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Persistent Systems Limited — Regulatory Filings 2021
Jan 28, 2021
60826_rns_2021-01-28_96120012-698f-4118-b94a-d2e093ed5300.pdf
Regulatory Filings
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NSE & BSE / 2020-21 / 96 January 28, 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, Bombay Stock Exchange 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 January 27, 2021 and continued on January 28, 2021
Further to our intimations dated December 17, 2020 and January 19, 2021 and our letter dated January 27, 2021, we wish to inform that, the Board of Directors, at its meeting held on January 28, 2021 and concluded at 2235 Hrs (IST), has inter-alia taken the following decisions:
- A. Approval of the Audited Financial Results for the quarter and period ended December 31, 2020
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, 2020 have been approved. Accordingly, we enclose the following documents:
-
Auditors’ Report dated January 28, 2021 on the Consolidated Financial Results of the Company for the quarter and period ended December 31, 2020;
-
Consolidated Financial Results of the Company for the quarter and period ended
- December 31, 2020;
-
Auditors’ Report dated January 28, 2021 on the Unconsolidated Financial Results of the Company
- for the quarter and period ended December 31, 2020;
-
Unconsolidated Financial Results of the Company for the quarter and period ended December 31, 2020.
-
B. Approval of the payment of Interim Dividend for FY 2020-21
The Board of Directors has approved the payment of Interim Dividend of INR 14 (INR Fourteen only) per Equity Share of INR 10 each for the Financial Year 2020-21.
Please note that, pursuant to our intimation dated January19, 2021, the Board Meeting will continue on Friday, January 29, 2021 for other agenda items.
Please acknowledge the receipt.
Thanking you, Yours Sincerely, For Persistent Systems Limited
Digitally signed by AMIT MURARI AMIT MURARI ATRE ATRE Date: 2021.01.28 22:40:39 +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
Persistent Systems Limited
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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
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Audited consolidated financial results of Persistent Systems Limited for the quarter and nine months ended December 31, 2020
Segment wise Revenue, Results and Capital Employed
Considering the focus on industry verticals, the Group has decided to reorganize its operating segments from April 1, 2020. The figures for the corresponding periods / year have been appropriately reclassified in line with the current period's classification. a. Banking, Financial Services and Insurance (BFSI)
| Audited consolidated financial results of Persistent Systems Limited for the quarter and nine months ended December 31, 2020 Considerin the focus on industr verticals the Grou has decided to reoranize its oeratin sements from 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 Segment wise Revenue, Results and Capital Employed |
Audited consolidated financial results of Persistent Systems Limited for the quarter and nine months ended December 31, 2020 Considerin the focus on industr verticals the Grou has decided to reoranize its oeratin sements from 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 Segment wise Revenue, Results and Capital Employed |
Audited consolidated financial results of Persistent Systems Limited for the quarter and nine months ended December 31, 2020 Considerin the focus on industr verticals the Grou has decided to reoranize its oeratin sements from 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 Segment wise Revenue, Results and Capital Employed |
Audited consolidated financial results of Persistent Systems Limited for the quarter and nine months ended December 31, 2020 Considerin the focus on industr verticals the Grou has decided to reoranize its oeratin sements from 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 Segment wise Revenue, Results and Capital Employed |
Audited consolidated financial results of Persistent Systems Limited for the quarter and nine months ended December 31, 2020 Considerin the focus on industr verticals the Grou has decided to reoranize its oeratin sements from 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 Segment wise Revenue, Results and Capital Employed |
Audited consolidated financial results of Persistent Systems Limited for the quarter and nine months ended December 31, 2020 Considerin the focus on industr verticals the Grou has decided to reoranize its oeratin sements from 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 Segment wise Revenue, Results and Capital Employed |
Audited consolidated financial results of Persistent Systems Limited for the quarter and nine months ended December 31, 2020 Considerin the focus on industr verticals the Grou has decided to reoranize its oeratin sements from 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 Segment wise Revenue, Results and Capital Employed |
Audited consolidated financial results of Persistent Systems Limited for the quarter and nine months ended December 31, 2020 Considerin the focus on industr verticals the Grou has decided to reoranize its oeratin sements from 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 Segment wise Revenue, Results and Capital Employed |
Audited consolidated financial results of Persistent Systems Limited for the quarter and nine months ended December 31, 2020 Considerin the focus on industr verticals the Grou has decided to reoranize its oeratin sements from 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 Segment wise Revenue, Results and Capital Employed |
