Shares of Persistent Systems surged as much as 18.3 per cent to hit a 52-week high of Rs 915 apiece on the BSE on Monday after the company reported a strong set of numbers for the quarter ended June 2020 (Q1FY20).
At 09:33 am, the stock was trading 12 per cent higher at Rs 866.20 on the BSE against Friday’s close of Rs 773.15. In comparison, the S&P BSE Information Technology index was trading over 1 per cent higher at 17,580 points while the benchmark S&P BSE Sensex was quoting 126 points or 0.33 per cent lower at 38,003 levels.
For the quarter under review, Persistent Systems posted a profit before tax (PBT) of Rs 122 crore, up 11 per cent against Rs 109.7 crore in the corresponding quarter of the previous fiscal. Profit after tax (PAT) or net profit came in at Rs 90 crore, up 9 per cent against Rs 82.47 crore in the year-ago period. CLICK HERE TO VIEW PRESS RELEASE
Revenue for the period stood at Rs 991.38 crore, up 19 per cent against Rs 832 crore in June 2019 quarter. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose 21.8 per cent YoY to Rs 146.43 crore.
In US dollar terms, revenue grew 9.5 per cent YoY to $131.02 million. Sequentially, the numbers increased by 3.1 per cent.
“In this quarter of the pandemic, Persistent achieved 3.1 per cent growth, cumulatively achieved by both business units. Client curiosity on digital solutions has never been higher, which enabled us to share our solutions broadly. The growth came on top of improved business operations,” said Christopher O’Connor, chief executive officer (CEO) & Executive Director.