Persistent Systems Reports Strong Q3 FY25 Growth, Highlighting AI-Led Strategy
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On Thu, 23 Jan, 12:07 AM UTC
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Persistent Delivers Strong Q3 FY25 Performance with $360.2M Revenue, 4.3% Q-o-Q, 19.9% Y-o-Y Growth
Enter your email to get Benzinga's ultimate morning update: The PreMarket Activity Newsletter Declares interim dividend of ₹20 per share SANTA CLARA, Calif. and PUNE, India, Jan. 22, 2025 /PRNewswire/ -- Persistent Systems (BSE: 533179) PERSISTENT today announced the Company's audited financial results for the quarter ended December 31, 2024, as approved by the Board of Directors. Consolidated Financial Highlights for the Quarter ended December 31, 2024 Q3FY25 Margin% QoQ YoY Revenue (USD Million) 360.2 4.3 % 19.9 % Revenue (INR Million) 30,622.8 5.7 % 22.6 % EBITDA (INR Million) 5,378.4 17.6 % 11.9 % 21.7 % PBT (INR Million) 4,820.4 15.7 % 10.9 % 23.8 % PAT (INR Million) 3,729.9 12.2 % 14.8 % 30.4 % The Board of Directors declared an Interim Dividend of ₹20 per share on the face value of ₹5 each for the Financial Year 2024-2025. Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent "We recorded our 19th sequential quarter of revenue growth, with 4.3% Q-o-Q and 19.9% Y-o-Y increase -- highlighting the strength of our AI-led, platform-driven services strategy. We also declared an interim dividend of ₹20 per share. This quarter, we achieved several significant milestones, including winning the prestigious 2024 ISG Star of Excellence™ Overall Award based on the voice of the customer, demonstrating our ability to re(AI)magine their businesses. Reaffirming our commitment to developing innovative solutions based on our own IP, we filed 20+ patents related to SASVA™, our AI-powered software development platform. Additionally, our co-developed ContractAssIst solution, built leveraging Microsoft 365 Copilot, was shortlisted by Microsoft and acknowledged by its CEO, Satya Nadella, during his recent Microsoft AI Tour. We were awarded AA+ (Stable) credit rating by ICRA, recognizing our strong financial profile, experienced leadership, robust capital structure, and well-established customer relationships. Finally, our inclusion in the Dow Jones Sustainability World Index highlights our commitment to embedding sustainability into our operations. These achievements underscore our passion for driving innovation and delivering meaningful value to our clients and stakeholders, while fostering sustainable practices across our business." Third Quarter FY25 Client Wins and Outcomes The order booking for the quarter ended on December 31, 2024, was at $594.1 million in Total Contract Value (TCV) and at $428.3 million in Annual Contract Value (ACV) terms. Some of the key wins for the quarter include: Software, Hi-Tech & Emerging Industries Modernizing product development with SASVA™ to boost annual recurring revenue and optimize R&D costs for one of the UK's leading business software providersLeveraging AI-led engineering to boost product management, security, and revenue for a leading observability and IT software providerStreamlining data management with iAURA to modernize the core Facility Management platform for a leading food services and facilities management company Banking, Financial Services & Insurance Leveraging SASVA™ to modernize legacy systems, reduce technology debt, and improve developer productivity for a US-based financial services companyRevamping enterprise gateway services for enhanced scalability, efficiency, and real-time authorization with low latency for a leading global payment technology companyAutomating insurance and claims processes and developing innovative solutions using GenAI to maximize return on investment for a US-based insurance company Healthcare & Life Sciences Transforming the patient care and pharmacy platform to enhance patient experience, reduce technology debt, and improve business agility for a leading healthcare and health insurance companyReplacing the legacy contract management system with a revenue management solution to reduce license costs and enhance performance for a global leader in healthcare solutionsEnabling migration from MuleSoft to Azure with SASVA™ to drive operational efficiency for a global leader in life sciences analytics and technology solutions News in the Quarter Persistent Launches ContractAssIst Using Microsoft 365 Copilot to Streamline Contract ManagementPersistent Introduces Pi-OmniKG with Google CloudBW BusinessWorld: Sandeep Kalra's $2 Bn Powerplay For Persistent Systems Awards and Recognitions Dr. Anand Deshpande, Founder, Chairman, and Managing Director of Persistent, has been inducted as a Fellow of the Indian National Academy of EngineeringPersistent wins coveted 2024 ISG Star of Excellence™ Overall Award for superior customer experiencePersistent cited as a Leader in 2024 ISG Provider Lens™ Generative AI Services (Global)Persistent was included in the Dow Jones Sustainability World IndexPersistent named the Best Governed Company (Listed Segment: Medium Category) and won the Business Responsibility and Sustainability Award (Services Sector) at the 24th edition of the ICSI National Award for Excellence in Corporate GovernancePersistent Awarded AA+ (Stable) Rating by ICRA LimitedPersistent received awards for the Best Corporate University, L&D Team of the Year, and Best Employee Engagement Program at the 16th TISS LeapVault CLO AwardsPersistent awarded the platinum-level certification at the 2024 Arogya World Healthy Workplace Conference and Awards 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-delivers-strong-q3-fy25-performance-with-360-2m-revenue-4-3-q-o-q-19-9-y-o-y-growth-302357393.html SOURCE Persistent Systems Market News and Data brought to you by Benzinga APIs
