DBT Bureau
Bengaluru, 22 April
Mid-tier Indian IT firm, Persistent Systems Monday saw a sharp drop of more than 9% in its share price on Indian stock exchanges.
This was despite the company meeting the market expectations on revenue growth and operating margin in its Q4 performances. However, the flat margin outlook for the next fiscal year disappointed the street.
“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,” said Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent Systems.
Announcing its fourth quarter results on Sunday, Persistent Systems posted 14.9% rise in its consolidated revenue at Rs 2,590 crore. In dollar terms, revenue grew 13.2% year-on-year to $310.89 million.
The order booking for the quarter ended March 2024, was at $447.7 million in total contract value (TCV) term and at $316.8 million in annual contract value (ACV) terms.
Unlike its large peers, Persistent Systems headcount improved to 23,850 by the end of FY24 from 22,889 in FY23. Its attrition rate fell to 11.5% in Q4 from 11.9% seen in the previous quarter.
