Persistent Systems Limited — Interim / Quarterly Report 2022

Jan 20, 2022

NSE & BSE / 2021-22 / 120

January 20, 2022

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 14th Floor, P J Towers, Dalal Street, Mumbai 400 001

Ref: Scrip Code: 533179

Dear Sir/Madam,

• Sub: Outcome of the Board Meeting held on January 20, 2022 and to be continued on January 21, 2022
• Ref: Our earlier intimation under reference no. NSE & BSE / 2021-22 / 116 dated January 5, 2022 ('Intimation')

Further to the above referred Intimation, we wish to inform you that, the Board of Directors, at its meeting held through Tele-conferencing on January 20, 2022 and to be continued on January 21, 2022, has inter-alia taken the following decisions:

A. Approval of the Audited Financial Results for the quarter and period ended December 31, 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 period ended December 31, 2021 have been approved. Accordingly, we enclose the following documents:

• 1. Auditors' Report dated January 20, 2022 on the Consolidated Financial Results of the Company for the quarter and period ended December 31, 2021;
• 1. Consolidated Financial Results of the Company for the quarter and period ended December 31, 2021;
• 1. Auditors' Report dated January 20, 2022 on the Unconsolidated Financial Results of the Company for the quarter and period ended December 31, 2021;
• 1. Unconsolidated Financial Results of the Company for the quarter and period ended December 31, 2021.
• B. Approval of the payment of Interim Dividend for the FY 2021-22

The Board of Directors has approved the payment of Interim Dividend of INR 20/- (INR Twenty only) per Equity Share of INR 10 each for the Financial Year 2021-22.

Please note that the discussion on above agenda items was concluded at 1955 Hrs. (IST). Pursuant to our intimation dated January 5, 2022, the Board Meeting will continue for discussing other agenda items on Friday, January 21, 2022.

Please acknowledge the receipt.

Thanking you, Yours Sincerely, For Persistent Systems Limited

AMIT MURARI ATRE Digitally signed by AMIT MURARI ATRE Date: 2022.01.20 19:56:52 +05'30'

Amit Atre Company Secretary ICSI Membership No.: A20507

Encl: As above

Registered Office : Bhageerath, 402, Senapati Bapat Road, Pune 411016, India Ph. No. +91(20)67030000; Fax +91(20)67030009; Email : info@persistent.com, 'www.persistent.com'. CIN L72300PN1990PLC056696

in Million

Audited consolidated financial results of Persistent Systems Limited for the quarter and nine months ended December 31, 2021

2 Profit before tax 2,241.50 2,078.90 1,609.47 6,530.27 4,779.24 6,680.20 3 Profit after tax 1,728.91 1,523.95 1,259.03 4,913.81 3,650.14 5,050.86

Segment wise Revenue, Results and Capital Employed

The operating segments are:

a. Banking, Financial Services and Insurance (BFSI)

