Persistent Systems Ltd Share Price – NSE  /  BSE

IT - Software, Mid Cap

Revenue from operations stood at Rs 2,737.17 crore in the first quarter of FY25, up 5.66% QoQ and 17.92% YoY.

Profit before tax (PBT) was at Rs 400.54 crore in Q1 FY24, registering a growth of 1.27% QoQ and 30.44% YoY.

EBITDA in Q1 FY25 stood at Rs 455.21 crore, marginally rose 0.2% QoQ and up 7.6% YoY. EBITDA margin stood at 16.5% in Q1 FY25.

In dollar terms, the IT firm's revenue was at $328.2 million in Q1 FY25, up 5.6% QoQ and up 16% YoY.

The order booking for the quarter ended on 30 June 2024 was at $462.8 million in total contract value (TCV) and at $337.3 million in annual contract value (ACV) terms (includes renewals & new bookings).

Sandeep Kalra, chief executive officer (CEO) and executive director, Persistent, said, “I am pleased to announce our 17th consecutive quarter of revenue growth, underscoring our clients’ sustained trust and confidence in us. Our continued success is driven by resilience, innovation, and a strategic focus on future readiness. We have pivoted to an AI-led, platform-driven services approach, deepening our hyperscaler partnerships and developing a suite of innovative solutions. Recognizing our transformative digital solutions, ISG, the leading advisory firm, ranks us as a Leader for Digital Engineering services in the US and Europe 2024, for the second year in a row.”

Persistent Systems is a global services and solutions company delivering digital engineering and enterprise modernization. The company works with the industry leaders including 14 of the 30 most innovative companies as identified by BCG, 8 of the top 10 largest banks in the US and India, and numerous innovators across the healthcare and software ecosystems.

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Net profit of Persistent Systems rose 33.94% to Rs 306.42 crore in the quarter ended June 2024 as against Rs 228.77 crore during the previous quarter ended June 2023. Sales rose 17.92% to Rs 2737.17 crore in the quarter ended June 2024 as against Rs 2321.18 crore during the previous quarter ended June 2023.

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Persistent Systems Inc, USA (wholly owned subsidiary) has entered into a Stock Purchase Agreement on 02 July 2024 (US Time) for the acquisition of Starfish Associates, LLC, USA.

Starfish is a global software company providing enterprise communication solutions to the world's largest enterprises including Fortune 500 companies. The enterprise communication platform of Starfish excels as an intelligent integration hub and workflow engine, facilitating seamless connections across a myriad of business applications and communication systems. It enhances multi-vendor communication management through automation with platforms such as Amazon Connect, Avaya, Cisco, Genesys, and Microsoft Teams. In addition, it integrates with key business applications like ServiceNow, Workday, and Microsoft Active Directory to streamline workflows and operations.

The acquisition builds on Persistent's existing engineering capabilities in the Unified Communications and Contact Center, expanding its strong AI-driven business transformation capabilities and expertise in driving operational excellence.

It is expected that the acquisition will be completed tentatively within 4-6 weeks subject to the satisfaction of customary closing conditions.

The total purchase consideration payable for the acquisition of Starfish is $20.7 million. This includes:

• Upfront payment – $15.4 M to shareholders, subject to customary adjustments for working capital, debt and cash on closing.

• Earnout – Sellers will be eligible for a maximum cumulative earnout of $5.1M over the next two years. This amount is contingent on achievement of certain performance thresholds.

• Retention Payment – Certain key employees will be eligible for an aggregate amount of $0.2M over the next two years contingent on employment continuity.

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Persistent Systems Ltd gained for a fifth straight session today. The stock is quoting at Rs 4583.05, up 1.81% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is up around 0.63% on the day, quoting at 24275.05. The Sensex is at 79948.72, up 0.64%. Persistent Systems Ltd has risen around 36.73% in last one month.

Meanwhile, Nifty IT index of which Persistent Systems Ltd is a constituent, has risen around 15.6% in last one month and is currently quoting at 37299.15, up 0.15% on the day. The volume in the stock stood at 3.78 lakh shares today, compared to the daily average of 7.34 lakh shares in last one month.

The benchmark July futures contract for the stock is quoting at Rs 4602.2, up 1.95% on the day. Persistent Systems Ltd is up 88.32% in last one year as compared to a 25.2% spurt in NIFTY and a 25.65% spurt in the Nifty IT index.

The PE of the stock is 72.23 based on TTM earnings ending March 24.

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