Persistent Systems Limited — Interim / Quarterly Report 2023

Oct 19, 2022

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NSE & BSE / 2022-23 / 113

October 19, 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 14[th] Floor, P J Towers, Dalal Street, Mumbai 400 001

Ref: Scrip Code: 533179

Dear Sir/Madam,

• Sub: Outcome of the Board Meeting held on October 18, 2022, and continued on October 19, 2022

• Ref: Our earlier intimation under reference no. NSE & BSE / 2022-23 / 110 dated September 23, 2022 (‘Intimation’)

Further to the above-referred intimation, we wish to inform you that, the Board of Directors, at its meeting held on October 19, 2022, and concluded at 1615 Hrs (IST), has inter-alia taken the following decisions:

• A. Approval of the Audited Financial Results for the quarter and half year ended September 30, 2022

Pursuant to Regulation 33 and all other applicable regulations, if any of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Audited Financial Results for the quarter and half year ended September 30, 2022, have been approved. Accordingly, we enclose the following documents:

1. Auditors’ Report dated October 19, 2022, on the Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2022;

2. Consolidated Financial Results of the Company for the quarter and half year ended

   • September 30, 2022;

3. Auditors’ Report dated October 19, 2022, on the Unconsolidated Financial Results of the Company

   • for the quarter and half year ended September 30, 2022; and

4. Unconsolidated Financial Results of the Company for the quarter and half year ended September 30, 2022.

5. B. The Board of Directors has approved the appointment of M/s. SVD and Associates, Practicing Company Secretaries, Pune as the Auditor for conducting the Secretarial Audit of the Company for the Financial Year 2022-23.

Please acknowledge the receipt.

Thanking you, Yours Sincerely, For Persistent Systems Limited

Digitally signed by Amit Amit Murari Atre Murari Atre Date: 2022.10.19 16:18:14 +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 - info@persistent.com | Website - www.persistent.com

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Walker Chandiok & Co LLP

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

Consolidated Financial 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 Persistent Systems Limited and its subsidiaries (the Holding Company for the quarter and half year ended

30 September 2022 , 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) .

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 to in paragraph 12 below, the Statement:

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

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

4. (iii) gives a true and fair view in conformity with the applicable Indian Accounting Standards prescribed under section 133 of the read with the

5. Companies (Indian Accounting Standards) Rules, 2015, 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 for the quarter and half year ended 30 September 2022.

Basis for Opinion

1. 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 Responsibilities for the Audit of the Statement section of our report. We are independent of the Group, in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of the financial

results 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 together with the audit evidence 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.

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Chartered Accountants

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

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

Persistent Systems Limited

Consolidated Financial 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 condensed interim consolidated financial statements. T is responsible for the preparation and presentation of the Statement that gives a true and fair view of the consolidated net profit and other comprehensive income, and other financial information of the Group in accordance with the Ind AS prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Holding 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, 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 for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively, for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial results, that give a true and fair view and are free from material misstatement, whether due to fraud or error. These financial results have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.

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

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

the Statement

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

2. As part of an audit in accordance with the Standards on Auditing specified under section 143(10) of the Act, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

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

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Chartered Accountants

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

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

Persistent Systems Limited

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

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

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management. 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 ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are Statement

• or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on conditions may cause the Group and its associate to cease to 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, to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Statement, of which we are the independent auditors. For the other entities included in the Statement, which have been audited by the other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

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

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

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

Page 3 of 5

Chartered Accountants

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

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

Persistent Systems Limited

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

Other Matters

1. We did not audit the condensed interim financial statements of twenty-nine subsidiaries included 12,613.91 million as at

30 September 4,923.57 166.56 million, total 142.75 mill 339.21) million for the half year

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 11 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.

