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Persistent Systems Limited — Earnings Release 2023
Jul 21, 2022
60826_rns_2022-07-21_8c456b6a-598c-4b24-9f4e-98ae80e6749a.pdf
Earnings Release
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NSE & BSE / 2022-23 / 76 July 21, 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: Press Release regarding financial results for the quarter ended June 30, 2022
We wish to inform you that the Company has made a press release dated July 21, 2022, announcing the financial results for the quarter ended June 30, 2022, as approved by the Board of Directors at its meeting held on July 21, 2022.
A copy of the Press Release is attached for your records.
Please acknowledge the receipt.
Thanking you,
Yours Sincerely, For Persistent Systems Limited
Digitally signed by AMIT MURARI AMIT MURARI ATRE ATRE Date: 2022.07.21 23:37:49 +05'30' Amit Atre Company Secretary ICSI Membership No.: A20507
Encl: As above
Persistent Systems Limited, Bhageerath, 402 Senapati Bapat Road, Pune 411 016, Maharashtra, India CIN - L72300PN1990PLCO56696
Tel: +91 (20) 670 30000 | Fax - +91 (20) 6703 0008 | E-mail - [email protected] | Website - www.persistent.com
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Persistent Revenue Grows 11.1% Q-o-Q and 44.8% Y-o-Y for Q1 FY23 Employee strength reaches over 21,500
July 21, 2022
Santa Clara, CA and Pune, India
News Summary
Persistent Systems (BSE & NSE: PERSISTENT) today announced the Company’s audited financial results for the quarter ended June 30, 2022, as approved by the Board of Directors.
Consolidated Financial Highlights for the Quarter ended June 30, 2022
| Q1FY23 | Margin% | Q-o-Q Growth | Y-o-Y Growth | |
|---|---|---|---|---|
| Revenue (USD Million) | 241.52 | 11.1% | 44.8% | |
| Revenue (INR Million) | 18,781.11 | 14.7% | 52.7% | |
| EBITDA (INR Million) | 3,332.92 | 17.7% | 18.5% | 65.4% |
| PBT (INR Million) | 2,818.75 | 15.0% | 5.5% | 38.8% |
| PAT (INR Million) | 2,116.12 | 11.3% | 5.3% | 39.9% |
The 32nd Annual General Meeting of the Company was held on July 19, 2022. All the resolutions including final dividend payment of INR 11 per share, were passed with requisite majority.
Anand Deshpande, Founder, Chairman and Managing Director, Persistent:
“We would like to thank Pradeep Bhargava, Guy Eiferman and Thomas Kendra for their guidance and encouragement during their tenure as Board members. We are pleased to welcome Arvind Goel, Dr. Ambuj Goyal and Dan’l Lewin as Directors to the Board of Persistent Systems Ltd. Their vast expertise and experience add significant value as we embark on the next phase of our growth journey.”
© 2022 Persistent Systems Ltd. All rights reserved.
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Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent:
“We are delighted to start the new fiscal year with an exceptional performance — delivering 11.1% sequential and 44.8% year-over-year growth as well as our highest ever TCV booking of $394M. We strengthened our team by adding over 3,000 colleagues, pushing us beyond the 20,000-employee mark.
Our differentiated Digital Engineering expertise, trusted delivery model, robust client relationships and strong partner ecosystem continue to fuel our growth. In addition, we are confidently working with our clients to help them navigate and thrive in the evolving economic environment.
We received multiple accolades this quarter, including recognition as an ‘Honored Company’ in Institutional Investor’s 2022 Asia Executive Team rankings — an acknowledgement by sell-side analysts for our robust corporate governance practices and strong executive leadership.”
First Quarter FY23 Client Wins and Outcomes
The order booking for the quarter ended on June 30, 2022, was at $394 million in Total Contract Value (TCV) and at $263 million in Annual Contract Value (ACV).
Some of the key wins for the quarter include:
Software, Hi-Tech & Emerging Industries
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\ Accelerating data, application and mainframe product modernization for a connected enterprise software and technology company
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\ Improving user experience, scaling automation, and strengthening nearshore presence as a unified service partner for world’s leading technology and cloud services provider
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\ Building and managing R&D capabilities to improve the extended product portfolio of an IT and security operations solutions company
Banking, Financial Services & Insurance
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\ Creating robust tech platform to scale operational efficiency and enable omnichannel experience for a premier wealth management firm
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\ Implementing data center modernization and infrastructure transformation to enhance customer experience and business outcomes for one of the largest third-party claim administrators
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\ Providing product engineering and domain expertise through an offshore development center to modernize platforms for a leading finance mortgage broker
© 2022 Persistent Systems Ltd. All rights reserved.
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Healthcare & Life Sciences
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\ Offering comprehensive software services to support the digital transformation of leading managed healthcare and insurance provider
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\ Leveraging deep technology and industry expertise to modernize key platforms and improve scalability for a health-tech organization
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\ Implementing functional data marts on a data lake using Snowflake on AWS platform to reduce the total cost of operations for a multinational medical equipment’s manufacturing company
Awards and Recognitions
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\ Persistent Among Top Companies in Institutional Investor’s 2022 Asia Executive Team Awards \ Persistent enters Brand Finance Top 10 India IT Brands for first time and is 3[rd] fastest growing Indian brand overall
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\ Persistent Systems recognized as a Top 15 Sourcing Standout for Managed Services in the Q1 2022 ISG Global Index™ “Booming 15” category for the 9th consecutive quarter
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\ Persistent awarded by Inventicon Business Intelligence Pvt. Ltd. in the Sustainability and Emergency Preparedness & Business Continuity categories
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\ iNFHRA honors Persistent with awards in two categories - Corporate Vaccination and Hygiene at Workplace
News in the Quarter
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\ Persistent Systems Delivers Digital-first Banking Infrastructure for New Challenger GB Bank \ Persistent & Corestack Announce Global Partnership to Accelerate Digital Transformation in Multi-Cloud Environments
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\ The Enterprisers Project: 6 things you can do with agile right now, featuring Vikas Gupta \ Digital Surgery - The future has already arrived, featuring Mukul Tripathi and Parimal Muli \ CIO.com: 10 key roles for AI success, featuring Dattaraj Rao
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\ IDG Connect: CIO Spotlight - R. Venkateswaran, Persistent Systems
© 2022 Persistent Systems Ltd. All rights reserved.
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About Persistent
With over 21,500 employees located in 18 countries, Persistent Systems (BSE & NSE: PERSISTENT) is a global services and solutions company delivering Digital Engineering and Enterprise Modernization. Persistent was named to the Forbes Asia Best Under a Billion 2021 list, representing consistent top-and bottom-line performance as well as growth.
www.persistent.com
Forward-looking and Cautionary Statements For risks and uncertainties relating to forward-looking statements, please visit persistent.com/FLCS
Media Contacts Keith Landis Manohar Dhanakshirur Persistent Systems (Global) Archetype +1 856 672 1753 +91 750 644 5361 [email protected] [email protected]
© 2022 Persistent Systems Ltd. All rights reserved.
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