Persistent Announces FY2024 Revenue of $1,186M USA - English USA - English
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Revenue up 14.5% for FY24 and 3.4% Q-o-Q

SANTA CLARA, Calif. and PUNE, India, April 21, 2024 /PRNewswire/ --

News Summary

Persistent Systems (BSE: PERSISTENT) (NSE: PERSISTENT) today announced the Company's audited financial results for the quarter and year ended March 31, 2024, as approved by the Board of Directors.

Consolidated Financial Highlights for the Financial Year 2023-24:

FY23

FY24

Y-o-Y Growth



Revenue (USD Million)

1,035.98

1,186.05

14.5 %



Revenue (INR Million)

83,505.92

98,215.87

17.6 %



EBITDA (INR Million)

15,191.25

17,243.02

13.5 %



PBT (INR Million)

12,408.52

14,476.06

16.7 %



PAT (INR Million)

9,210.93

10,934.92

18.7 %


Consolidated Financial Highlights for the Quarter ended March 31, 2024:

Q4FY24

Q-o-Q Growth

Y-o-Y Growth



Revenue (USD Million)

310.89

3.4 %

13.2 %



Revenue (INR Million)

25,905.26

3.7 %

14.9 %



EBITDA (INR Million)

4,543.62

2.8 %

9.1 %



PBT (INR Million)

3,954.93

1.6 %

16.1 %



PAT (INR Million)

3,153.22

10.2 %

25.4 %


The Board of Directors recommended a final dividend of ₹10 per share on the face value of ₹5 per share for financial year 2023-24. The final dividend recommended by the Board is subject to the approval of the members during the ensuing Annual General Meeting.

In January 2024, the Board had declared an interim dividend of ₹32 per share on the face value of ₹10 per share.

Anand Deshpande, Founder, Chairman and Managing Director, Persistent:

"Our continued success this fiscal year is a testament to our innovative spirit, remarkable resilience, and strategic foresight, powering the digital transformation journeys of our clients.
We approach every challenge as an opportunity and every achievement as a stepping-stone for future endeavors. Our determination to excel in everything we do has helped us set new benchmarks in the industry. We will continue to push the boundaries to scale new heights in the coming year."

Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent:

"As we reflect on fiscal year 2024, I would like to extend my gratitude towards our incredible team, clients, partners, and investors, whose continued trust has powered our impressive journey.

Our industry-leading growth, strong operational rigor, and commitment to building differentiated capabilities led to Persistent's recognition as the "Most Promising Company" of the Year by CNBC-TV18 at the 2023 India Business Leader Awards. We were also included in three prestigious capital market indices – MSCI India Index, S&P BSE 100, and S&P BSE SENSEX Next 50.

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As we enter the new fiscal year, we are confident in our ability to drive sustainable growth with strategic investments in disruptive technologies like AI and are excited about the road ahead."

Fourth Quarter FY24 Client Wins and Outcomes

The order booking for the quarter ended on March 31, 2024, was at $447.7 million in Total Contract Value (TCV) and at $316.8 million in Annual Contract Value (ACV) terms.

Some of the key wins for the quarter include:

Software, Hi-Tech & Emerging Industries
  • Spearheading IT transformation initiatives, including upgrading legacy middleware stack to open-source and developing AI/ML applications for a leading consumer intelligence company
  • Enabling open-source software porting and validation to support large data volume for a key cloud infrastructure offering for one of the largest global technology companies
  • Setting up an offshore research and development center for the core energy control system for one of the largest European conglomerates

Banking, Financial Services & Insurance
  • Accelerating digital transformation and automation as well as engineering a GenAI platform for a leading insurance distribution and risk management firm
  • Driving new CRM experiences including workflow automation for sales, contact center, and marketing for the financial services arm of a Fortune 500 automobile company
  • Building next-generation banking platform for neo-banks and building societies leveraging Digital Engineering capabilities for a leading UK-based FinTech

Healthcare & Life Sciences
  • Developing a modern data and analytics platform in collaboration with one of the largest data warehousing firms and a leading hyperscaler for a drug wholesaler and contract research organization
  • Migrating clinical applications to a unified cloud platform and integrating them with electronic medical record applications for a leading renal care service provider
  • Building a centralized patient relationship management system to enhance patient care and operational efficiency for a leading biopharmaceutical company

News in the Quarter
Key Analyst and Advisor Recognitions for FY24
Key Corporate Awards for FY24
About Persistent

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With over 23,800 employees located in 21 countries, Persistent Systems (BSE & NSE: PERSISTENT) is a global services and solutions company delivering Digital Engineering and Enterprise Modernization. As a participant of the United Nations Global Compact, Persistent is committed to aligning strategies and operations with universal principles on human rights, labor, environment, and anti-corruption, as well as take actions that advance societal goals. With 268% growth since 2020, Persistent is the fastest-growing Indian IT Services brand according to Brand Finance.

www.persistent.com

Forward-looking and Cautionary Statements

For risks and uncertainties relating to forward-looking statements, please visit persistent.com/flcs (https://www.persistent.com/flcs/)

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