Audited consolidated financial results of Persistent Systems Limited for the quarter and nine months ended December 31, 2020 Considerin the focus on industr verticals the Grou has decided to reoranize its oeratin sements from 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 Segment wise Revenue, Results and Capital Employed |
Audited consolidated financial results of Persistent Systems Limited for the quarter and nine months ended December 31, 2020 Considerin the focus on industr verticals the Grou has decided to reoranize its oeratin sements from 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 Segment wise Revenue, Results and Capital Employed |
Audited consolidated financial results of Persistent Systems Limited for the quarter and nine months ended December 31, 2020 Considerin the focus on industr verticals the Grou has decided to reoranize its oeratin sements from 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 Segment wise Revenue, Results and Capital Employed |
Audited consolidated financial results of Persistent Systems Limited for the quarter and nine months ended December 31, 2020 Considerin the focus on industr verticals the Grou has decided to reoranize its oeratin sements from 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 Segment wise Revenue, Results and Capital Employed |
Audited consolidated financial results of Persistent Systems Limited for the quarter and nine months ended December 31, 2020 Considerin the focus on industr verticals the Grou has decided to reoranize its oeratin sements from 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 Segment wise Revenue, Results and Capital Employed |
Audited consolidated financial results of Persistent Systems Limited for the quarter and nine months ended December 31, 2020 Considerin the focus on industr verticals the Grou has decided to reoranize its oeratin sements from 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 Segment wise Revenue, Results and Capital Employed |
Audited consolidated financial results of Persistent Systems Limited for the quarter and nine months ended December 31, 2020 Considerin the focus on industr verticals the Grou has decided to reoranize its oeratin sements from 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 Segment wise Revenue, Results and Capital Employed |
Audited consolidated financial results of Persistent Systems Limited for the quarter and nine months ended December 31, 2020 Considerin the focus on industr verticals the Grou has decided to reoranize its oeratin sements from 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 Segment wise Revenue, Results and Capital Employed |
Audited consolidated financial results of Persistent Systems Limited for the quarter and nine months ended December 31, 2020 Considerin the focus on industr verticals the Grou has decided to reoranize its oeratin sements from 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 Segment wise Revenue, Results and Capital Employed |
Audited consolidated financial results of Persistent Systems Limited for the quarter and nine months ended December 31, 2020 Considerin the focus on industr verticals the Grou has decided to reoranize its oeratin sements from 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 Segment wise Revenue, Results and Capital Employed |
Audited consolidated financial results of Persistent Systems Limited for the quarter and nine months ended December 31, 2020 Considerin the focus on industr verticals the Grou has decided to reoranize its oeratin sements from 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 Segment wise Revenue, Results and Capital Employed |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| in Million | g y , p g pg g April 1, 2020. The figures for the corresponding periods / year have been appropriately reclassified in line with the current period's classification. a. Banking, Financial Services and Insurance (BFSI) b. Healthcare & Life Sciences c. Technology Companies and Emerging Verticals in Million |
||||||||||||||||||
| Sr. No. |
Particulars | Quarter ended | Nine months ended | Year ended March 31, 2020 (Audited) |
|||||||||||||||
| Dec 31, 2020 (Audited) |
Sept 30, 2020 (Audited) |
Dec 31, 2019 (Unaudited) |
Dec 31, 2020 (Audited) |
Dec 31, 2019 (Unaudited) |
|||||||||||||||
| 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 |
Revenue from operations (net) Other income Total income Expenses - Employee benefits expense - Cost of professionals - Finance costs - Depreciation and amortization expense - Other expenses Total Expenses Profit before exceptional items and tax Exceptional items Profit before tax Tax expense - Current tax - Tax charge / (credit) in respect of earlier years - Deferred tax charge / (credit) Total tax expense Profit for the period / year Other comprehensive income 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 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 (Face value of share 10 each) - Basic - Diluted Dividend per share (in ) (Nominal value per share 10) - Interim dividend - Final dividend Total dividend Income |
10,753.98 300.12 |
10,077.47 164.97 |
9,227.29 347.75 |
30,745.30 677.36 |
26,394.43 1,030.57 |
35,658.08 1,323.77 |
||||||||||||
| Sr. No |
. | Particulars | Quarter ended | Nine months ended | Year ended March 31, 2020 (Audited) |
||||||||||||||
| **(1+2) ** | 11,054.10 | 10,242.44 | 9,575.04 | 31,422.66 | 27,425.00 | 36,981.85 | |||||||||||||
| Dec 31, 2020 (Audited) |
Sept 30, 2020 (Audited) |
Dec 31, 2019 (Unaudited) |
Dec 31, 2020 (Audited) |
Dec 31, 2019 (Unaudited) |
|||||||||||||||
| 6,422.18 1,318.68 13.75 461.05 1,188.34 |
6,096.84 1,351.40 14.20 439.79 965.10 |
5,594.47 998.71 14.76 428.44 1,398.91 |
18,304.09 4,020.55 42.11 1,336.45 3,473.81 |
15,880.43 2,755.71 51.64 1,239.82 4,104.41 |
21,556.40 3,918.94 63.32 1,659.62 5,260.15 |
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1 2 3 4 5 6 7 |