Sr.	Particulars			Quarter ended			Nine months ended	Year ended	b. Healthcare & Life Sciences
No.						Dec 31, 2021 Sept 30, 2021 Dec 31, 2020 Dec 31, 2021 Dec 31, 2020 March 31, 2021				c. Technology Companies and Emerging Verticals
	Income 1 Revenue from operations (net)					14,917.17 13,512.49 10,753.98 40,728.92 30,745.30 41,878.88										in Million
	2 Other income		306.64	324.15	300.12	1,018.82	677.36	1,077.72	Sr.	Particulars		Quarter ended			Nine months ended	Year ended
	3 Total income					(1+2) 15,223.81 13,836.64 11,054.10 41,747.74 31,422.66 42,956.60			No.				Dec 31, 2021 Sept 30, 2021 Dec 31, 2020	Dec 31, 2021 Dec 31, 2020		March 31, 2021
	4 Expenses								1	Segment revenue
	- Employee benefits expense		9,103.37	8,092.37		6,422.18 24,519.43 18,304.09 25,157.99				- BFSI - Healthcare & Life Sciences	4,808.48	4,141.95 3,086.34 2,868.95	2,054.64	3,158.04 12,742.46 8,471.05	5,954.01	9,528.51 12,857.05 8,104.24
	- Cost of professionals		2,031.24	1,999.54	1,318.68	5,835.03		4,020.55 5,563.68		- Technology Companies and Emerging		7,022.35 6,501.59				5,541.30 19,515.41 15,262.78 20,917.59
	- Finance costs		25.50	20.94	13.75	69.06	42.11	57.94		Verticals
	- Depreciation and amortization expense		427.85	370.83	461.05	1,148.77	1,336.45	1,755.50	2	Total Less: Inter segment revenue	-	-	-	-		14,917.17 13,512.49 10,753.98 40,728.92 30,745.30 41,878.88 - -
	- Other expenses		1,271.73	1,176.64	1,188.34	3,604.49	3,473.81	4,327.06	3	Net sales/income from operations						14,917.17 13,512.49 10,753.98 40,728.92 30,745.30 41,878.88
	Total Expenses					12,859.69 11,660.32 9,404.00 35,176.78 27,177.01 36,862.17			4	Segment results i.e. profit/ (loss) before tax, interest and depreciation and amortization
	5 Profit before exceptional items									- BFSI	1,778.95	1,564.97	1,360.54	4,692.17	3,566.72	4,818.38
	and tax					(3-4) 2,364.12 2,176.32 1,650.10 6,570.96 4,245.65 6,094.43				- Healthcare & Life Sciences		1,569.97 1,462.21	1,108.67		4,371.56 2,935.51	3,982.47
										- Technology Companies and Emerging Verticals	2,446.53	2,027.46	1,484.08		6,395.37 4,826.84	6,449.40
	6 Exceptional items 7 Profit before tax		-	-	-	- (5-6) 2,364.12 2,176.32 1,650.10 6,570.96 4,245.65 6,094.43	-	-		Total						5,795.45 5,054.64 3,953.29 15,459.10 11,329.07 15,250.25
	8 Tax expense								5	Less: - Finance costs	25.50	20.94	13.75	69.06	42.11	57.94
	- Current tax		635.59	538.63	411.41	1,721.58	1,278.34	1,774.01		- Other un-allocable expenses	3,712.47		3,181.53 2,589.56			9,837.90 7,718.67 10,175.60
	- Tax charge / (credit) in respect of		19.31	(3.88)	(0.53)	1.70	6.90	10.58	6 7	Un-allocable income Profit before tax	306.64	324.15	300.12	1,018.82	677.36	1,077.72 2,364.12 2,176.32 1,650.10 6,570.96 4,245.65 6,094.43
	- Deferred tax (credit) / charge		(54.73)	24.04	29.98	(46.28)	(168.77)	(196.93)
	Total tax expense		600.17	558.79		440.86 1,677.00 1,116.47 1,587.66				8 Segment assets						in Million
	9 Profit for the period / year					(7-8) 1,763.95 1,617.53 1,209.24 4,893.96 3,129.18 4,506.77								As on
	10 Other comprehensive income												Dec 31, 2021			Dec 31, 2020 March 31, 2021
	A. Items that will not be									- BFSI			2,903.95		1,647.23	1,950.45
	reclassified to profit and loss - Remeasurements of the defined		9.61	(38.37)	(32.22)	(90.48)	(14.27)	10.25		- Healthcare & Life Sciences			2,185.27		1,473.10	1,525.69
	benefit liabilities / assets (net of tax)									- Technology Companies and Emerging Verticals Total allocable segment assets			5,814.60 10,903.82		5,356.04 8,476.37	4,405.60 7,881.74
			9.61	(38.37)	(32.22)	(90.48)	(14.27)	10.25		Unallocable assets			36,247.28		27,183.45	28,773.50
	B. Items that may be reclassified to									Total assets			47,151.10		35,659.82	36,655.24
	profit and loss									Note for segment wise information: Operating segments are components of an enterprise for which discrete financial information is available that is evaluated regularly
	- Effective portion of cash flow hedge		39.91	22.11	96.00	(33.08)	436.99	383.54		by the chief operating decision makers, in deciding how to allocate resources and assessing performance. The Group's chief
	(net of tax)									operating decision makers are the Chief Executive Officer and Chairman & Managing Director. Segment wise capital employed :
