Persistent Systems Q2 Results: PAT grows 20%, revenue rises 18% YoY on robust order bookings

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₹2,411.7 crore, helped by robust order bookings. In the same quarter last year, the IT player's revenue was at ₹2,048.6 crore. Sequentially, the company's revenue grew 3.9 per cent.

while in the US dollar terms, the company's revenue grew 14.1 per cent YoY and 3.1 per cent quarter-on-quarter (QoQ). Persistent's Q2 profit after tax (PAT) grew 19.7 per cent YoY to ₹263.27 crore against ₹220 crore in the same quarter last year. The company's Q2 EBITDA grew 10.1 per cent YoY to ₹405.16 crore.

However, sequentially (QoQ), EBITDA was down 4.2 per cent. The company said its order bookings exceeded $475 million in total contract value (TCV). "The order booking for the quarter ended on September 30, 2023, was at $479.3 million in total contract value (TCV) and at $315.9 million in annual contract value (ACV) terms," Persistent Systems said in its exchange filing.

(Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Commenting on the quarterly earnings performance, Persistent's Chief Executive Officer and Executive Director Sandeep Kalra said, "Our proactive approach and ability to adapt has enabled us to thrive in this uncertain macroeconomic environment leading to our highest-ever TCV with more than $475 million in bookings in Q2FY24." "Our recognition as a Challenger in the 2023 Gartner® Magic Quadrant™ for Public Cloud IT Transformation Services is a result of our continued focus and investment in deepening our hyperscaler capabilities. We remain steadfast in our endeavour to excel and are confident in our ability to build on this success." “I am also extremely proud to share that we won the Golden Peacock Award for Excellence