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

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Shashi Tadwalkar

Partner Membership No:101797

UDIN:22101797BAGDFV4690

Place: Pune Date: 19 October 2022

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

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

Persistent Systems Limited

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

Annexure 1

List of entities included in the Statement

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Sr No Name of Entity Nature of Relationship
1 Persistent Systems Limited (PSL) Holding Company
2 Persistent Systems, Inc. (PSI) Wholly owned subsidiary of PSL
3 Persistent Systems Pte Ltd. Wholly owned subsidiary of PSL
4 Persistent Systems France SAS Wholly owned subsidiary of PSL
5 Persistent Systems Malaysia Sdn. Bhd. Wholly owned subsidiary of PSL
6 Persistent Systems Germany GmbH (PSGG) Wholly owned subsidiary of PSL
7 Persistent Telecom Solutions Inc. Wholly owned subsidiary of PSI
8 Aepona Group Limited (AGL) Wholly owned subsidiary of PSI
9 Aepona Limited Wholly owned subsidiary of AGL
10 Youperience GmbH (YGmbH) Wholly owned subsidiary of PSGG
11 Youperience Limited Wholly owned subsidiary of YGmbH
12 Persistent Systems Lanka (Private) Limited Wholly owned subsidiary of AGL
13 Persistent Systems Mexico, S.A. de C.V. Wholly owned subsidiary of PSI
14 Persistent Systems Israel Ltd Wholly owned subsidiary of PSI
15 Persistent Systems Switzerland AG (Formerly known Wholly owned subsidiary of PSGG
as PARX Werk AG)
16 PARX Consulting GmbH Wholly owned subsidiary of Persistent
Systems Switzerland 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 Wholly owned subsidiary of PSI
23 SCI Fusion360 LLC Wholly owned subsidiary of PSI
24 Data Glove IT Solutions Limitada Wholly owned subsidiary of PSGG
25 Persistent Systems S.r.l. Wholly owned subsidiary of PSGG
(Formed we.f. June 17,2022)
26 MediaAgility Inc.(MAI) Wholly owned subsidiary of PSI
(Acquired w.e.f. May 4,2022)
27 MediaAgility Pte. Ltd. Wholly owned subsidiary of MAI
(Acquired w.e.f. May 4,2022)
28 MediaAgility UK Ltd. Wholly owned subsidiary of MAI
(Acquired w.e.f. May 4,2022)
29 Digitalagility S de RL de CV Wholly owned subsidiary of MAI
(Acquired w.e.f. May 4,2022)
30 MediaAgility India Private Limited (Acquired w.e.f. Wholly owned subsidiary of PSL
April 29,2022)
31 PSPL ESOP Management Trust (Controlled w.e.f. Controlled ESOP Trust
April 1,2022)
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Chartered Accountants

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

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

Persistent Systems Limited

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

Audited consolidated financial results of Persistent Systems Limited for the quarter and half year ended September 30, 2022

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in Million
Sr. Particulars Quarter ended Half year ended Year ended
No. September 30, June 30, September 30, September 30, September 30, March 31,
2022 2022 2021 2022 2021 2022
Income
1 Revenue from operations (net) 20,486.41 18,781.11 13,512.49 39,267.52 25,811.75 57,107.46
2 Other income 80.55 209.78 324.15 290.33 712.18 1,439.55
3 Total income (1+2) 20,566.96 18,990.89 13,836.64 39,557.85 26,523.93 58,547.01
4 Expenses
- Employee benefits expense 12,371.20 11,106.69 8,092.37 23,477.89 15,416.06 34,593.10
- Cost of professionals 2,638.00 2,602.82 1,999.54 5,240.82 3,803.79 7,974.18
- Finance costs 111.08 78.83 20.94 189.91 43.56 118.35
- Depreciation and amortization expense 693.07 645.12 370.83 1,338.19 720.92 1,660.12
- Other expenses 1,797.57 1,738.68 1,176.64 3,536.25 2,332.76 4,958.47
Total Expenses 17,610.92 16,172.14 11,660.32 33,783.06 22,317.09 49,304.22
5 Profit before tax (3-4) 2,956.04 2,818.75 2,176.32 5,774.79 4,206.84 9,242.79
6 Tax expense
- Current tax 727.28 693.45 538.63 1,420.73 1,085.99 2,322.85
- Tax charge in respect of earlier years / 7.31 - (3.88) 7.31 (17.61) 42.57
periods
- Deferred tax charge / (credit) 21.31 9.18 24.04 30.49 8.45 (26.49)
Total tax expense 755.90 702.63 558.79 1,458.53 1,076.83 2,338.93
7 Profit for the period / year (5-6) 2,200.14 2,116.12 1,617.53 4,316.26 3,130.01 6,903.86
8 Other comprehensive income
A. Items that will not be reclassified to profit
and loss
- Remeasurements of the defined benefit (23.95) 68.31 (51.50) 44.36 (132.96) (248.05)
liabilities / asset
- Income tax effect on above 5.75 (16.11) 13.13 (10.36) 32.87 64.18
(18.20) 52.20 (38.37) 34.00 (100.09) (183.87)
B. Items that may be reclassified to profit
and loss
- Effective portion of cash flow hedge (178.81) (284.03) 29.55 (462.84) (97.54) (130.49)
- Income tax effect on above 45.01 71.48 (7.44) 116.49 24.55 32.84
- Exchange differences in translating the 308.50 156.00 (13.58) 464.50 114.73 138.96
financial statements of foreign operations
174.70 (56.55) 8.53 118.15 41.74 41.31
Total other comprehensive income for the (A+B) 156.50 (4.35) (29.84) 152.15 (58.35) (142.56)
period / year
9 Total comprehensive income for the period / (7+8) 2,356.64 2,111.77 1,587.69 4,468.41 3,071.66 6,761.30
year (Comprising Profit / (Loss) and Other
Comprehensive Income for the period / year)
10 Paid-up equity share capital 764.25 764.25 764.25 764.25 764.25 764.25
(Face value of share 10 each)
11 Other equity excluding revaluation reserves 32,917.95
12 Earnings per equity share in (Nominal
value of share 10 each)
- Basic 29.61 28.50 21.16 58.15 40.96 90.34
- Diluted 28.79 27.69 21.16 56.48 40.96 90.34
13 Dividend per share (in ) (Nominal value per
share 10)
Interim dividend - - - - - 20.00
Final dividend - - - - - 11.00
Total dividend - - - - - 31.00
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Audited consolidated statement of assets and liabilities