Segment revenue - BFSI - Healthcare & Life Sciences - Technology Companies and Emerging Verticals Total Less: Inter segment revenue Net sales/income from operations Segment results i.e. profit/ (loss) before tax, interest and depreciation and amortization - BFSI - Healthcare & Life Sciences - Technology Companies and Emerging Verticals Total Less: - Finance costs - Other un-allocable expenses Un-allocable income Profit before tax |
3,158.04 2,054.64 5,541.30 |
3,217.36 1,941.90 4,918.21 |
2,812.66 1,741.05 4,673.58 |
9,528.51 5,954.01 15,262.78 |
7,618.43 4,942.37 13,833.63 |
10,506.77 18,432.16 6,719.15 |
||||||||||||
| 10,753.98 | 10,077.47 | 9,227.29 | 30,745.30 | 26,394.43 | 35,658.08 | ||||||||||||||
| 9,404.00 | 8,867.33 | 8,435.29 | 27,177.01 | 24,032.01 | 32,458.43 | - 10,753.98 1,360.54 1,108.67 1,484.09 |
- 10,077.47 1,157.13 927.41 1,754.81 |
- 9,227.29 914.10 785.91 1,564.83 |
- 30,745.30 3,566.72 2,935.51 4,826.84 |
- 26,394.43 2,549.31 2,114.44 4,846.55 |
- 35,658.08 3,598.15 2,900.18 6,418.19 |
||||||||
| **(3-4) ** | 1,650.10 - |
1,375.11 - |
1,139.75 - |
4,245.65 - |
3,392.99 - |
4,523.42 - |
|||||||||||||
| **(5-6) ** | 1,650.10 411.41 (0.53) 29.98 |
1,375.11 436.17 (0.87) (80.05) |
1,139.75 348.37 47.34 (135.22) |
4,245.65 1,278.34 6.90 (168.77) |
3,392.99 988.64 45.97 (206.30) |
4,523.42 1,354.70 52.55 (286.72) |
|||||||||||||
| 3,953.29 | 3,839.35 | 3,264.84 | 11,329.07 | 9,510.30 | 12,916.52 | ||||||||||||||
| 13.75 2,589.56 300.12 |
14.20 2,615.01 164.97 |
14.76 2,458.08 347.75 |
42.11 7,718.67 677.36 |
51.64 7,096.24 1,030.57 |
63.32 9,653.55 1,323.77 |
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| 1,650.10 | 1,375.11 | 1,139.75 | 4,245.65 | 3,392.99 | 4,523.42 | ||||||||||||||
| 440.86 | 355.25 | 260.49 | 1,116.47 | 828.31 | 1,120.53 | ||||||||||||||
| (7-8) | 1,209.24 | 1,019.86 | 879.26 | 3,129.18 | 2,564.68 | 3,402.89 | 8 Segment assets | in Million | |||||||||||
| (32.22) | 8.71 | (0.77) | (14.27) | (37.17) | (34.80) | As at | |||||||||||||
| Dec 31, 2020 (Audited) |
Dec 31, 2019 (Unaudited) |
March 31, 2020 (Audited) |
|||||||||||||||||
| - BFSI - Healthcare & Life Sciences - Technology Companies and Emerging Verticals Total allocable segment assets Unallocable assets Total assets |
1,647.23 1,473.10 5,356.04 |
1,893.49 1,375.64 4,518.63 |
2,227.74 1,614.60 4,148.16 |
||||||||||||||||
| 8,476.37 | 7,787.76 | 7,990.50 | |||||||||||||||||
| (32.22) | 8.71 | (0.77) | (14.27) | (37.17) | (34.80) | ||||||||||||||
| 27,183.45 | 21,421.86 | 22,931.19 | |||||||||||||||||
| 96.00 314.59 |
191.01 (532.06) |
(31.11) (129.22) |
436.99 (140.42) |
(179.01) (46.81) |
(429.15) 323.15 |
35,659.82 | 29,209.62 | 30,921.69 | |||||||||||
| 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 between segments and the Group is of the view that it is not practical to reasonably allocate the other assets, liabilities and other non-cash expenses to individual segments and an ad-hoc allocation will not be meaningful. |
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| 410.59 | (341.05) | (160.33) | 296.57 | (225.82) | (106.00) | ||||||||||||||
By order of Board of Directors of Persistent Systems Limited Dr. Anand Deshpande Chairman and Managing Director Pune January 28, 2021 “For risks and uncertainties relating to forward-looking statements, please visit our bit - itt” Notes: 1 The audited interim condensed consolidated financial statements for the quarter and nine months ended December 31, 2020, have been taken on record by the Board of Directors at its meeting held on January 28, 2021 as recommended by the Audit Committee at its meeting held on January 25, 2021. The statutory auditors have expressed an unqualified audit opinion. The information presented above is extracted from the audited interim condensed consolidated financial statements. 2 During the quarter, Persistent Systems Limited (‘the Company’) acquired 100% shares of CAPIOT Software Private Limited, India (‘CAPIOT India’). Consequently, CAPIOT India has become wholly owned subsidiary of the Company. Further, Persistent Systems Inc., USA ("PSI") acquired 100% shares of CAPIOT Software Inc., USA (“CAPIOT US”). Consequent to the above, CAPIOT US has become a wholly owned subsidiary of PSI and CAPIOT Software Pte Ltd, Singapore and CAPIOT Software Pty Ltd, Australia which are the subsidiary companies of CAPIOT US have become step-down subsidiary companies of PSI. 3 The Board of Directors of Persistent Systems Limited, at its meeting held on January 28 , 2021, declared an interim dividend of INR 14 per equity share of face value of INR 10 each for the Financial Year 2020-21. The Record Date for the payment of the dividend will be Wednesday, February 10, 2021. The payment of the dividend will be made by Saturday, February 20, 2021. 4 The Board of Directors approved the appointment of Mr. Sunil Sapre (DIN: 06475949) as an Additional Director (Executive Member) of the Company for the period from January 27, 2021 till September 30, 2024 subject to the approval of the members at the ensuing General Meeting. 5 The Group has considered the possible effects that may result from COVID-19 in the preparation of these condensed interim consolidated financial statements including the recoverability of carrying amounts of financial and non financial assets. In developing the assumptions relating to the possible future uncertainties in the global economic conditions because of COVID-19, the Group has, at the date of approval of these condensed interim consolidated financial statements, used internal and external sources of information including internal credit evaluation report and related information and economic forecasts and expects that the carrying amount of these assets will be recovered. The impact of COVID-19 on the Group's condensed interim consolidated financial statements may differ from that estimated as at the date of approval of these condensed interim consolidated financial statements. 6 The Code on Social Security, 2020 (applicable to Companies incorpoarated in India) relating to employee benefits has been approved by the Parliament and has also been published in Official Gazette of India. However, the date on which it comes into effect has not been notified and the rules are yet to be framed. Group will complete its evaluation and will give appropriate impact in its financial results in the period in which, the Code becomes effective and the related rules are published. 7 The unaudited interim consolidated financial results of the Group for the quarter and nine months ended December 31, 2019 were subjected to limited review by statutory auditors. 8 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 |
