Persistent Systems, the leader in outsourced software product development services today announced its financial results for the quarter and year ended March 31, 2010 as approved by its Board of Directors.
Consolidated Financial Highlights for the FY 2009-10:
In Rupee terms, Revenues stood at Rs 6,011.56mn, a growth of 1.2% over the previous year 2008-09.
In dollar terms, Revenues for the year was US$ 127.30mn, at par with the previous year.
EBITDA was Rs 1,463.71mn for FY 2009-10 as against Rs. 1,787.51 Million in the previous year 2008-09.
Profit After Tax (PAT) was Rs 1,150.24mn, indicating an increase of 74%, over previous year 2008-09.
Consolidated Financial Highlights for the Quarter ended March 31, 2010:
Revenues stood at Rs 1,717.43mn, indicating a Year-on-Year (Y-o-Y) growth of 15.2 % , and a Quarter –on- Quarter (Q-o-Q) growth of 8.5%.
In dollar terms, revenues were US$ 37.33mn, representing a Y-o-Y increase of 26.07%, and Q-o-Q growth of 9.9%.
EBIDTA was Rs 383.06mn, against Rs 490.06 Million Y-o-Y and Rs 371.32mn Q-o-Q.
Profit After Tax (PAT) was Rs 396.77mn, indicating a Y-o-Y increase of 182.1%, and Q-o-Q increase of 28.4%.
Other FY 2009-10 Highlights:
Persistent Systems got listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on April 6, 2010.
Active customers were 293 as on March 31, 2010 as compared to 297 on March 31, 2009.
Number of employees as on March 31, 2010 were 4,662 as compared to 4,209 on March 31, 2009.
Dividend:
The Board of Directors recommended that the dividend pay-out be maintained in between the range of 10% to 30% of the Consolidated Profit After Tax. The Board declared an interim dividend of Rs. 1.50 per share and recommended a final dividend of Re. 0.50 per share. Including the first interim dividend of Re. 0.50 per share declared in October 2009, the total dividend recommended for the year is Rs. 2.50 per share. Dr. Anand Deshpande, Chairman and Managing Director, Persistent Systems said, “FY ’09-‘10 has been another exciting year for us and I am delighted that we are listed on Indian Stock Exchanges. The listing marks a new beginning for Persistent and I would like to thank all our employees and investors for reposing confidence in us. We believe that we are very fortunate to be in our position – as a leader in a differentiated and a fast growing market.”
Dr. Deshpande further added, “Technology disruptions are forcing our customers to either rebuild their products or create next-generation products to support the changes in the way businesses are governed and technology is being adopted. Technology areas such as cloud computing, enterprise mobility, BI/Analytics and enterprise collaboration are set to redefine the market and will see companies like us play a vital role in delivering efficient, cost effective, time-to-market products I am reasonably confident that with our proactive investments in these areas, Persistent will continue to lead these growth initiatives.”
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