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in Million
Particulars As at As at As at
September 30, September 30, March 31,
2022 2021 2022
ASSETS
Non-current assets
Property, plant and equipment 3,300.14 2,785.17 2,917.67
Capital work-in-progress 1,164.01 7.57 1,071.20
Right- of- use assets 2,138.00 1,054.83 1,358.21
Goodwill 3,248.07 108.79 2,790.22
Other intangible assets 12,963.47 1,192.79 8,269.63
Financial assets
- Investments 4,438.64 3,871.73 3,877.72
- Loans - 1,880.00 3,522.00
-Other non-current financial assets 672.48 225.49 340.74
Deferred tax assets (net) 1,265.70 1,065.25 1,122.72
Other non-current assets 1,252.42 1,513.36 531.61
Total non-current assets 30,442.93 13,704.98 25,801.72
Current assets
Financial assets
- Investments 2,086.50 3,144.89 4,346.91
- Trade receivables (net) 13,238.51 6,515.21 9,484.29
- Cash and cash equivalents 4,407.37 5,176.54 2,977.99
- Bank balances other than cash and cash equivalents 4,450.52 6,469.83 6,166.59
- Loans - - -
- Other current financial assets 4,536.56 3,214.99 3,231.00
Current tax assets (net) 175.28 283.09 179.57
Other current assets 2,772.27 1,851.23 1,952.90
Total current assets 31,667.01 26,655.78 28,339.25
TOTAL ASSETS 62,109.94 40,360.76 54,140.97
EQUITY AND LIABILITIES
Equity
Equity share capital 764.25 764.25 764.25
Other equity 34,481.03 30,170.18 32,917.95
Total Equity 35,245.28 30,934.43 33,682.20
Liabilities
Non- current liabilities
Financial liabilities
- Borrowings 3,067.10 43.34 2,800.79
- Lease liabilities 1,570.47 897.95 1,114.29
- Other financial liabilities 2,436.43 - 2,088.60
Provisions 354.71 268.22 245.54
Total Non- current liabilities 7,428.71 1,209.51 6,249.22
Current liabilities
Financial liabilities
- Borrowings 2,274.73 1.85 1,524.56
- Lease liabilities 606.01 250.96 342.58
- Trade payables 4,298.71 4,298.71 2,733.44
- Total outstanding dues of micro and small enterprises 17.21 45.55 10.30
- Total outstanding dues of creditors other than micro and small enterprises 5,818.97 3,434.33 4,288.41
- Other financial liabilities 4,357.60 167.82 2,173.60
Other current liabilities 2,348.31 1,698.57 1,571.72
Provisions 3,554.33 2,278.68 3,949.66
Current tax liabilities (net) 458.79 339.06 348.72
Total current liabilities 19,435.95 8,216.82 14,209.55
TOTAL EQUITY AND LIABILITIES 62,109.94 40,360.76 54,140.97
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Persistent Systems Limited

