.10
Balances with banks
On current accounts # 271.62 305.97 360.22
On saving accounts 8.46 0.48 1.33
On deposit account with maturity of less than three months - 21.00 292.50
On exchange earner's foreign currency accounts 358.60 169.91 208.57
Cash and cash equivalents 638.75 497.51 862.72
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Of the cash and cash equivalent balance as at September 30, 2021, the Company can utilise 170.21 million (Corresponding period: 0.12 million/ Previous year: 154.39 million) only towards certain predefined activities specified in the agreement.

Notes:

  • 1 The audited condensed unconsolidated financial statements for the quarter ended September 30, 2021, have been taken on record by the Board of Directors at its meeting (Day 2 of 3) held on October 26, 2021 as recommended by the Audit Committee at its meeting held on October 25, 2021. The statutory auditors have expressed an unqualified audit opinion. The information presented above is extracted from the audited interim condensed unconsolidated financial statements.

  • 2 The Members of the Company at Thirty-First Annual General Meeting held on July 21, 2021 approved payment of Final Dividend of INR 6 per Equity Share for the Financial Year 2020-21 Accordingly, an amount of INR 458,503,678 was paid towards the Final Dividend as on September 30, 2021 out of the total dividend amount of INR 458,550,000. The remaining amount of INR 46,322 is unclaimed and the Company will make due efforts to pay the same to the respective Shareholders.

  • 3 The Nomination and Remuneration Committee of the Board of Directors, on October 7, 2021, approved grant of 1,565,315 (One Million Five Hundred and Sixty Five Thousand Three Hundred and Fifteen Only) Employee Stock Options (ESOPs) to its 8,747 (Eight Thousand Seven Hundred and Forty-Seven) eligible employees under Persistent Systems Limited Employee Stock Option Plan 2017 This is one of the most Inclusive ESOP grant in the Global IT Services Industry which covered approximate 80% employees of the Group.

  • 4 The Company has entered into an Asset Purchase Agreement with Shree Infosoft Pvt. Ltd., India on September 29, 2021 to acquire its business. Along with this transaction, the Company, through its wholly owned subsidiary, Persistent Systems Inc., USA, has acquired certain assets from Shree Partners LLC, USA, (Shree Partners) Parent company of Shree Infosoft.

  • 5 Persistent Systems Inc., a wholly owned Subsidiary of the Company acquired Software Corporation International, USA and its affiliate Fusion360 LLC, USA on October 5, 2021.

  • 6 Klisma e-Services Private Limited an Associate Company of the Company has been dissolved w.e.f. August 10, 2021 vide dissolution order passed by the National Company Law Tribunal, Mumbai Bench. The dissolution of Klisma does not have any impact on the operations of the Company.

  • 7 The above standalone financial results have been prepared from the condensed interim standalone financial statements, which are prepared in accordance with Indian Accounting Standards ("Ind AS"), the provisions of the Companies Act, 2013 ("the Companies Act"), as applicable and guidelines issued by the Securities and Exchange Board of India ("SEBI"). The Ind AS are prescribed under Section 133 of the Companies Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and amendments issued thereafter. All amounts included in the standalone financial results (including notes) are reported in millions of Indian rupees ( in millions) except share and per share data, unless otherwise stated.

  • 8 The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the company towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social Security, 2020 on November 13, 2020, and has invited suggestions from stakeholders which are under active consideration by the Ministry. The Company will assess the impact and its evaluation once the subject rules are notified and will give appropriate impact in its financial statements in the period in which, the Code becomes effective and the related rules to determine the financial impact are published.

  • 9

  • 10 The investors are requested to visit the following website of the Company and Stock Exchanges for further details:

By order of Board of Directors of Persistent Systems Limited

Pune Dr. Anand Deshpande Date : October 26, 2021 Chairman and Managing Director

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