Persistent Systems continues strong growth trajectory in Q1FY22; Profit up 68% yoy; stock hits record high

The sales also increased 24.06% to Rs1229.93cr in the quarter ended June 2021 as against Rs991.39cr during the previous quarter ended June 2020.

Jul 23, 2021 04:07 IST India Infoline News Service

Persistent Systems shares hit a record high on Friday trade after the IT firm reported a strong number in Q1 June 2021. Net profit of the company was up 68.04% to Rs151.25cr in the quarter ended June 2021 as against Rs90.01cr during the previous quarter ended June 2020.

The sales also increased 24.06% to Rs1229.93cr in the quarter ended June 2021 as against Rs991.39cr during the previous quarter ended June 2020.

Persistent Systems Ltd ended at Rs3,039.55 up by Rs210.4 or 7.44% from its previous closing of Rs2,829.15 on the BSE. The scrip opened at Rs3,021 and touched a high and low of Rs3,125 and Rs2,924.45 respectively.

Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent Systems: “The 9.2% sequential growth and 27.3% year-on-year growth that we delivered this quarter was amongst the highest ever. I’m especially proud of our team for this achievement during these challenging times. We won several large digital engineering and enterprise modernization deals. These deals reinforce the differentiated value we deliver to both technology companies and enterprise clients.”

Our commitment to client success remains central. Our focus on deepening client relationships, disciplined execution, and operational excellence are foundational to achieving consistent, profitable growth. During this quarter, we also acquired Sureline Systems, to bolster our cloud capabilities,” Sandeep Kalra said.

The order booking for the quarter ended on June 30, 2021 was at $244.8 million in Total Contract Value (TCV) and at $188.83 million in Annual Contract Value (ACV).

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