	- Exchange differences in translating		219.11	(13.58)	314.59	333.84	(140.42)	(20.07)		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
	the financial statements of foreign									among segments and the Group is of the view that it is not practical to reasonably allocate the other assets, liabilities and other
	operations		259.02	8.53	410.59	300.76	296.57	363.47		non-cash expenses to individual segments and an ad-hoc allocation will not be meaningful.
									Notes:	1 The audited condensed interim consolidated financial statements for the quarter and nine months ended December 31, 2021, have
	Total other comprehensive income									been taken on record by the Board of Directors at its meeting (Day 2 of 3) held on January 20, 2022 as recommended by the Audit Committee at its meeting held on January 19, 2022. The statutory auditors have expressed an unqualified audit opinion. The
	for the period / year	(A+B)	268.63	(29.84)	378.37	210.28	282.30	373.72		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
	11 Total comprehensive income for the									prescribed under Section 133 of the Companies Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015
	period / year (Comprising Profit /									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.
	(Loss) and Other Comprehensive									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
	Income for the period / year) 12 Paid-up equity share capital					(9+10) 2,032.58 1,587.69 1,587.61 5,104.24 3,411.48 4,880.49				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
	(Face value of share ? 10 each)		764.25	764.25	764.25	764.25	764.25	764.25		its financial statements in the period in which, the Code becomes effective and the related rules to determine the financial impact are
	13 Other equity excluding revaluation									published. 4 The Board of Directors of Persistent Systems Limited, at its meeting held on January 20, 2022, declared an interim dividend of ? 20
	reserves							27,192.41		per equity share of face value of ?10 each for the Financial Year 2021-22. The Record Date for the payment of the dividend will be Saturday, January 29, 2022. The payment of the dividend will be made by Tuesday, February 15, 2022.
	14 Earnings per equity share in ?									5 The Board at its meeting held on December 28, 2021, appointed Ms. Avani Davda (DIN: 07504739) as the Additional Director (Independent Member) of the Company for period of 5 (Five) years with effect from December 28, 2021 subject to the approval of
	(Nominal value of share ? 10 each)									the members at the ensuing General Meeting.
	- Basic		23.08	21.16	15.82	64.04	40.94	58.97		6 Persistent Systems Limited and its wholly owned subsidiary, Persistent Systems Inc. entered into an Agreement for business acquisition of Shree Infosoft Pvt. Ltd in India ('Shree Infosoft') and Shree Partners LLC, USA, ("Shree Partners") respectively. The
	- Diluted		23.08	21.16	15.82	64.04	40.94	58.97		business acquisition primarily comprises of acquisition of customer contracts together with the skilled employees. 7 Persistent Systems Inc., a wholly owned Subsidiary of the Company acquired Software Corporation International LLC and its affiliate
	15 Dividend per share (in ?)									SCI Fusion360 LLC("SCI Fusion Group"), on October 5, 2021.
	(Nominal value per share ? 10)									8 During the quarter, the Nomination and Remuneration Committee of the Board of Directors, approved the Grant of 1,565,315 Employee Stock Options (ESOPs) and 160,000 Options to its eligible employees under the Persistent Employees Stock Option
	- Interim dividend - Final dividend		20.00 -	- -	14.00 -	20.00 -	14.00 -	14.00 6.00		Schemes. 9 The investors are requested to visit the following website of the Company and Stock Exchanges for further details:
										• Company's website: https://www.persistent.com/investors • BSE Ltd: www.bseindia.com
	Total dividend		20.00	-	14.00	20.00	14.00	20.00		• National Stock Exchange of India Ltd.: www.nseindia.com
				Audited unconsolidated financial information				in Million
Sr. No.	Particulars			Quarter ended Dec 31, 2021 Sept 30, 2021	Dec 31, 2020		Nine months ended Dec 31, 2021 Dec 31, 2020	Year ended March 31, 2021	Pune			Dr. Anand Deshpande				By order of Board of Directors of Persistent Systems Limited