CONDENSED INTERIM CONSOLIDATED CASH FLOW STATEMENT FOR THE HALF YEAR ENDED SEPTEMBER 30, 2022

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For the half year ended For the year ended
September 30, 2022 September 30, 2021 March 31, 2022
In Million In Million In Million
Cash flow from operating activities
Profit before tax 5,774.79 4,206.84 9,242.79
Adjustments for:
Interest income (222.73) (254.60) (600.22)
Finance costs 189.91 43.56 118.35
Depreciation and amortization expense 1,338.19 720.92 1,660.12
Unrealised exchange loss/ (gain) (net) (10.02) (18.56) (25.92)
Change in foreign currency translation reserve (153.42) 66.62 305.64
Exchange (gain) / loss on derivative contracts 133.98 57.87 79.38
Exchange loss / (gain) on translation of foreign currency cash and cash equivalents 4.56 3.46 1.70
Bad debts - - 65.27
(Reversal) / Allowance for expected credit loss (net) 31.01 (27.36) (105.06)
Employee stock compensation expenses 695.81 364.80 950.23
Loss / Impairment of non current investments - - 148.40
Provision for diminution in value of non-current investments - 147.68 -
Remeasurements of the defined benefit liabilities / asset (before tax effects) 34.00 (132.97) (183.87)
Excess provision in respect of earlier years written back (9.35) (32.55) (66.00)
Profit on sale/ fair valuation of financial assets designated as FVTPL (56.18) (233.58) (354.30)
Profit on sale of property, plant and equipment (net) (0.11) (4.72) (12.45)
Operating profit before working capital changes 7,750.44 4,907.41 11,224.06
Movements in working capital :
Decrease / (Increase) in non-current and current loans 1.83 (0.11) 5.69
Increase in other non current assets (150.40) (109.05) (147.89)
Increase in other current financial assets (1,076.24) (881.19) (869.22)
(Increase) / Decrease in other current assets (801.08) 232.49 146.71
Increase in trade receivables (2,691.07) (749.25) (3,508.56)
Increase in trade payables, current liabilities and non current liabilities 2,319.72 1,318.68 2,489.72
(Decrease) / Increase in provisions (286.16) (171.83) 1,476.47
Operating profit after working capital changes 5,067.04 4,547.15 10,816.98
Direct taxes paid (net of refunds) (1,285.14) (1,150.38) (2,367.12)
Net cash generated from operating activities (A) 3,781.90 3,396.77 8,449.86
Cash flows from investing activities
Payment towards capital expenditure (including intangible assets, capital advances and capital creditors) (2,832.38) (2,325.90) (3,853.97)
Proceeds from sale of property, plant and equipment 3.19 15.21 46.02
Acquisition of step-down subsidiaries/businesses including cash and cash equivalents: 642.81 (3,914.07) - (6,154.02)
Million (Corresponding period: Nil / Previous year 61.07 million)
Purchase of bonds (62.97) (562.62) (711.90)
Proceeds from sale/ maturity of bonds 31.49 239.35 499.95
Investments in mutual funds (18,060.60) (15,686.10) (33,456.80)
Proceeds from sale / maturity of mutual funds 20,366.55 19,127.50 35,762.24
Proceeds from maturity of bank deposits having original maturity over three months 1,580.86 740.08 1,121.92
Investments in deposits with financial institutions (200.00) - (100.00)
Investment in common / preferred stocks - - (123.61)
Loan to ESOP Trust - (1,880.00) (3,522.00)
Interest received 288.78 368.05 718.74
Net cash (used in) / generated from investing activities (B) (2,799.15) 35.57 (9,773.43)
Cash flows from financing activities
Repayment of long term borrowings in Indian rupee (1.86) (1.85) (1.84)
Net proceeds from foreign currency long term borrowings 1,018.42 - 4,280.99
Payment of lease liabilities (198.70) (167.57) (350.83)
Interest paid (189.99) (43.67) (118.38)
Dividends paid (840.15) (458.55) (1,987.05)
Net cash (used in) / generated from financing activities (C ) (212.28) (671.64) 1,822.89
Net increase in cash and cash equivalents (A + B + C) 770.47 2,760.70 499.32
Cash and cash equivalents at the beginning of the year 2,977.99 2,419.30 2,419.30
Cash and cash equivalents acquired on acquisition 642.81 - 61.07
Effect of exchange difference on translation of foreign currency cash (4.56) (3.46) (1.70)
and cash equivalents
Impact of ESOP Trust consolidation 20.66 - -
Cash and cash equivalents at the end of the year 4,407.37 5,176.54 2,977.99
Components of cash and cash equivalents
Cash on hand 0.29 0.23 0.24
Cheques on hand - 1.34 -
Balances with banks
On current accounts # 3,511.39 4,682.35 2,337.96
On saving accounts 31.74 8.46 1.64
On exchange earner's foreign currency accounts 456.69 358.60 259.20
On deposit accounts with original maturity less than three months - 125.56 -
On Escrow accounts 407.26 - 378.95
Cash and cash equivalents 4,407.37 5,176.54 2,977.99
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Of the cash and cash equivalent balance as at September 30, 2022, the Group can utilise 37.42 million (Corresponding period : 170.21 million, Previous year: 35.75 million) only towards certain predefined activities specified in the agreement.

