IT services company Persistent Systems today reported 29.5 per cent growth in consolidated net profit at Rs 67.19 crore for the quarter ended March 31 on demand in software products development and technology services.
The Pune-headquartered firm had posted a net profit of Rs 51.88 crore in the year-ago period.Consolidated revenue grew 33.8 per cent to Rs 446.74 crore in the January-March quarter last fiscal as compared to Rs 333.96 crore in the same quarter of 2012-13 fiscal.
In dollar terms, the company’s revenue stood at USD 72.64 million, representing a year-on-year growth of 17 per cent and a quarter-on-quarter growth of 3.9 per cent.
“We continue to see healthy growth and demand for our expertise in software product development and technology services,” Persistent Systems Chairman and Managing Director Anand Deshpande told PTI.The recent formation of Accelerite, a business unit that will take a portfolio of the firm’s products and related solutions to market, builds product-centric business unit, while rest of Persistent continues to focus on digital transformation and next generation product development services, he added.
For the entire 2013-14 fiscal, the company’s net profit grew by 32.9 per cent to Rs 249.28 crore, while revenue rose 28.9 per cent to Rs 1,669.15 crore.
In dollars, revenue was USD 274.06 million as against USD 237.82 million for FY’13, representing a growth of 15.2 per cent.Besides creating Silicon valley-based Accelerite, Persistent also acquired CloudSquads, a company specialising in social community platform offerings.The company also invested in Hyginex, a hand hygiene technology startup based in California, through Persistent Venture Fund, in the range of USD 100,000-250,000.
It hired 257 people (net) during the quarter, taking its total headcount to 7,857 as on March 31, 2014.The company has also recommended a final dividend of Rs 4 per share for the just concluded fiscal.