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

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 31 December 2021 and the year to date results for the period from 1 April 2021 to 31 December 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:
• (i) includes the quarterly financial results of the entities listed in Annexure 1;
• (ii) presents financial results in accordance with the requirements of Regulation 33 of the Listing Regulations and
• (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 31 December 2021 and the year to date results for the period 1 April 2021 to 31 December 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 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.

Chartered Accountants

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 audited Condensed Interim Consolidated financial statements. The Holding preparation 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. The 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.
• 1. 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.
• 1. 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.

Audit

• 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.
• 1. 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:
• Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls.

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

Chartered Accountants

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)

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.
• Conclude on 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 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.
• 1. 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.
• 1. 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.
• 1. 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 Twenty one subsidiaries included in the Statement, whose financial information reflects total assets of 5,168.46 Million as at 31 December 2021, total revenues of 4,310.34 Million, total net profit after tax of 168.43 Million, total comprehensive income of 177.87 Million, and cash inflows (net) of 364.73 Million for the quarter and nine month ended 31 December 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.

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

Chartered Accountants

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)

1. quarter and period ended 10 August 2021, in respect of one associate, based on their annual financial statements, which have not been audited by their auditors. These financial statements have been 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

Shashi Tadwalkar Partner Membership No:101797

UDIN:22101797AAAAAI2758

Place: Pune Date: 20 January 2022

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Chartered Accountants

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

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	Software Corporation International (Acquired w.e.f. 5 October 2021)	Wholly owned subsidiary of PSI
23	SCI Fusion360 LLC (Acquired w.e.f. 5 October 2021)	Wholly owned subsidiary of PSI
24	Klisma e-Services Private Limited (Dissolved w.e.f. 10 August 2021)	Associate company of PSL

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Chartered Accountants

Registered Office : Bhageerath, 402, Senapati Bapat Road, Pune 411016, India
Ph. No. +91(20)67030000; Fax +91(20)67030009; Email : info@persistent.com, 'www.persistent.com'. CIN L72300PN1990PLC056696

Audited consolidated financial results of Persistent Systems Limited for the quarter and nine months ended December 31, 2021

								in ₹ Million
Sr.	Particulars			Quarter ended		Year ended Nine months ended
No.			December 31, 2021	September 30,	December 31, 2020	December 31, 2021	December 31,	March 31,
				2021			2020	2021
	Income
1	Revenue from operations (net)		14,917.17	13,512.49	10,753.98	40,728.92	30,745.30	41,878.88
$\overline{\mathbf{c}}$	Other income		306.64	324.15	300.12	1,018.82	677.36	1,077.72
3	Total income	$(1+2)$	15,223.81	13,836.64	11,054.10	41,747.74	31,422.66	42,956.60
$\overline{4}$	Expenses
	- Employee benefits expense		9,103.37	8,092.37	6,422.18	24,519.43	18,304.09	25,157.99
	- Cost of professionals		2,031.24	1,999.54	1,318.68	5,835.03	4,020.55	5,563.68
	- Finance costs		25.50	20.94	13.75	69.06	42.11	57.94
	- Depreciation and amortization expense		427.85	370.83	461.05	1,148.77	1,336.45	1,755.50
	- Other expenses		1,271.73	1,176.64	1,188.34	3,604.49	3,473.81	4,327.06
	Total Expenses		12,859.69	11,660.32	9,404.00	35,176.78	27,177.01	36,862.17
5	Profit before exceptional items and tax	$(3-4)$	2,364.12	2,176.32	1,650.10	6,570.96	4,245.65	6,094.43
6	Exceptional items
7	Profit before tax	$(5-6)$	2,364.12	2,176.32	1,650.10	6,570.96	4,245.65	6,094.43
8	Tax expense
	- Current tax		635.59	538.63	411.41	1,721.58	1,278.34	1,774.01
	- Tax charge / (credit) in respect of earlier		19.31	(3.88)	(0.53)	1.70	6.90	10.58
	years / periods
	- Deferred tax (credit) / charge		(54.73)	24.04	29.98	(46.28)	(168.77)	(196.93)
	Total tax expense		600.17	558.79	440.86	1,677.00	1,116.47	1,587.66
9	Profit for the period / year	$(7-8)$	1,763.95	1,617.53	1,209.24	4,893.96	3,129.18	4,506.77
10	Other comprehensive income
	A. Items that will not be reclassified to profit
	and loss
	- Remeasurements of the defined benefit		9.61	(38.37)	(32.22)	(90.48)	(14.27)	10.25
	liabilities / assets (net of tax)
			9.61	(38.37)	(32.22)	(90.48)	(14.27)	10.25
	B. Items that may be reclassified to profit and
	loss
	- Effective portion of cash flow hedge (net of		39.91	22.11	96.00	(33.08)	436.99	383.54
	tax)
	- Exchange differences in translating the financial statements of foreign operations		219.11	(13.58)	314.59	333.84	(140.42)	(20.07)
			259.02	8.53	410.59	300.76	296.57	363.47
	Total other comprehensive income for the	$(A+B)$	268.63	(29.84)	378.37	210.28	282.30	373.72
	period / year
11	Total comprehensive income for the period/	$(9+10)$	2,032.58	1,587.69	1,587.61	5,104.24	3,411.48	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 $\bar{\tau}$ (Nominal value of share ₹10 each)
	- Basic		23.08	21.16	15.82	64.04	40.94	58.97
	- Diluted		23.08	21.16	15.82	64.04	40.94	58.97
15	Dividend per share (in ₹) (Nominal value per
	share $\bar{x}$ 10)
	Interim dividend Final dividend		20.00		14.00	20.00	14.00	14.00 6.00
	Total dividend		20.00	$\blacksquare$	14.00	20.00	14.00	20.00

