Persistent Systems shares jump 10%, touch new all-time high on robust Q3 numbers
Persistent Systems, a global services and solutions company, spiked sharply in today's trade after delivering impressive performance for the December-ending quarter (Q3 FY24). The company on Saturday (January 20) released its Q3 FY24 performance post-market hours, reporting an 8.7% QoQ and 20.2% YoY jump in its consolidated net profit to ₹286 crore. In the same period last year and in the preceding quarter (Q2FY24), the company posted a net profit of ₹238 crore and ₹263 crore, respectively.
It reported a 3.6% QoQ and 15.2% YoY improvement in its consolidated revenue, reaching ₹2,498 crore in Q3 FY24. The revenue in dollar terms also improved by 3% QoQ and 13.7% YoY, respectively. Also Read: Bumper listing! Maxposure share price debuts with over 339% premium at ₹145 Revenue growth during the quarter was led by the Healthcare and Life Sciences vertical (+16% QoQ), followed by Hitech (+0.1% QoQ), while BFSI declined (-0.7% QoQ) due to furloughs.
The company's EBITDA came in at ₹442 crore, an increase of 9.1% QoQ and 10%, respectively. The order booking for the quarter ending on December 31, 2023, reached $521.4 million in total contract value (TCV) and $392.1 million in annual contract value (ACV) terms. The company highlighted a higher quantum of renewals in December, due to which TCV came in strong at $521.4 million, and this was also the company's first-ever quarter with TCV bookings surpassing the $500 million mark.
In response to the company's strong performance, the stock opened today's session with a gap up at ₹8,239 apiece as compared to the previous close of ₹7,921 apiece. It further jumped during the early trade to record a new lifetime high of ₹8,716 apiece, up by 10%. Also Read: India overtakes Hong Kong as
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