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| (A+B) | 378.37 | **(332.34) ** | (161.10) | 282.30 | (262.99) | (140.80) | |||||||||||||
| **(9+10) ** | 1,587.61 | 687.52 | 718.16 | 3,411.48 | 2,301.69 | 3,262.09 | |||||||||||||
| 764.25 15.82 15.82 14.00 - |
764.25 13.34 13.34 - - |
764.25 11.50 11.50 9.00 - |
764.25 40.94 40.94 14.00 - |
764.25 33.41 33.41 9.00 - |
764.25 23,093.30 44.38 44.38 12.00 - |
||||||||||||||
| 14.00 | - | 9.00 |
14.00 | 9.00 | 12.00 | ||||||||||||||
| Audited unconsolidated financial information in Million |
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| Sr. No. |
Particulars | Quarter ended | Nine months ended | Year ended March 31, 2020 (Audited) |
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| Dec 31, 2020 (Audited) |
Sept 30, 2020 (Audited) |
Dec 31, 2019 (Unaudited) |
Dec 31, 2020 (Audited) |
Dec 31, 2019 (Unaudited) |
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| 1 2 3 |
Revenue from operations (net) Profit before tax Profit after tax |
6,426.34 1,609.47 1,259.03 |
5,961.78 1,594.29 1,176.35 |
5,448.79 1,206.76 899.56 |
17,949.50 4,779.24 3,650.14 |
15,419.83 3,664.85 2,802.41 |
21,081.22 5,329.06 4,077.23 |
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| wese : www.perssen.com |
“For risks and uncertainties relating to forward-looking statements, please visit our website :- www.persistent.com”
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Walker Chandiok & Co LLP 11th floor, Tower II, One International Center, SB Marg, Prabhadevi (W) Mumbai 400 013 India T +91 22 6626 2699 F +91 22 6626 2601
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
- We have audited the accompanying Persistent Systems Limited and its subsidiaries (the Holding Company and its and its associate for the quarter ended
31 December 2020 and the consolidated year-to-date results for the period 01 April 2020 to 31 December 2020, 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 .
- and its associate for the quarter ended
-
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, 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 recognition and measurement principles laid down in the Indian Accounting Standard 34, 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 (including other comprehensive income) and other financial information of the Group and its associate for the quarter ended 31 December 2020 as well as the consolidated year-to-date results for the period 01 April 2020 to 31 December 2020.
Basis for Opinion
- 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 Responsibilities for 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 Institute of Chartered Accountants 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 Matters section below, is sufficient and appropriate to provide a basis for our opinion.
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Chartered Accountants
Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and its registered office at L-41 Connaught Circus, New Delhi, 110001, India
Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune
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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
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has been approved by the Holding Company's Board of Directors, has been prepared on the basis of the condensed interim consolidated financial statements. the preparation of the Statement that gives a true and fair view of the consolidated net profit after tax (including other comprehensive income), and other financial information of the Group including its associate 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.
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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.
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In preparing the Statement, the respective Board of Directors of the companies included in the Group and 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 and its associate or to cease operations, or has no realistic alternative but to do so.
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The respective Board of Directors of the companies included in the Group and its associate, are responsible for overseeing the financial reporting process of the companies included in the Group and of its associate.
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Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from opinion. 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.
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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:
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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.
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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 Group and its associate have in place an adequate internal financial controls systems over financial reporting and the operating effectiveness of such controls.
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Chartered Accountants
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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)
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.