** The balance maintained in Escrow account will be released to selling shareholders on meeting specific conditions.

Audited unconsolidated financial information

Revenue from operations (net) Profit before tax Profit after tax Particulars	in Million Year ended September 30, 2022 June 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 March 31, 2022 12,247.66 11,020.76 8,469.85 23,268.42 16,118.19 35,754.80 2,332.58 2,310.96 2,078.90 4,643.54 4,288.77 9,120.61 1,751.05 1,748.79 1,523.95 3,499.84 3,184.90 6,858.66 Half year ended Quarter ended

Segment wise Revenue, Results and Capital Employed

The operating segments are:

a. Banking, Financial Services and Insurance (BFSI)

b. Healthcare & Life Sciences

c. Software, Hi-Tech and Emerging Industries

Particulars 1 Segment revenue - BFSI - Healthcare & Life Sciences - Software, Hi-Tech and Emerging Industries Total 2 Less: Inter segment revenue 3 Net sales/income from operations 4 Segment results i.e. profit/ (loss) before tax, interest and depreciation and amortization - BFSI - Healthcare & Life Sciences - Software, Hi-Tech and Emerging Industries Total 5 Less: - Finance costs - Other un-allocable expenses 6 Un-allocable income 7 Profit before tax 8 Segment assets - BFSI - Healthcare & Life Sciences - Software, Hi-Tech and Emerging Industries Total allocable segment assets Unallocable assets Total assets Sr. No.	September 30, 2022 June 30, 2022 September 30, 2021 6,636.10 6,344.44 4,141.95 3,862.55 3,720.54 2,868.95 9,987.76 8,716.13 6,501.59 20,486.41 18,781.11 13,512.49 - - - 20,486.41 18,781.11 13,512.49 2,327.64 2,269.28 1,564.97 1,930.81 1,830.27 1,462.21 3,367.60 2,298.72 2,027.46 7,626.05 6,398.27 5,054.64 111.08 78.83 20.94 4,639.48 3,710.47 3,181.53 80.55 209.78 324.15 2,956.04 2,818.75 2,176.32 Quarter ended	in Million Year ended September 30, 2022 September 30, 2021 March 31, 2022 12,980.54 7,933.98 18,063.65 7,583.09 5,384.71 11,842.75 18,703.89 12,493.06 27,201.06 39,267.52 25,811.75 57,107.46 - - - 39,267.52 25,811.75 57,107.46 4,596.92 2,913.22 6,184.33 3,761.08 2,801.59 6,063.74 5,666.32 3,948.84 9,269.10 14,024.32 9,663.65 21,517.17 189.91 43.56 118.35 8,349.95 6,125.43 13,595.58 290.33 712.18 1,439.55 5,774.79 4,206.84 9,242.79 in Million September 30, 2022 September 30, 2021 March 31, 2022 4,423.03 2,371.03 2,570.89 3,163.45 1,998.85 2,274.57 10,172.49 5,199.29 7,769.14 17,758.97 9,569.17 12,614.60 44,350.97 30,791.59 41,526.37 62,109.94 40,360.76 54,140.97 Half year ended As on

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 half year ended September 30, 2022, have been taken on record by the Board of Directors at its meeting held on October 19, 2022 as recommended by the Audit Committee at its meeting held on October 18, 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 millions) except share and per share data, unless otherwise stated.

• 3 The Members of the Company at the Thirty-Second Annual General Meeting held on July 19, 2022, approved payment of the Final Dividend of 11 per Equity Share for FY 2021-22 (�Final Dividend�). Accordingly, an amount of 840.35 million was paid towards the Final Dividend as of September 30, 2022, out of the total dividend amount of 840.68 million. The remaining amount of 0.33 million is unclaimed and the Company will make due efforts to pay the same to the respective Shareholders.

• 4 In accordance with para 4 of Notified Indian Accounting Standard 108 (Ind AS-108) �Operating Segments�, the Company has disclosed segment information only on the basis of consolidated financial results.

• 5 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

Pune Dr. Anand Deshpande Date : October 19, 2022 Chairman and Managing Director

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

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Walker Chandiok & Co LLP

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

Independent Auditor’s Report on Audited Standalone Financial 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 standalone financial results (‘the Statement’) of Persistent Systems Limited (‘the Company’) for the quarter and half year ended 30 September 2022 , 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) (‘Listing Regulations’).