						in ₹ Million
Particulars		Ouarter ended		Nine months ended	Year ended
	December 31, 2021	September 30. 2021	December 31, 2020	December 31, 2021	December 31. 2020	March 31. 2021
Revenue from operations (net)	9,286.51	8,469.85	6.426.34	25,404.70	17.949.50	24,796.08
Profit before tax	2.241.50	2,078.90	1.609.47	6,530.27	4.779.24	6,680.20
Profit after tax	1,728.91	1.523.95	259.03,	4,913.81	3,650.14	5,050.86

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

	in ₹ Million
Sr.	Particulars		Quarter ended		Nine months ended	Year ended
No.		December 31, 2021	September 30, 2021	December 31, 2020	December 31, 2021	December 31, 2020	March 31, 2021
	Segment revenue
	- BFSI	4,808.48	4,141.95	3,158.04	12,742.46	9,528.51	12,857.05
	- Healthcare & Life Sciences	3,086.34	2,868.95	2,054.64	8,471.05	5,954.01	8,104.24
	- Technology Companies and	7,022.35	6,501.59	5,541.30	19,515.41	15,262.78	20,917.59
	Emerging Verticals
	Total	14,917.17	13,512.49	10,753.98	40,728.92	30,745.30	41,878.88
$\overline{2}$	Less: Inter segment revenue				۰	$\overline{\phantom{0}}$
3	Net sales/income from operations	14,917.17	13,512.49	10,753.98	40,728.92	30,745.30	41,878.88
4	Segment results i.e. profit/ (loss) before tax,
	interest and depreciation and amortization
	- BFSI	1,778.95	1,564.97	1,360.54	4,692.17	3,566.72	4,818.38
	- Healthcare & Life Sciences	1,569.97	1,462.21	1,108.67	4,371.56	2,935.51	3,982.47
	- Technology Companies and	2,446.53	2,027.46	1,484.08	6,395.37	4,826.84	6,449.40
	Total	5,795.45	5.054.64	3,953.29	15,459.10	11,329.07	15,250.25
5	Less:
	- Finance costs	25.50	20.94	13.75	69.06	42.11	57.94
	- Other un-allocable expenses	3,712.47	3,181.53	2,589.56	9,837.90	7,718.67	10,175.60
6	Un-allocable income	306.64	324.15	300.12	1,018.82	677.36	1,077.72
	Profit before tax	2,364.12	2,176.32	1,650.10	6,570.96	4,245.65	6,094.43

$8$ Segment assets

Segment assets			in ₹ Million
	December 31, 2021	December 31. 2020	March 31. 2021
- BFSI	2,903.95	1.647.23	1,950.45
- Healthcare & Life Sciences	2,185.27	1,473.10	1,525.69
- Technology Companies and Emerging Verticals	5.814.60	5,356.04	4,405.60
Total allocable segment assets	10.903.82	8.476.37	7.881.74
Unallocable assets	36,247.28	27,183.45	28,773.50
Total assets	47,151.10	35,659.82	36.655.24

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.