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and, 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 associate, to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw Statement or, if such disclosures are
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inadequate, to modify our opinion.
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Our conclusions are based on the audit evidence obtained up to the date of our au However, future events or conditions may cause the Group and its associate to cease to continue as a going concern.
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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.
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Obtain sufficient appropriate audit evidence regarding the financial results/ financial information/ financial statements of the entities within the Group and its associate, 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.
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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.
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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.
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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 Matters
- We did not audit the condensed interim financial statements of nineteen subsidiaries included in the Statement, whose financial information (before eliminating inter company balances/transactions) reflects 5,080.39 million as at 31 December 2020, 2,675.91 million and
3,822.13 million, total net profit 158.88 million 226.67 million, total comprehensive
income of 211.64 million 326.51 million for the quarter and nine months ended 31 December 2020, respectively, and cash inflows 125.56 million for the nine months ended on that date, as considered in the Statement. These 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 the above matter.
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Chartered Accountants
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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)
- and total comprehensive income for the quarter and nine months ended 31 December 2020, respectively, as considered in the Statement, in respect of one associate, whose condensed financial statements have not been audited by us. These financial statements are unaudited and have been furnished to us by the management and our opinion in so far as it relates to the amounts and disclosures included in respect of the 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 and its associate.
Our opinion is not modified in respect of the above matter.
- The consolidated financial results for the corresponding quarter and nine months ended 31 December 2019, included in the accompanying consolidated quarterly financial results as comparative financial information, was subject to review by us vide our review report dated 30 January 2020. Our opinion is not modified in respect of this matter.
For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No:001076N/N500013
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Bharat Shetty Partner Membership No:106815
UDIN:21106815AAAAAN2691
Place: Mumbai Date: 28 January 2021
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Chartered Accountants
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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 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 Valista Limited (VL) (Dissolved w.e.f. 24 June Wholly owned subsidiary of AGL
2020)
9 Aepona Group Limited (AGL) Wholly owned subsidiary of PSI
10 Aepona Limited Wholly owned subsidiary of AGL
11 Youperience GmbH (YGmbH) Wholly owned subsidiary of PSGG
12 Youperience Limited Wholly owned subsidiary of YGmbH
13 Persistent Systems Lanka (Private) Limited Wholly owned subsidiary of AGL
14 Persistent Systems Mexico, S.A. de C.V. Wholly owned subsidiary of PSI
15 Persistent Systems Israel Ltd Wholly owned subsidiary of PSI
16 PARX Werk AG Wholly owned subsidiary of PSGG
17 PARX Consulting GmbH Wholly owned subsidiary of PARX Werk AG
18 Capiot Software Private Limited (Acquired Wholly owned subsidiary of PSL
w.e.f. October 29, 2020)
19 Capiot Software Inc. (Capiot US) (Acquired Wholly owned subsidiary of PSI
w.e.f. November 7, 2020)
20 Capiot Software Pty Limited (Acquired w.e.f. Wholly owned subsidiary of Capiot US
November 7, 2020)
21 Capiot Software Pte Limited (Acquired w.e.f. Wholly owned subsidiary of Capiot US
November 7, 2020)
22 Klisma e-Services Private Limited Associate Company of PSL
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Chartered Accountants
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 nine months ended December 31, 2020
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in Million
Sr. Particulars Quarter ended Nine months ended Year ended
No. December 31, September 30, December 31, December 31, December 31, 2019 March 31, 2020
2020 (Audited) 2020 (Audited) 2019 (Unaudited) 2020 (Audited) (Unaudited) (Audited)
Income
1 Revenue from operations (net) 10,753.98 10,077.47 9,227.29 30,745.30 26,394.43 35,658.08
2 Other income 300.12 164.97 347.75 677.36 1,030.57 1,323.77
3 Total income (1+2) 11,054.10 10,242.44 9,575.04 31,422.66 27,425.00 36,981.85
4 Expenses
- Employee benefits expense 6,422.18 6,096.84 5,594.47 18,304.09 15,880.43 21,556.40
- Cost of professionals 1,318.68 1,351.40 998.71 4,020.55 2,755.71 3,918.94
