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[1]
Persistent Achieves $345.5 Million Revenue in Q2 FY25 with 5.3% Q-o-Q, 18.4% Y-o-Y Growth
Advances AI-led, platform-driven services strategyPersistent Systems (BSE: 533179 and NSE: PERSISTENT) today announced the Company's audited financial results for the quarter ended September 30, 2024, as approved by the Board of Directors.Consolidated Financial Highlights for the Quarter ended September 30, 2024Q2FY25Margin%QoQYoYRevenue (USD Million)345.5 5.3%18.4%Revenue (INR Million)28,971.5 5.8%20.1%EBITDA (INR Million)4,807.316.6%5.6%18.7%PBT (INR Million)4,345.215.0%8.5%22.1%PAT (INR Million)3,250.011.2%6.1%23.4% Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent"We are proud to announce the 18th sequential quarter of revenue growth, delivering $345.5M revenue, an 18.4% increase year-over-year. In the same period, our PAT grew by 23.4% in rupee terms. This quarter, we continued to strengthen our capabilities and advance our AI-led, platform-driven services strategy. We brought on Starfish Associates to elevate our AI-powered contact center modernization; the addition of Arrka expands our comprehensive offerings in digital governance, including data privacy, AI governance, and cybersecurity.For the second year in a row, we were named a Challenger in the 2024 Gartner® Magic Quadrant™ for Public Cloud IT Transformation Services. We believe this inclusion underscores our differentiated cloud expertise and ability to deliver boutique-style client experiences using AI and automation.Deepening our ESG commitment, I am pleased to share that we achieved carbon neutrality ahead of our target. These accomplishments demonstrate our dedication to delivering exceptional value to our clients while positively impacting the environment and society."Second Quarter FY25 Client Wins and OutcomesThe order booking for the quarter ended on September 30, 2024, was at $529.0 million in Total Contract Value (TCV) and at $348.3 million in Annual Contract Value (ACV) terms.Some of the key wins for the quarter include:Software, Hi-Tech & Emerging IndustriesEnhancing the roadmap of product engineering and data engineering of the core application performance monitoring and observability platforms for a leading observability platform providerSetting up a global technology center for product engineering, customer support, and professional services to accelerate product roadmap and enhance productivity for a leading US-based cybersecurity companyStandardizing data management with a state-of-the-art data lake to improve utilization, predict stock, and reduce food waste for a global leader in food services and facilities managementBanking, Financial Services & InsuranceModernizing cloud-based accounting software platform and report generation capabilities to improve user experience and business efficiency for one of the largest US-based fintech companiesTransforming and integrating front-office and regulatory technologies into a unified framework to reduce technical debt, enhance efficiency, and improve user experience for a large global financial conglomerateAccelerating go-to-market and upgrading technology stack with SASVA™ to scale flagship pricing and profitability management products for a leading financial analytics firmHealthcare & Life SciencesEstablishing an AI-enabled software engineering hub and modernizing IT infrastructure for a PE-led carve-out of a leading life sciences and scientific instrumentation companyAccelerating the transition of the core research and development center to India securely and effectively for a leading US-based precision medicine and omics analytics providerDeveloping core applications to streamline customer onboarding, device management, report management, and CRM integration for a leading UK-based organ transplant device manufacturerNews in the Quarter Persistent Advances Data Privacy and AI-Driven Business Transformation with the Acquisition of ArrkaPersistent Unveils SASVA™ 2.0: Revolutionizing AI-Driven Software Development and Business AccelerationPersistent Named as a Challenger in 2024 Gartner® Magic Quadrant™ for Public Cloud IT Transformation ServicesAwards and RecognitionsSandeep Kalra recognized the Best CEO in the IT Services (Emerging Companies) category by Fortune IndiaPersistent Achieves Carbon Neutrality a Year Ahead of TargetPersistent upgraded to Version 3 of CMMI Maturity Level 5 certificationPersistent received Gold-level recognition in the 2024 Healthy Workplace Awards from Arogya WorldPersistent cited as a Leader in ISG Provider Lens™ for Google Cloud Ecosystem Partner 2024 ReportFor the third consecutive year, Persistent has been listed in the Constellation Shortlist™ 2024 for Public Cloud Transformation Services for GlobalFor the second consecutive year, Persistent has been listed in the Constellation Shortlist ™ 2024 AI Services for GlobalPersistent has been listed in the Constellation ShortList™ 2024 for Custom Software Development ServicesPersistent has been listed in the Constellation Shortlist ™ 2024 for Customer Experience (CX) Operations Services for GlobalPersistent named a Leader in Everest Group's BFSI-specific Software Product Engineering Services PEAK Matrix® Assessment 2024Persistent Named Fastest Growing IT Services Brand in the 2024 Brand Finance India 100 ReportAbout PersistentPersistent Systems (BSE & NSE: PERSISTENT) is a global services and solutions company delivering Digital Engineering and Enterprise Modernization to businesses across industries. With over 23,200 employees located in 19 countries, the Company is committed to innovation and client success. Persistent offers a comprehensive suite of services, including AI-enabled software engineering, product development, data and analytics, CX transformation, cloud computing, and intelligent automation. The Company has been recognized as the "Most Promising Company" of the Year by CNBC-TV18 at the 2023 India Business Leader Awards. Persistent has achieved carbon neutrality, reinforcing its commitment to sustainability and responsible business practices. As a participant of the United Nations Global Compact, the Company is committed to aligning strategies and operations with universal principles on human rights, labor, environment, and anti-corruption, as well as take actions that advance societal goals. With 327% growth in brand value since 2020, Persistent is the fastest-growing IT services brand in the 2024 Brand Finance India 100 Report.