Notes:

• 1 The audited condensed interim consolidated financial statements for the quarter and nine months ended December 31, 2021, have been taken on record by the Board of Directors at its meeting (Day 2 of 3) held on January 20, 2022 as recommended by the Audit Committee at its meeting held on January 19, 2022. 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 $\bar{\tau}$ 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 Board of Directors of Persistent Systems Limited, at its meeting held on January 20, 2022, declared an interim dividend of ₹ 20 per equity share of face value of ₹10 each for the Financial Year 2021-22. The Record Date for the payment of the dividend will be Saturday, January 29, 2022. The payment of the dividend will be made by Tuesday, February 15, 2022.
• 5 The Board at its meeting held on December 28, 2021, appointed Ms. Avani Davda (DIN: 07504739) as the Additional Director (Independent Member) of the Company for period of 5 (Five) years with effect from December 28, 2021 subject to the approval of the members at the ensuing General Meeting.
• 6 Persistent Systems Limited and it's wholly owned subsidiary, Persistent Systems Inc. entered into an Agreement for business acquisition of Shree Infosoft Pvt. Ltd in India ('Shree Infosoft') and Shree Partners LLC, USA, ("Shree Partners") respectively. The business acquisition primarily comprises of acquisition of customer contracts together with the skilled employees.
• 7 Persistent Systems Inc., a wholly owned Subsidiary of the Company acquired Software Corporation International LLC and its affiliate SCI Fusion360 LLC("SCI Fusion Group"), on October 5, 2021.
• 8 During the quarter, the Nomination and Remuneration Committee of the Board of Directors, approved the Grant of 1,565,315 Employee Stock Options (ESOPs) and 160,000 Options to its eligible employees under the Persistent Employees Stock Option Schemes.
• 9 The investors are requested to visit the following website of the Company and Stock Exchanges for further details: •Company's website: https://www.persistent.com/investors
• · BSE Ltd: www.bseindia.com
• · National Stock Exchange of India Ltd.: www.nseindia.com

By order of Board of Directors of Persistent Systems Limited d Deshpande

Pune Date: January 20, 2022

Dr. Anand Deshpande Chairman and Managing Director

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

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

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

To the Board of Directors of Persistent Systems Limited

Opinion

• 1. We have audited the accompanying statement of unconsolidated financial results ('the Statement') of Persistent Systems Limited ('the Company') for the quarter ended 31 December 2021 and the year to date results for the period from 1 April 2021 to 31 December 2021, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'), including relevant circulars issued by the SEBI from time to time.
• 1. In our opinion and to the best of our information and according to the explanations given to us, the Statement:
• (i) is presented in accordance with the requirements of Regulation 33 of the Listing Regulations, read with SEBI Circulars CIR/CFD/FAC/62/2016 dated 5 July 2016 (hereinafter referred to as 'the SEBI Circulars'), and
• (ii) gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standard 34, 'Interim Financial Reporting' ('Ind AS 34') prescribed under Section 133 of the 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 31 December 2021 and the year to date results for the period 1 April 2021 to 31 December 2021.

Basis for Opinion

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

Chartered Accountants

Management's and Those Charged with Governance Responsibilities for the Statement

• 1. This Statement has been prepared on the basis of the audited Condensed Interim Standalone financial statements. The Company's Board of Directors are responsible for the preparation of the Statement that give a true and fair view of the net profit/loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Ind AS 34 prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations including SEBI Circular(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. In preparing the Statement, the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
• 1. The Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Statement

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

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

• x Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• x 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.
• 1. 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.
• 1. 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

SHASHI TADWALKAR Digitally signed by SHASHI TADWALKAR Date: 2022.01.20 19:38:44 +05'30'

Shashi Tadwalkar Partner Membership No:101797

UDIN:22101797AAAAAH7000

Place: Pune Date: 20 January 2022

Page 3 of 3

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

Chartered Accountants

Registered Office : Bhageerath, 402, Senapati Bapat Road, Pune 411016, India Ph. No. +91(20)67030000; Fax +91(20)67030009; Email : info@persistent.com, 'www.persistent.com'. CIN L72300PN1990PLC056696

Audited unconsolidated financial results of Persistent Systems Limited for the quarter and nine months ended December 31, 2021