- Finance costs 13.75 14.20 14.76 42.11 51.64 63.32
- Depreciation and amortization expense 461.05 439.79 428.44 1,336.45 1,239.82 1,659.62
- Other expenses 1,188.34 965.10 1,398.91 3,473.81 4,104.41 5,260.15
Total Expenses 9,404.00 8,867.33 8,435.29 27,177.01 24,032.01 32,458.43
5 Profit before exceptional items and tax (3-4) 1,650.10 1,375.11 1,139.75 4,245.65 3,392.99 4,523.42
6 Exceptional items - - - - - -
7 Profit before tax (5-6) 1,650.10 1,375.11 1,139.75 4,245.65 3,392.99 4,523.42
8 Tax expense
- Current tax 411.41 436.17 348.37 1,278.34 988.64 1,354.70
- Tax charge / (credit) in respect of earlier years (0.53) (0.87) 47.34 6.90 45.97 52.55
- Deferred tax charge / (credit) 29.98 (80.05) (135.22) (168.77) (206.30) (286.72)
Total tax expense 440.86 355.25 260.49 1,116.47 828.31 1,120.53
9 Profit for the period / year (7-8) 1,209.24 1,019.86 879.26 3,129.18 2,564.68 3,402.89
10 Other comprehensive income
A. Items that will not be reclassified to profit
and loss
- Remeasurements of the defined benefit (32.22) 8.71 (0.77) (14.27) (37.17) (34.80)
liabilities / assets (net of tax)
(32.22) 8.71 (0.77) (14.27) (37.17) (34.80)
B. Items that may be reclassified to profit and
loss
- Effective portion of cash flow hedge (net of tax) 96.00 191.01 (31.11) 436.99 (179.01) (429.15)
- Exchange differences in translating the 314.59 (532.06) (129.22) (140.42) (46.81) 323.15
financial statements of foreign operations
410.59 (341.05) (160.33) 296.57 (225.82) (106.00)
Total other comprehensive income for the (A+B) 378.37 (332.34) (161.10) 282.30 (262.99) (140.80)
period / year
11 Total comprehensive income for the period / (9+10) 1,587.61 687.52 718.16 3,411.48 2,301.69 3,262.09
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 23,093.30
14 Earnings per equity share in (Face value of
share 10 each)
- Basic 15.82 13.34 11.50 40.94 33.41 44.38
- Diluted 15.82 13.34 11.50 40.94 33.41 44.38
15 Dividend per share (in ) (Nominal value per
share 10)
- Interim dividend 14.00 - 9.00 14.00 9.00 12.00
- Final dividend - - - - - -
Total dividend 14.00 - 9.00 14.00 9.00 12.00
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Audited unconsolidated financial information
| Revenue from operations (net) Profit before tax Profit after tax Particulars |
in Million Year ended December 31, 2020 (Audited) September 30, 2020 (Audited) December 31, 2019 (Unaudited) December 31, 2020 (Audited) December 31, 2019 (Unaudited) March 31, 2020 (Audited) 6,426.34 5,961.78 5,448.79 17,949.50 15,419.83 21,081.22 1,609.47 1,594.29 1,206.76 4,779.24 3,664.85 5,329.06 1,259.03 1,176.35 899.56 3,650.14 2,802.41 4,077.23 Quarter ended Nine months ended |
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Segment wise Revenue, Results and Capital Employed
Considering the focus on industry verticals, the Group has decided to reorganize its operating segments from April 1, 2020. The figures for the corresponding periods / year have been appropriately reclassified in line with the current period's classification.
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 Total 2 Less: Inter segment revenue 3 Net sales/income from operations 4 - BFSI - Healthcare & Life Sciences 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. - Technology Companies and Emerging Verticals - Technology Companies and Emerging Verticals Segment results i.e. profit/ (loss) before tax, interest and depreciation and amortization |
in Million Year ended December 31, 2020 (Audited) September 30, 2020 (Audited) December 31, 2019 (Unaudited) December 31, 2020 (Audited) December 31, 2019 (Unaudited) March 31, 2020 (Audited) 3,158.04 3,217.36 2,812.66 9,528.51 7,618.43 10,506.77 2,054.64 1,941.90 1,741.05 5,954.01 4,942.37 6,719.15 5,541.30 4,918.21 4,673.58 15,262.78 13,833.63 18,432.16 10,753.98 10,077.47 9,227.29 30,745.30 26,394.43 35,658.08 - - - - - - 10,753.98 10,077.47 9,227.29 30,745.30 26,394.43 35,658.08 1,360.54 1,157.13 914.10 3,566.72 2,549.31 3,598.15 1,108.67 927.41 785.91 2,935.51 2,114.44 2,900.18 1,484.09 1,754.81 1,564.83 4,826.84 4,846.55 6,418.19 3,953.29 3,839.35 3,264.84 11,329.07 9,510.30 12,916.52 13.75 14.20 14.76 42.11 51.64 63.32 2,589.56 2,615.01 2,458.08 7,718.67 7,096.24 9,653.55 300.12 164.97 347.75 677.36 1,030.57 1,323.77 1,650.10 1,375.11 1,139.75 4,245.65 3,392.99 4,523.42 December 31, 2020 (Audited) December 31, 2019 (Unaudited) March 31, 2020 (Audited) 1,647.23 1,893.49 2,227.74 1,473.10 1,375.64 1,614.60 5,356.04 4,518.63 4,148.16 8,476.37 7,787.76 7,990.50 27,183.45 21,421.86 22,931.19 35,659.82 29,209.62 30,921.69 Quarter ended Nine months ended As at |
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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 between segments and the Group is of the view that it is not practical to reasonably allocate the other assets, liabilities and other non-cash expenses to individual segments and an ad-hoc allocation will not be meaningful.
Notes:
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1 The audited interim condensed consolidated financial statements for the quarter and nine months ended December 31, 2020, have been taken on record by the Board of Directors at its meeting held on January 28, 2021 as recommended by the Audit Committee at its meeting held on January 25, 2021. The statutory auditors have expressed an unqualified audit opinion. The information presented above is extracted from the audited interim condensed consolidated financial statements.