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Persistent Achieves $345.5 Million Revenue in Q2 FY25 with 5.3% Q-o-Q, 18.4% Y-o-Y Growth
Advances AI-led, platform-driven services strategy SANTA CLARA, Calif. and PUNE, India, Oct. 22, 2024 /PRNewswire/ -- Persistent Systems (BSE: 533179) and PERSISTENT today announced the Company's audited financial results for the quarter ended September 30, 2024, as approved by the Board of Directors. Consolidated Financial Highlights for the Quarter ended September 30, 2024 Q2FY25 Margin% QoQ YoY Revenue (USD Million) 345.5 5.3 % 18.4 % Revenue (INR Million) 28,971.5 5.8 % 20.1 % EBITDA (INR Million) 4,807.3 16.6 % 5.6 % 18.7 % PBT (INR Million) 4,345.2 15.0 % 8.5 % 22.1 % PAT (INR Million) 3,250.0 11.2 % 6.1 % 23.4 % Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent: "We are proud to announce the 18th sequential quarter of revenue growth, delivering $345.5M revenue, an 18.4% increase year-over-year. In the same period, our PAT grew by 23.4% in rupee terms. This quarter, we continued to strengthen our capabilities and advance our AI-led, platform-driven services strategy. We brought on Starfish Associates to elevate our AI-powered contact center modernization; the addition of Arrka expands our comprehensive offerings in digital governance, including data privacy, AI governance, and cybersecurity. For the second year in a row, we were named a Challenger in the 2024 Gartner® Magic Quadrant™ for Public Cloud IT Transformation Services. We believe this inclusion underscores our differentiated cloud expertise and ability to deliver boutique-style client experiences using AI and automation. Deepening our ESG commitment, I am pleased to share that we achieved carbon neutrality ahead of our target. These accomplishments demonstrate our dedication to delivering exceptional value to our clients while positively impacting the environment and society." Second Quarter FY25 Client Wins and Outcomes The order booking for the quarter ended on September 30, 2024, was at $529.0 million in Total Contract Value (TCV) and at $348.3 million in Annual Contract Value (ACV) terms. Some of the key wins for the quarter include: Software, Hi-Tech & Emerging Industries Enhancing the roadmap of product engineering and data engineering of the core application performance monitoring and observability platforms for a leading observability platform providerSetting up a global technology center for product engineering, customer support, and professional services to accelerate product roadmap and enhance productivity for a leading US-based cybersecurity companyStandardizing data management with a state-of-the-art data lake to improve utilization, predict stock, and reduce food waste for a global leader in food services and facilities management Banking, Financial Services & Insurance Modernizing cloud-based accounting software platform and report generation capabilities to improve user experience and business efficiency for one of the largest US-based fintech companiesTransforming and integrating front-office and regulatory technologies into a unified framework to reduce technical debt, enhance efficiency, and improve user experience for a large global financial conglomerateAccelerating go-to-market and upgrading technology stack with SASVA™ to scale flagship pricing and profitability management products for a leading financial analytics firm Healthcare & Life Sciences Establishing an AI-enabled software engineering hub and modernizing IT infrastructure for a PE-led carve-out of a leading life sciences and scientific instrumentation companyAccelerating the transition of the core research and development center to India securely and effectively for a leading US-based precision medicine and omics analytics providerDeveloping core applications to streamline customer on-boarding, device management, report management, and CRM integration for a leading UK-based organ transplant device manufacturer News in the Quarter Persistent Advances Data Privacy and AI-Driven Business Transformation with the Acquisition of ArrkaPersistent Unveils SASVA™ 2.0: Revolutionizing AI-Driven Software Development and Business AccelerationPersistent Named as a Challenger in 2024 Gartner® Magic Quadrant™ for Public Cloud IT Transformation Services Awards and Recognitions Sandeep Kalra recognized the Best CEO in the IT Services (Emerging Companies) category by Fortune IndiaPersistent Achieves Carbon Neutrality a Year Ahead of TargetPersistent upgraded to Version 3 of CMMI Maturity Level 5 certificationPersistent received Gold-level recognition in the 2024 Healthy Workplace Awards from Arogya WorldPersistent cited as a Leader in ISG Provider Lens™ for Google Cloud Ecosystem Partner 2024 ReportFor the third consecutive year, Persistent has been listed in the Constellation Shortlist™ 2024 for Public Cloud Transformation Services for GlobalFor the second consecutive year, Persistent has been listed in the Constellation Shortlist ™ 2024 AI Services for GlobalPersistent has been listed in the Constellation ShortList™ 2024 for Custom Software Development ServicesPersistent has been listed in the Constellation Shortlist ™ 2024 for Customer Experience (CX) Operations Services for GlobalPersistent named a Leader in Everest Group's BFSI-specific Software Product Engineering Services PEAK Matrix® Assessment 2024Persistent