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

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

4. (ii) gives a true and fair view in conformity with the applicable Indian Accounting Standards (‘Ind AS’) specified under section 133 of the Companies Act, 2013 (‘the Act’), read with the Companies (Indian Accounting Standards) Rules, 2015, and other accounting principles generally accepted in India, of the standalone net profit after tax and other comprehensive income and other financial information of the Company for the quarter and half year ended 30 September 2022.

Basis for Opinion

1. 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 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 (‘the ICAI’) together with the ethical requirements that are relevant to our audit of the Standalone Financial Results under the provisions of the Act and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us, is sufficient and appropriate to provide a basis for our opinion.

Page 1 of 3

Chartered Accountants

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

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

Persistent Systems Limited Independent Auditor’s Report on Audited Standalone Financial 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. This Statement has been prepared on the basis of the condensed interim standalone financial statements and has been approved by the Company's Board of Directors. The Company’s Board of Directors is responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit and other comprehensive income and other financial information of the Company in accordance with the Ind AS specified under section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015 and other accounting principles generally accepted in India, and in compliance with Regulation 33 of the Listing Regulations. 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.

2. 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.

3. The Board of Directors is 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 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.

8. As part of an audit in accordance with the Standards on Auditing, specified under section 143(10) of the Act, 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.

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

Page 2 of 3

Chartered Accountants

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

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

Persistent Systems Limited

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

• Conclude on the appropriateness of the management’s 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 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 auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

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

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

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

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

Digitally signed by SHASHI SHASHI TADWALKAR TADWALKAR Date: 2022.10.19 15:49:22 +05'30'

Shashi Tadwalkar Partner Membership No:101797

UDIN:22101797BAGCKT9982

Place: Pune Date: 19 October 2022

Page 3 of 3

Chartered Accountants

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

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

Persistent Systems Limited

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

Audited unconsolidated financial results of Persistent Systems Limited for the quarter and half year ended September 30, 2022

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(In ₹ Million)
Sr. No. Particulars Quarter ended Half year ended Year ended
September 30, 2022 June 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 March 31, 2022
Income
1 Revenue from operations (net) 12,247.66 11,020.76 8,469.85 23,268.42 16,118.19 35,754.80
2 Other income 107.16 237.77 281.65 344.93 626.33 1,324.57
3 Total income (1+2) 12,354.82 11,258.53 8,751.50 23,613.35 16,744.52 37,079.37
4 Expenses
- Employee benefits expense 7,758.59 6,955.28 5,109.82 14,713.87 9,551.36 21,882.72
- Cost of professionals 601.74 427.71 472.67 1,029.45 809.92 1,461.91
- Finance costs 29.32 19.86 17.19 49.18 35.69 68.78
- Depreciation and amortization expense 332.24 284.53 197.79 616.77 360.50 837.57
- Other expenses 1,300.35 1,260.19 875.13 2,560.54 1,698.28 3,707.78
Total expenses 10,022.24 8,947.57 6,672.60 18,969.81 12,455.75 27,958.76
5 Profit before tax (3-4) 2,332.58 2,310.96 2,078.90 4,643.54 4,288.77 9,120.61
6 Tax expense
- Current tax 603.72 612.24 518.83 1,215.96 1,056.05 2,236.61
- Tax charge in respect of earlier period/ year - - - - - 13.48
- Deferred tax (credit) / charge (22.19) (50.07) 36.12 (72.26) 47.82 11.86
Total tax expense 581.53 562.17 554.95 1,143.70 1,103.87 2,261.95
7 Profit for the period / year (5-6) 1,751.05 1,748.79 1,523.95 3,499.84 3,184.90 6,858.66
8 Other comprehensive income
A. Items that will not be reclassified to profit and loss
- Remeasurements of the defined benefit asset / liabilities (24.24) 64.02 (52.60) 39.78 (130.64) (255.00)
- Income tax effect on above 5.75 (16.11) 13.13 (10.36) 32.87 64.18
(18.49) 47.91 (39.47) 29.42 (97.77) (190.82)
B. Items that may be reclassified to profit and loss
- Effective portion of cash flow hedge (178.81) (284.03) 29.55 (462.84) (97.55) (130.50)
- Income tax effect on above 45.01 71.48 (7.44) 116.49 24.55 32.84
(133.80) (212.55) 22.11 (346.35) (73.00) (97.66)
Total other comprehensive income for the period / year (A+B) (152.29) (164.64) (17.36) (316.93) (170.77) (288.48)
9 Total comprehensive income for the period / year (7+8) 1,598.76 1,584.15 1,506.59 3,182.91 3,014.13 6,570.18
(Comprising Profit/ (Loss) and Other Comprehensive
Income for the period/ year)
10 Paid-up equity share capital 764.25 764.25 764.25 764.25 764.25 764.25
(Face value of share ₹ 10 each)
11 Other equity excluding revaluation reserves 32,424.60
12 Earnings per equity share in ₹ (Nominal value of share ₹
10 each)
- Basic 22.91 22.88 19.94 45.79 41.67 89.74
- Diluted 22.91 22.88 19.94 45.79 41.67 89.74
13 Dividend per share (in ₹) (Nominal value of share ₹ 10
each)
Interim dividend - - - - - 20.00
Final dividend - - - - - 11.00
Total dividend - - - - - 31.00
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Persistent Systems Limited

