Persistent Systems Clocks Profits of 21.5%

Persistent Systems, a provider of outsourced software product development services, has announced its audited financial results for the quarter and year ended March 31, 2011 as approved by its Board of Directors.
With consolidated revenues ending March 31, 2011 of 2128.21 mn, the company clocked a Y-o-Y growth of 23.9%, and a Q-o-Q growth of 9.2%. Thus, Persistent’s revenues were pegged at US$ 47.02 mn, representing a Y-o-Y increase of 25.9%, and Q-o-Q growth of 8.8%. EBIDTA was 380.87 mn, against 383.24 mn Y-o-Y and 427.75 mn Q-o-Q. Profit After Tax (PAT) was 331.35 mn, against 396.77 mn Y-o-Y and 362.43 mn Q-o-Q.
Thus, consolidated financial highlights for FY 2010-11 showed revenues of7,758.41 mn, indicating a growth of 29.1% over the previous year 2009-10. EBITDA was 1,583.06 mn for FY 2010-11 as against 1,463.65 mn in the previous year 2009-10. Profit After Tax (PAT) was 1,397.37 mn, indicating an increase of 21.5%, over the previous year 2009-10.
Dr. Anand Deshpande, Chairman & MD, Persistent Systems said, FY 2010-11 has been a significant year for us, and it also marked our twentieth year of operations. As we start our third decade, we are excited about the market opportunities in new technology areas such as cloud computing, analytics, mobility and collaboration. We at Persistent Systems have observed significant growth in each of these four areas and are exploring ways to take best advantage of these new advances for building products for our customers.”
As per a meeting held by the Board of Directors on April 18, 2011, a final dividend of Rs 1.50 per share for Financial Year 2010-11, has been suggested. The payment of final dividend of Rs 1.50 is subject to the approval of the shareholders in the ensuing Annual General Meeting of the Company. The total dividend recommended for the year is Rs 5.50 per share ( Rs 2.50 per share for the previous year).
Subject to the approval of shareholders and regulatory authorities, the Board of Directors has approved merging of Persistent eBusiness Solutions Limited (PeBS) and Persistent Systems and Solutions Limited (PSSL), both wholly owned subsidiaries, with Persistent Systems.
More recently, Persistent Systems entered into a joint venture with Sprint 
Nextel. It also acquired the OPD business of Info spectrum, and its subsidiary – Info spectrum India Pvt Ltd.
By Team