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2
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Australia which are the subsidiary companies of CAPIOT US have become step-down subsidiary companies of PSI.
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3 The Board of Directors of Persistent Systems Limited, at its meeting held on January 28 , 2021, declared an interim dividend of INR 14 per equity share of face value of INR 10 each for the Financial Year 2020-21. The Record Date for the payment of the dividend will be Wednesday, February 10, 2021. The payment of the dividend will be made by Saturday, February 20, 2021.
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4 The Board of Directors approved the appointment of Mr. Sunil Sapre (DIN: 06475949) as an Additional Director (Executive Member) of the Company for the period from January 27, 2021 till September 30, 2024 subject to the approval of the members at the ensuing General Meeting.
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5 The Group has considered the possible effects that may result from COVID-19 in the preparation of these condensed interim consolidated financial statements including the recoverability of carrying amounts of financial and non financial assets. In developing the assumptions relating to the possible future uncertainties in the global economic conditions because of COVID-19, the Group has, at the date of approval of these condensed interim consolidated financial statements, used internal and external sources of information including internal credit evaluation report and related information and economic forecasts and expects that the carrying amount of these assets will be recovered. The impact of COVID-19 on the Group's condensed interim consolidated financial statements may differ from that estimated as at the date of approval of these condensed interim consolidated financial statements.
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6 The Code on Social Security, 2020 (applicable to Companies incorpoarated in India) relating to employee benefits has been approved by the Parliament and has also been published in Official Gazette of India. However, the date on which it comes into effect has not been notified and the rules are yet to be framed. Group will complete its evaluation and will give appropriate impact in its financial results in the period in which, the Code becomes effective and the related rules are published.
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7 The unaudited interim consolidated financial results of the Group for the quarter and nine months ended December 31, 2019 were subjected to limited review by statutory auditors.
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8 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 January 28, 2021 Chairman and Managing Director
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Walker Chandiok & Co LLP 11th floor, Tower II, One International Center, SB Marg, Prabhadevi (W) Mumbai 400 013 India T +91 22 6626 2699 F +91 22 6626 2601
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
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We have audited the accompanying statement of unconsolidated Persistent Systems Limited for the quarter ended 31 December 2020 and year to date results for the period 1 April 2020 to 31 December 2020, attached herewith, being submitted by the 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.
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In our opinion and to the best of our information and according to the explanations given to us, the Statement:
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(i) is presented in accordance with the requirements of Regulation 33 of the Listing Regulations, read with , and
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(ii) gives a true and fair view in conformity with the recognition and measurement principles laid down prescribed under
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Section 133 of the Companies Act read with relevant rules issued thereunder, and other accounting principles generally accepted in India, of the unconsolidated net profit after tax (including other comprehensive income) and other financial information of the Company for the quarter ended 31 December 2020 and the year to date results for the period 1 April 2020 to 31 December 2020.
Basis for Opinion
- We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Our responsibilities under those standards are further described in the 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 the 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.
Page 1 of 3
Chartered Accountants
Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and its registered office at L-41 Connaught Circus, New Delhi, 110001, India
Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune
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Persistent Systems Limited
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)
Responsibilities of Management and Those Charged with Governance for the Statement
- This Statement has been prepared on the basis of the condensed interim standalone financial statements. is responsible for the preparation of the Statement that gives a true
and fair view of the net profit 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. 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 gives a true and fair view and is free from material misstatement, whether due to fraud or error.
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In preparing the Statement, the Board of Directors is 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.
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The Board of Directors is
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Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from 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.
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As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
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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.
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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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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
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Persistent Systems Limited
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)
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Conclude on the appropriateness of the Board of Director s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related concern. If we conclude that a material uncertainty exists, we are required to draw attention in our audito 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 ons may cause the Company to cease to continue
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as a going concern.
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Evaluate the overall presentation, structure and content of the unconsolidated financial results, including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation.
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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.
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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.
Other Matter
- The unconsolidated quarterly financial results of the Company for the corresponding quarter and nine months ended 31 December 2019, included in the accompanying unconsolidated quarterly financial results as comparative financial information, was subject to review by us vide our review report dated 30 January 2020. Our opinion is not modified in respect of this matter.