Named Fastest Growing IT Services Brand in the 2024 Brand Finance India 100 Report About Persistent Persistent Systems (BSE & NSE: PERSISTENT) is a global services and solutions company delivering Digital Engineering and Enterprise Modernization to businesses across industries. With over 23,200 employees located in 19 countries, the Company is committed to innovation and client success. Persistent offers a comprehensive suite of services, including AI-enabled software engineering, product development, data and analytics, CX transformation, cloud computing, and intelligent automation. The Company has been recognized as the "Most Promising Company" of the Year by CNBC-TV18 at the 2023 India Business Leader Awards. Persistent has achieved carbon neutrality, reinforcing its commitment to sustainability and responsible business practices. As a participant of the United Nations Global Compact, the Company is committed to aligning strategies and operations with universal principles on human rights, labor, environment, and anti-corruption, as well as take actions that advance societal goals. With 327% growth in brand value since 2020, Persistent is the fastest-growing IT services brand in the 2024 Brand Finance India 100 Report. www.persistent.com Forward-looking and Cautionary Statements For risks and uncertainties relating to forward-looking statements, please visit persistent.com/flcs Logo: https://mma.prnewswire.com/media/1022385/Persistent_Systems_Logo.jpg View original content:https://www.prnewswire.com/news-releases/persistent-achieves-345-5-million-revenue-in-q2-fy25-with-5-3-q-o-q-18-4-y-o-y-growth-302283086.html SOURCE Persistent Systems Market News and Data brought to you by Benzinga APIs
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Persistent Systems announces impressive financial results for Q2 FY25, with significant revenue growth and strategic advancements in AI-led services. The company's focus on AI and cloud technologies, along with key acquisitions, positions it for continued success in the tech industry.
Persistent Systems, a global leader in Digital Engineering and Enterprise Modernization, has announced impressive financial results for the second quarter of fiscal year 2025. The company reported revenue of $345.5 million, marking an 18.4% year-over-year increase and a 5.3% quarter-over-quarter growth 12. This achievement represents the 18th consecutive quarter of revenue growth for Persistent Systems.
The company's PAT grew by 23.4% in rupee terms compared to the same period last year, demonstrating strong financial performance 12.
Persistent Systems has been actively strengthening its capabilities and advancing its AI-led, platform-driven services strategy. The company made strategic moves to enhance its offerings:
These acquisitions align with Persistent's focus on leveraging AI technologies to deliver innovative solutions to its clients.
Persistent Systems has received notable recognition for its performance and capabilities:
The company reported strong order bookings for the quarter, with $529.1 million in Total Contract Value (TCV) and $348.6 million in Annual Contract Value (ACV) 1. Key wins across various sectors include:
Persistent Systems unveiled SASVAâ„¢ 2.0, an advanced platform aimed at revolutionizing AI-driven software development and business acceleration. This innovation underscores the company's commitment to staying at the forefront of AI technologies in the IT services industry 12.
Sandeep Kalra, CEO and Executive Director of Persistent Systems, expressed pride in the company's consistent growth and strategic advancements. He emphasized the company's dedication to delivering exceptional value to clients while positively impacting the environment and society 12.
As Persistent Systems continues to expand its global presence with over 23,200 employees across 19 countries, the company is well-positioned to capitalize on the growing demand for AI-enabled software engineering, cloud computing, and intelligent automation services in the coming quarters.
Persistent Systems announces impressive Q3 FY25 financial results, with 19.9% year-over-year revenue growth, emphasizing their success in AI-led services and platform-driven strategies.
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Persistent Systems reports impressive Q4 FY25 results, outpacing larger Indian IT firms with a 25% year-on-year revenue growth. The company attributes its success to AI-led deals and strategic investments in artificial intelligence.
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Persistent Systems, a mid-tier IT firm, has reported impressive revenue growth in Q1 FY25, outperforming larger competitors. The company's success is attributed to its agility and focus on digital transformation projects.
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Happiest Minds Technologies announced impressive Q2 FY25 results, with 12.7% quarter-on-quarter and 28.2% year-on-year growth in constant currency. The company's focus on AI, GenAI, and digital transformation services has contributed to its strong performance.
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Infosys, a global leader in digital services, announces robust Q3 FY25 results with 6.1% YoY growth, expanded margins, and significant AI-driven partnerships.
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