Mid-tier IT company Persistent Systems on Thursday, July 20, reported an 8 percent year-on-year (YoY) jump in net profit at Rs 228.8 crore for the first quarter that ended June 30, 2023.

In the corresponding quarter last year, the company posted a net profit of Rs 212 crore, the company said in a regulatory filing. CNBC-TV18 Polls had predicted a profit of Rs 278 crore for the quarter under review.

In the quarter, total revenue stood at Rs 2,321.2 crore, up 23 percent against Rs 2,321 crore in the corresponding period of the preceding fiscal. CNBC-TV18 Polls had predicted revenue of Rs 2,325 crore for the quarter under review.

On a sequential basis, Persistent Systems' net profit declined 9.1 percent from Rs 251.5 crore reported in the March quarter of FY23.

The order booking for the quarter ended on June 30, 2023, was at $380.3 million in total contract value (TCV) and at $271.9 million in annual contract value (ACV) terms.

Chief Executive Officer and Executive Director of Persistent Sandeep Kalra said the company commenced the year by celebrating a significant milestone of surpassing $1 billion in annual revenue. “As the company enters a new fiscal year, I’m pleased to share that we have sustained our growth momentum despite the challenging macroeconomic conditions,” he said.

"We also want to extend our warm welcome to Dr Ajit Ranade, a renowned academician, corporate executive, economist and thought leader, as an independent director to our board. He will bring his impressive experience of 32+ years to help guide our strategy and accelerate our growth journey," Kalra said.

The results came after the close of the market hours. Shares of Persistent Systems Ltd ended at Rs 5,050.80, down by Rs 88.35, or 1.72 percent on the BSE.

(Edited by : Shoma Bhattacharjee)

First Published:Jul 20, 2023 5:33 PM IST