Persistent Systems Shares up by 6% as Q3 Profit Rises

Persistent Systems share price rose 6% during Friday’s early trade as the company reported a rise in its profit. According to the company’s latest financial reports, it recorded a massive 45.9% jump in profit that reached Rs. 176.3 crores. A year ago, its profit stood at Rs. 120.9 crores.

Read on to know more details on this topic.

Stellar Market Performance Led by Persistent Systems’ Q3 Earnings

Persistent Systems stock price was trading high after it declared its Q3 earnings. Its scrip jumped and reached a high of Rs. 4,499.45 against the previous closing price of Rs. 4,246.70 on NSE.

Further, the company’s revenue jumped by 38.7% to reach Rs. 1,491.7 crores in Persistent Systems Q3 result. In terms of Dollars, its revenue increased by 36.2% to reach $199.12 million in the December 2021 quarter. This was previously $146.15 in the December quarter of 2020.

Regarding this, Persistent Systems CEO and Executive Director said that the company is proud to announce yet another stellar earning performance. He also added that this continuous momentum in growth is attributed to Persistent Systems capabilities regarding engineering and designing new digital experiences.

Here is a tabular representation of Persistent Systems Q3 FY2022 consolidated financial highlight.

About Persistent Systems

Persistent Systems is a multinational firm focusing on technological innovation and software products and services. The company delivers services at all stages of a product’s life cycle. This helps it to work with a wide range of customers and enhance clients’ software products.

The company is also recognised as one of the leading Indian firms in the Fast 500 Asia Pacific 2009 by Deloitte Touche Tohmatsu Technology. It features in-depth knowledge regarding life sciences, telecommunication and infrastructure.

It puts regular efforts into enhancing its operations through various collaborations and acquisitions. For instance, in 2019, it collaborated with Siemens’ MindSphere Partner Program. The primary objective behind this collaboration was to deliver industrial loT services.

Bottom Line

Evidently, Persistent Systems’ impressive growth story and stellar market performance make it one of the most worthy stocks in news. The company’s directors are confident about staying motivated in the growth journey. With its continued progress, Persistent Systems will deliver differentiated digital engineering solutions and expertise, which will create more value in the long run.

Source – The Economic Times

Frequently Asked Questions

1. When did Persistent Systems come into existence?
   The founding date of this company is 16 May 1990.

2. When did Persistent Systems become a public company?
   The company entered the NSE in 2010.

3. Who is the newly elected member of the company’s Board of Directors?
   The company reported the appointment of Avani Davda to its Board of Directors.

Disclaimer: This blog is exclusively for educational purposes and does not provide any advice/tips on investment or recommend buying and selling any stock.