							(In Million)
Sr. No.	Particulars			Quarter ended			Nine Months ended	Year ended
			December 31, 2021	September 30, 2021	December 31, 2020	December 31, 2021	December 31, 2020	March 31, 2021
	Income
1	Revenue from operations (net)		9,286.51	8,469.85	6,426.34	25,404.70	17,949.50	24,796.08
2	Other income		307.33	281.65	325.43	933.66	826.41	1,176.16
3	Total income	(1+2)	9,593.84	8,751.50	6,751.77	26,338.36	18,775.91	25,972.24
4	Expenses
	- Employee benefits expense		5,770.02	5,109.82	3,699.64	15,321.38	10,021.99	14,093.21
	- Cost of professionals		368.66	472.67	448.82	1,178.58	1,310.28	1,775.07
	- Finance costs		15.85	17.19	8.41	51.54	27.00	38.21
	- Depreciation and amortization expense		218.73	197.79	140.40	579.23	411.27	566.79
	- Other expenses		979.08	875.13	845.03	2,677.36	2,226.13	2,818.76
	Total expenses		7,352.34	6,672.60	5,142.30	19,808.09	13,996.67	19,292.04
5	Profit before exceptional items and tax	(3-4)	2,241.50	2,078.90	1,609.47	6,530.27	4,779.24	6,680.20
6	Exceptional items		-	-	-	-	-	-
7	Profit before tax	(5-6)	2,241.50	2,078.90	1,609.47	6,530.27	4,779.24	6,680.20
8	Tax expense
	- Current tax		584.76	518.83	375.82	1,640.81	1,215.82	1,684.00
	- Tax charge in respect of earlier years		-	-	-	-	2.74	2.74
			(72.17)	36.12	(25.38)	(24.35)	(89.46)	(57.40)
	- Deferred tax (credit) / charge
	Total tax expense		512.59	554.95	350.44	1,616.46	1,129.10	1,629.34
9	Profit for the period / year	(7-8)	1,728.91	1,523.95	1,259.03	4,913.81	3,650.14	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 (net of tax)		5.16	(39.47)	(32.89)	(92.61)	(8.63)	15.93
			5.16	(39.47)	(32.89)	(92.61)	(8.63)	15.93
	B. Items that may be reclassified to profit and loss
	- Effective portion of cash flow hedge (net of tax)		39.91	22.11	96.00	(33.09)	436.99	383.55
			39.91	22.11	96.00	(33.09)	436.99	383.55
	Total other comprehensive income for the period / year	(A+B)	45.07	(17.36)	63.11	(125.70)	428.36	399.48
11	Total comprehensive income for the period / year (Comprising Profit/ (Loss) and Other Comprehensive Income for the period/ year)	(9+10)	1,773.98	1,506.59	1,322.14	4,788.11	4,078.50	5,450.34
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		22.62	19.94	16.47	64.30	47.76	66.09
	- Diluted		22.62	19.94	16.47	64.30	47.76	66.09
15	Dividend per share (in ) (Nominal value of share 10 each)
	Interim dividend		20.00	-	14.00	20.00	14.00	14.00
	Final dividend		-	-	-	-	-	6.00
	Total dividend		20.00	-	14.00	20.00	14.00	20.00

Notes:

1 The audited condensed interim unconsolidated financial statements for the quarter and nine months ended December 31, 2021, have been taken on record by the Board of Directors at its meeting (Day 2 of 3) held on January 20, 2022 as recommended by the Audit Committee at its meeting held on January 19, 2022. The statutory auditors have expressed an unqualified audit opinion. The information presented above is extracted from the audited condensed interim unconsolidated financial statements.

2 The Board of Directors of Persistent Systems Limited, at its meeting held on January 20, 2022, declared an interim dividend of INR 20 per equity share of face value of INR 10 each for the Financial Year 2021- 22. The Record Date for the payment of the dividend will be Saturday, January 29, 2022. The payment of the dividend will be made by Tuesday, February 15, 2022.

3 The Board at its meeting held on December 28, 2021, appointed Ms. Avani Davda (DIN: 07504739) as the Additional Director (Independent Member) of the Company for period of 5 (Five) years with effect from December 28, 2021 subject to the approval of the members at the ensuing General Meeting.

4 LLC, USA, ("Shree Partners") respectively. The business acquisition primarily comprises of acquisition of customer contracts together with the skilled employees.

5 The above unconsolidated financial results have been prepared from the condensed interim unconsolidated 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 unconsolidated financial results (including notes) are reported in millions of Indian rupees ( in millions) except share and per share data, unless otherwise stated.

6 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.

7

8 During the quarter, the Nomination and Remuneration Committee of the Board of Directors, approved the Grant of 1,565,315 Employee Stock Options (ESOPs) and 160,000 Options to its eligible employees under the Persistent Employees Stock Option Schemes.

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 : January 20, 2022 Chairman and Managing Director