For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No:001076N/N500013
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Bharat Shetty Partner Membership No:106815
UDIN:21106815AAAAAM2076
Place: Mumbai Date: 28 January 2021
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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 : [email protected], 'www.persistent.com'. CIN L72300PN1990PLC056696
Persistent Systems Limited
Audited unconsolidated financial results of Persistent Systems Limited for the quarter and nine months ended December 31, 2020
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(In Million)
Sr. Particulars Quarter ended Nine months ended Year ended
No. December 31, September 30, December 31, December 31, December 31, March 31, 2020
2020 (Audited) 2020 (Audited) 2019 2020 (Audited) 2019 (Audited)
(Unaudited) (Unaudited)
Income
1 Revenue from operations (net) 6,426.34 5,961.78 5,448.79 17,949.50 15,419.83 21,081.22
2 Other income 325.43 207.22 409.73 826.41 1,275.72 1,599.04
3 Total income (1+2) 6,751.77 6,169.00 5,858.52 18,775.91 16,695.55 22,680.26
4 Expenses
- Employee benefits expense 3,699.64 3,265.09 2,905.94 10,021.99 8,084.80 11,029.06
- Cost of professionals 448.82 483.76 462.30 1,310.28 1,430.74 1,825.37
- Finance costs 8.41 9.80 10.69 27.00 34.80 44.51
- Depreciation and amortization expense 140.40 139.06 139.95 411.27 418.66 555.12
- Other expenses 845.03 677.00 1,132.88 2,226.13 3,061.70 3,897.14
Total Expenses 5,142.30 4,574.71 4,651.76 13,996.67 13,030.70 17,351.20
5 Profit before exceptional items and tax (3-4) 1,609.47 1,594.29 1,206.76 4,779.24 3,664.85 5,329.06
6 Exceptional items - - - - - -
7 Profit before tax (5-6) 1,609.47 1,594.29 1,206.76 4,779.24 3,664.85 5,329.06
8 Tax expense
- Current tax 375.82 430.03 324.83 1,215.82 925.60 1,297.91
- Tax charge / (credit) in respect of earlier years - - (1.60) 2.74 (1.60) (1.60)
- Deferred tax (credit) / charge (25.38) (12.09) (16.03) (89.46) (61.56) (44.48)
Total tax expense 350.44 417.94 307.20 1,129.10 862.44 1,251.83
9 Profit for the period / year (7-8) 1,259.03 1,176.35 899.56 3,650.14 2,802.41 4,077.23
10 Other comprehensive income
A. Items that will not be reclassified to profit and loss
- Remeasurements of the defined benefit asset / (liabilities) / (32.89) 6.53 0.25 (8.63) (33.55) (30.46)
(net of tax)
(32.89) 6.53 0.25 (8.63) (33.55) (30.46)
B. Items that may be reclassified to profit and loss
- Effective portion of cash flow hedge (net of tax) 96.00 191.01 (31.11) 436.99 (179.01) (429.15)
96.00 191.01 (31.11) 436.99 (179.01) (429.15)
Total other comprehensive income for the period / year (A+B 63.11 197.54 (30.86) 428.36 (212.56) (459.61)
11 Total comprehensive income for the period / year (9+1 1,322.14 1,373.89 868.70 4,078.50 2,589.85 3,617.62
(Comprising Profit (Loss) and Other Comprehensive
Income for the period)
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 22,221.13
14 Earnings per equity share in (Face value of share 10
each)
- Basic 16.47 15.39 11.77 47.76 36.50 53.17
- Diluted 16.47 15.39 11.77 47.76 36.50 53.17
15 Dividend per share (in ) (Nominal value of share 10
each)
- Interim dividend 14.00 - 9.00 14.00 9.00 12.00
- Final dividend - - - - - -
Total dividend 14.00 - 9.00 14.00 9.00 12.00
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Notes:
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1 The audited interim condensed unconsolidated financial statements for the quarter and nine months ended December 31, 2020, have been taken on record by the Board of Directors at its meeting held on January 28, 2021 as recommended by the Audit Committee at its meeting held on January 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.
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2 has become wholly owned subsidiary of the Company.
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3 The Board of Directors of Persistent Systems Limited, at its meeting held on January 28, 2021, declared an interim dividend of INR 14 per equity share of face value of INR 10 each for the Financial Year 2020-21. The Record Date for the payment of the dividend will be Wednesday, February 10, 2021. The payment of the dividend will be made by Saturday, February 20, 2021.
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4 The Board of Directors approved the appointment of Mr. Sunil Sapre (DIN: 06475949) as an Additional Director (Executive Member) of the Company for the period from January 27, 2021 till September 30, 2024 subject to the approval of the members at the ensuing General Meeting.
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5 The Company has considered the possible effects that may result from COVID-19 in the preparation of these condensed interim unconsolidated financial statements including the recoverability of carrying amounts of financial and non financial assets. In developing the assumptions relating to the possible future uncertainties in the global economic conditions because of COVID-19, the Company has, at the date of approval of these condensed interim financial statements, used internal and external sources of information including internal credit evaluation report and related information and economic forecasts and expects that the carrying amount of these assets will be recovered. The impact of COVID-19 on the Company's condensed interim unconsolidated financial statements may differ from that estimated as at the date of approval of these condensed interim unconsolidated financial statements.
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6 The Code on Social Security, 2020 relating to employee benefits has been approved by the Parliament and has also been published in Official Gazette of India. However, the date on which it comes into effect has not been notified and the rules are yet to be framed. The Company will complete its evaluation and will give appropriate impact in its financial results in the period in which, the Code becomes effective and the related rules are published.
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7
consolidated financial results.
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8 The unaudited interim unconsolidated financial results of the Company for the quarter and nine months ended December 31, 2019 were subjected to limited review by statutory auditors.
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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
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Pune Dr. Anand Deshpande January 28, 2021 Chairman and Managing Director