Persistent Systems shares tumble 7% after Q1 results disappoint investors
Persistent Systems fell 7% in Friday’s early trade to the day’s low of Rs 4539.95 after the company reported a 2.8% quarter-on-quarter (QoQ) decline in its profit after tax (PAT) to Rs 315.32 crore for the quarter ended June 30 2024.
However, on a year-on-year (YoY) basis, PAT rose 34% against Rs 228.77 crore in the first quarter of FY24.
The revenue from operations for Q1FY25 stood at Rs 2,737.17 crore, which is an increase of 18% YoY against the previous years’ Q1 revenue at Rs 2,321.18 crore and a 5.7% QoQ jump from Rs 2,590.53 crore in Q4FY24.
The order booking for the quarter ended on June 30, 2024, was at $462.8 million in Total Contract Value (TCV) and at $337.3 million in Annual Contract Value (ACV) terms, as per the company filing to the exchanges.
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“I am pleased to announce our 17th consecutive quarter of revenue growth, underscoring our clients’ sustained trust and confidence in us. Our continued success is driven by resilience, innovation, and a strategic focus on future readiness. We have pivoted to an AI-led, platform-driven services approach, deepening our hyperscaler partnerships and developing a suite of innovative solutions. Recognizing our transformative digital solutions, ISG, the leading advisory firm, ranks us as a Leader for Digital Engineering services in the US and Europe 2024, for the second year in a row,” said Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent while commenting on the Q1
