Persistent Systems' stock price down by over 9% today

22 Apr 2024 , 02:04 PM

Following the release of Persistent Systems’ fourth-quarter FY24 results report on Monday, the mid-tier IT services provider’s stock price dropped by more than 5%. On the BSE, shares of Persistent Systems dropped as much as 5.31% to ₹3,680.80 a share.

For the quarter that ended in March 2024, the company reported a net profit of ₹315.3 Crore, representing a rise of 25.36% YoY.

Consolidated revenue for Persistent Systems climbed 14.9% YoY in Q4FY24 to ₹2,590 Crore, while sales in USD terms increased 13.2% YoY to $310.89 million.
Orders were booked at $447.7 million in terms of Total Contract Value (TCV) and $316.8 million in terms of Annual Contract Value (ACV) for the quarter that concluded on March 31, 2024.

For the fiscal year 2023–2024, the Persistent Systems Board of Directors recommended a final dividend of ₹10 per share on the face value of ₹5 per share. The business stated in an exchange filing that the ultimate dividend is contingent upon the members’ acceptance at the subsequent Annual General Meeting.

Sandeep Kalra, CEO and Executive Director of Persistent Systems, stated, “As we begin the new fiscal year, we are excited about the road ahead and confident in our ability to drive sustainable growth with strategic investments in disruptive technologies like AI.”

Despite a 71% increase in the last year, Persistent Systems’ stock price has decreased by more than 7% in just one month. In three years, the share price of Persistent Systems has increased by almost 293%.

Shares of Persistent Systems were down 5.19% at ₹3,685.75 a share on the BSE at 9:55 a.m.

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