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 half year ended September 30, 2022 Audited unconsolidated statement of assets and liabilities

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(In ₹ Million)
Particulars As on As on As on
September 30, 2022 September 30, 2021 March 31, 2022
ASSETS
Non-current assets
Property, plant and equipment 3,088.17 2,601.22 2,733.61
Capital work-in-progress 1,149.55 7.15 1,071.02
Right of use assets 1,521.92 556.78 671.63
Goodwill 54.39 - -
Other intangible assets 724.12 176.27 780.73
Financial assets
- Investments 11,461.95 8,165.99 8,734.81
- Loans 3,753.83 1,880.00 3,943.68
-Other non-current financial assets 570.96 3,118.65 226.68
Deferred tax assets (net) 455.47 222.47 266.72
Other non-current assets 1,252.42 1,417.97 557.98
Total non-current assets 24,032.78 18,146.50 18,986.86
Current assets
Financial assets
- Investments 2,086.50 3,144.87 4,346.91
- Trade receivables (net) 7,061.01 3,383.92 4,426.84
- Cash and cash equivalents 1,218.27 638.75 563.67
- Bank balances other than cash and cash equivalents 4,360.79 6,308.38 6,038.02
- Loans - - -
- Other current financial assets 3,448.32 2,762.01 3,724.83
Other current assets 1,991.70 1,535.35 1,371.26
Total current assets 20,166.59 17,773.28 20,471.53
TOTAL ASSETS 44,199.37 35,919.78 39,458.39
EQUITY AND LIABILITIES
Equity
Equity share capital 764.25 764.25 764.25
Other equity 35,464.92 29,811.43 32,424.60
Total Equity 36,229.17 30,575.68 33,188.85
Liabilities
Non- current liabilities
Financial liabilities
- Borrowings 1.84 3.69 3.70
- Lease liabilities 1,118.98 518.87 611.75
Provisions 329.11 252.59 245.54
Total Non- current liabilities 1,449.93 775.15 860.99
Current liabilities
Financial liabilities
- Borrowings 1.85 1.85 1.93
- Lease liabilities 422.82 112.83 146.51
- Trade payables
-total outstanding dues of micro enterprises and small enterprises 17.21 45.55 10.30
-total outstanding dues of creditors other than micro enterprises and small enterprises 1,069.20 856.59 844.68
- Other financial liabilities 820.85 166.12 382.98
Other current liabilities 2,103.72 1,961.69 1,509.04
Provisions 1,826.77 1,168.02 2,269.73
Current tax liabilities (net) 257.85 256.30 243.38
Total current liabilities 6,520.27 4,568.95 5,408.55
TOTAL EQUITY AND LIABILITIES 44,199.37 35,919.78 39,458.39
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Audited unconsolidated cash flow statement for the half year ended September 30, 2022

