Persistent Systems has announced its audited financial results for the first quarter ended June 30, 2010 as approved by its Board of Directors.
Financial highlights for the first quarter ended June 30, 2010 (consolidated):
Revenues stood at Rs 1,810.89mn, indicating a Year-on-Year (Y-o-Y) growth of 37.1 %, and a Quarter - on - Quarter (Q-o-Q) growth of 5.4%.
In dollar terms, revenues were US$ 39.49mn, representing a Y-o-Y increase of 44.8%, and Q-o-Q growth of 5.8%.
EBIDTA was Rs. 344.09 Million, against Rs. 322.01mn Y-o-Y and Rs. 383.12mn, Q-o-Q.
Profit After Tax (PAT) was Rs. 345.28mn, indicating a Y-o-Y increase of 97%.
Dr. Anand Deshpande, Chairman and Managing Director, Persistent Systems said, “This year marks our twentieth year of incorporation and at this milestone I am reminded of how exciting the journey so far has been. Over the last 2 decades we have been part of the liberalization of India, the internet revolution, the dot-com boom-bust and revival, the mobile phone revolution and most recently, the financial crisis. We are very proud to have actively contributed to the greatest revolution of India – the software revolution.”
Dr. Deshpande further added, “Considering the technology disruptions that are in the offing, the outsourced product development (OPD) market is poised for substantial growth. As we start our third decade, we are very confident about maintaining our leadership in OPD. We believe that the additions to our sales and management team will help us strengthen our offerings in cloud computing, analytics, collaboration and mobility.”
Key quarter highlights:
Company celebrated its 20th anniversary on the May 30th, 2010 and announced the unveiling of a refreshed corporate logo as a part of its 20th anniversary celebration.
Appoints Ranga Puranik as EVP, New Initiatives Business and Portfolio.
Persistent’s Nagpur team strength crosses 500 employee mark.
Number of employees as on June 30, 2010 was 4,911 as compared to 4,662 on March 31, 2010.
Persistent gets included in BSE – 500 and BSE mid-cap index
Dividend:
The shareholders at the Annual General Meeting of the company held on July 20, 2010 approved the final dividend of Re. 0.50 per share. The total dividend declared for the financial year 2009-10 is Rs. 2.50 per share as against Re. 1.00 for the financial year 2008-09.