Persistent Systems Q2 Results | Profit Rises 23%, Revenue Up 20% At Rs 2,897 Crore

IT services company Persistent Systems reported a 23.4% year-on-year rise in net profit for the second quarter ending September 30, 2024, reaching Rs 325 crore. In the same quarter last year, the company's net profit stood at Rs 263 crore, as per a regulatory filing. Revenue from operations saw a 20.1% increase, climbing to Rs 2,897 crore compared to Rs 2,412 crore in the previous year. The company’s earnings before interest and taxes (EBIT) also rose by 5.8% quarter-on-quarter (QoQ) to Rs 406.2 crore from Rs 384 crore. The EBIT margin remained steady at 14%, consistent with the June quarter. In dollar terms, revenue grew 5.3% QoQ, reaching $345.5 million from $328.2 million. Constant currency revenue growth for the second quarter stood at 5.1% compared to Q1. Additionally, the total contract value (TCV) for the quarter was reported at $529 million, with the annual contract value (ACV) at $348.3 million. CEO Sandeep Kalra remarked, “This quarter, we continued enhancing our AI-driven, platform-centric services. Our acquisition of Starfish Associates strengthens our AI-powered contact centre modernization, while Arrka’s addition broadens our digital governance offerings, including data privacy, AI governance, and cybersecurity.” Watch exclusive interview with Sandeep Kalra, CEO of Persistent Systems, discussing Q2 results and future growth strategies.