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(In ₹ Million)
For the half year ended For the year ended
September 30, 2022 September 30, 2021 March 31, 2022
Cash flows from operating activities
Profit before tax 4,643.54 4,288.77 9,120.61
Adjustments for:
Interest income (324.75) (251.23) (593.58)
Finance cost 49.18 35.69 68.78
Dividend income - - (53.16)
Depreciation and amortization expense 616.77 360.50 837.57
Unrealised exchange (gain) / loss (net) (127.12) 30.66 26.38
Exchange loss on derivative contracts 133.98 57.87 79.38
Exchange (gain) / loss on translation of foreign currency cash and cash equivalents 11.23 (3.59) 0.29
Bad debts - - 12.12
Change in provision for expected credit loss (net) 11.61 (4.75) (29.97)
Employee stock compensation expenses 562.24 277.34 739.52
Remeasurements of the defined benefit liabilities / assets (before tax effects) 39.78 (64.89) (190.82)
Excess provision in respect of earlier years written back (0.95) - (15.53)
Profit on sale/ fair valuation of financial assets designated as FVTPL (51.41) (218.20) (338.78)
Profit on sale of Property, Plant and Equipment (net) (1.16) (4.72) (12.31)
Operating profit before working capital changes 5,562.94 4,503.45 9,650.50
Movements in working capital :
Increase in other non current assets (156.75) (16.99) (40.48)
Increase in other non current financial assets (112.84) (13.63) (70.68)
Decrease / (Increase) in other current financial assets 327.78 (765.82) (1,594.52)
(Increase) / Decrease in other current assets (646.53) 120.82 285.67
Increase in trade receivables (2,447.62) (440.16) (1,470.96)
Increase in trade payables, current liabilities and non current liabilities 1,683.43 566.79 273.76
(Decrease) / Increase in provisions (358.44) 34.08 1,144.27
Operating profit after working capital changes 3,851.97 3,988.54 8,177.56
Direct taxes paid (net of refunds) (1,211.85) (1,144.77) (2,318.85)
Net cash generated from operating activities (A) 2,640.12 2,843.77 5,858.71
Cash flows from investing activities
Payment towards capital expenditure (including intangible assets, capital advances and capital (2,471.28) (2,027.12) (2,728.84)
creditors)
Acquisition of assets through business combination - - (628.87)
Proceeds from sale of Property, Plant and Equipment 1.25 5.05 13.19
Share application money paid - (2,969.60)
Investment in wholly owned subsidiaries (2,652.93) - (645.52)
Recovery / (Disbursement) of Loan from / to ESOP trust 172.00 (1,880.00) (3,522.00)
Purchase of bonds (62.97) (562.62) (711.90)
Proceeds from sale of bonds 31.49 239.35 499.95
Investments in mutual funds (18,060.60) (15,686.10) (33,456.80)
Proceeds from sale / maturity of mutual funds 20,366.55 19,127.50 35,762.24
Proceeds from maturity of bank deposits having original maturity over three months 1,542.42 900.50 1,249.81
Investment in deposit with financial institutions (200.00) - (100.00)
Inter corporate deposits given to a wholly owned subsidiary - - (419.59)
Interest received 385.23 363.04 709.07
Dividend received - - 53.16
Net cash used in investing activities (B) (948.84) (2,490.00) (3,926.10)
Cash flows from financing activities
Repayment of long term borrowings (1.86) (1.85) (1.84)
Payment of lease liabilities (133.65) (85.13) (173.67)
Dividend paid (840.68) (458.55) (1,987.05)
Interest paid (49.26) (35.80) (68.81)
Net cash used in financing activities (C ) (1,025.45) (581.33) (2,231.37)
Net increase / (decrease) in cash and cash equivalents (A + B + C) 665.82 (227.56) (298.76)
Cash and cash equivalents at the beginning of the year 563.67 862.72 862.72
Effect of exchange differences on translation of foreign currency cash and cash equivalents (11.23) 3.59 (0.29)
Cash and cash equivalents at the end of the period/ year 1,218.26 638.75 563.67
Components of cash and cash equivalents
Cash on hand (refer note 12) 0.10 0.07 0.09
Balances with banks
On current accounts # (refer note 12) 729.74 271.62 302.74
On saving accounts (refer note 12) 31.74 8.46 1.64
On exchange earner's foreign currency accounts (refer note 12) 456.69 358.60 259.20
Cash and cash equivalents 1,218.27 638.75 563.67
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Of the cash and cash equivalent balance as at September 30, 2022, the Company can utilise ₹ 37.42 million (Corresponding period : ₹ 170.21 million, Previous year: ₹ 35.75 million) only towards certain predefined activities specified in the agreement.

Persistent Systems Limited

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 half year ended September 30, 2022

Notes:

• 1 The audited condensed interim unconsolidated financial statements for the quarter and half year ended September 30, 2022, have been taken on record by the Board of Directors at its meeting held on October 19, 2022 as recommended by the Audit Committee at its meeting held on October 18, 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 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.

• 3 The Members of the Company at the Thirty-Second Annual General Meeting held on July 19, 2022, approved payment of the Final Dividend of ₹ 11 per Equity Share for FY 2021-22 (‘Final Dividend’). Accordingly, an amount of ₹ 840.35 million was paid towards the Final Dividend as of September 30, 2022, out of the total dividend amount of ₹ 840.68 million. The remaining amount of ₹ 0.33 million is unclaimed and the Company will make due efforts to pay the same to the respective Shareholders.

• 4 In accordance with para 4 of Notified Indian Accounting Standard 108 (Ind AS-108) “Operating Segments”, the Company has disclosed segment information only on the basis of consolidated financial results.

• 5 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

Pune Date : October 19, 2022

Dr. Anand Deshpande Chairman and Managing Director

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