Persistent Systems Revenue Jumps 15% In Q4 FY24, PAT Soars 25.4%

Persistent Systems on Sunday unveiled its performance for the fourth quarter of fiscal year 2024, showing significant financial growth. The company reported a revenue increase of 14.9 per cent year-over-year (YoY), totaling Rs 2,590.5 crore. Additionally, the profit after tax (PAT) saw 25.4 per cent jump compared to the same period last year, reaching Rs 315.3 crore.

The company's earnings before interest, tax, depreciation, and amortisation (EBITDA) also saw a healthy growth, reaching Rs 454.3 crore with a 2.8 per cent quarter-on-quarter (QoQ) growth and a 9.1 per cent rise YoY.

The Board of Directors at Persistent Systems recommended a final dividend of Rs 10 per share on the face value of Rs 5 per share for the financial year 2023-24.

The company reported robust order bookings for the quarter ending 31 March 2024. The total contract value (TCV) was registered at USD 447.7 million with the annual contract value (ACV) at USD 316.8 million. The company also increased its headcount to 23,850, up from 22,889 the previous year, supporting its growth trajectory and expanding operations.

Investor confidence was evidently strong in FY24, as evidenced by the surge in the company's market capitalisation from USD 4.3 billion at the end of FY23 to USD 7.3 billion at the close of FY24.

In a statement, Anand Deshpande, Founder, Chairman and Managing Director, Persistent Systems said, “Our continued success this fiscal year is a testament to our innovative spirit, remarkable resilience, and strategic foresight, powering the digital transformation journeys of our clients. We approach every challenge as an opportunity and every achievement as a stepping-stone for future endeavors. Our determination to excel in everything we do has helped us set new benchmarks in the industry. We will continue to push the boundaries to scale new heights in the coming year.”