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Persistent Delivers Strong Q3 FY25 Performance with $360.2M Revenue, 4.3% Q-o-Q, 19.9% Y-o-Y Growth
Declares interim dividend of ₹20 per share Persistent Systems (BSE: 533179 and NSE: PERSISTENT) today announced the Company's audited financial results for the quarter ended December 31, 2024, as approved by the Board of Directors. Consolidated Financial Highlights for the Quarter ended December 31, 2024 Q3FY25Margin%QoQYoYRevenue (USD Million)360.2 4.3%19.9%Revenue (INR Million)30,622.8 5.7%22.6%EBITDA (INR Million)5,378.417.6%11.9%21.7%PBT (INR Million)4,820.415.7%10.9%23.8%PAT (INR Million)3,729.912.2%14.8%30.4% The Board of Directors declared an Interim Dividend of ₹20 per share on the face value of ₹5 each for the Financial Year 2024-2025. Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent "We recorded our 19th sequential quarter of revenue growth, with 4.3% Q-o-Q and 19.9% Y-o-Y increase -- highlighting the strength of our AI-led, platform-driven services strategy. We also declared an interim dividend of ₹20 per share. This quarter, we achieved several significant milestones, including winning the prestigious 2024 ISG Star of Excellence™ Overall Award based on the voice of the customer, demonstrating our ability to re(AI)magine their businesses. Reaffirming our commitment to developing innovative solutions based on our own IP, we filed 20+ patents related to SASVA™, our AI-powered software development platform. Additionally, our co-developed ContractAssIst solution, built leveraging Microsoft 365 Copilot, was shortlisted by Microsoft and acknowledged by its CEO, Satya Nadella, during his recent Microsoft AI Tour. We were awarded AA+ (Stable) credit rating by ICRA, recognizing our strong financial profile, experienced leadership, robust capital structure, and well-established customer relationships. Finally, our inclusion in the Dow Jones Sustainability World Index highlights our commitment to embedding sustainability into our operations. These achievements underscore our passion for driving innovation and delivering meaningful value to our clients and stakeholders, while fostering sustainable practices across our business." Third Quarter FY25 Client Wins and Outcomes The order booking for the quarter ended on December 31, 2024, was at $594.1 million in Total Contract Value (TCV) and at $428.3 million in Annual Contract Value (ACV) terms. Some of the key wins for the quarter include: Software, Hi-Tech & Emerging IndustriesModernizing product development with SASVA™ to boost annual recurring revenue and optimize R&D costs for one of the UK's leading business software providersLeveraging AI-led engineering to boost product management, security, and revenue for a leading observability and IT software providerStreamlining data management with iAURA to modernize the core Facility Management platform for a leading food services and facilities management companyBanking, Financial Services & InsuranceLeveraging SASVA™ to modernize legacy systems, reduce technology debt, and improve developer productivity for a US-based financial services companyRevamping enterprise gateway services for enhanced scalability, efficiency, and real-time authorization with low latency for a leading global payment technology companyAutomating insurance and claims processes and developing innovative solutions using GenAI to maximize return on investment for a US-based insurance companyHealthcare & Life SciencesTransforming the patient care and pharmacy platform to enhance patient experience, reduce technology debt, and improve business agility for a leading healthcare and health insurance companyReplacing the legacy contract management system with a revenue management solution to reduce license costs and enhance performance for a global leader in healthcare solutionsEnabling migration from MuleSoft to Azure with SASVA™ to drive operational efficiency for a global leader in life sciences analytics and technology solutionsNews in the QuarterPersistent Launches ContractAssIst Using Microsoft 365 Copilot to Streamline Contract ManagementPersistent Introduces Pi-OmniKG with Google CloudBW BusinessWorld: Sandeep Kalra's $2 Bn Powerplay For Persistent SystemsAwards and RecognitionsDr. Anand Deshpande, Founder, Chairman, and Managing Director of Persistent, has been inducted as a Fellow of the Indian National Academy of EngineeringPersistent wins coveted 2024 ISG Star of Excellence™ Overall Award for superior customer experiencePersistent cited as a Leader in 2024 ISG Provider Lens™ Generative AI Services (Global)Persistent was included in the Dow Jones Sustainability World IndexPersistent named the Best Governed Company (Listed Segment: Medium Category) and won the Business Responsibility and Sustainability Award (Services Sector) at the 24th edition of the ICSI National Award for Excellence in Corporate GovernancePersistent Awarded AA+ (Stable) Rating by ICRA LimitedPersistent received awards for the Best Corporate University, L&D Team of the Year, and Best Employee Engagement Program at the 16th TISS LeapVault CLO AwardsPersistent awarded the platinum-level certification at the 2024 Arogya World Healthy Workplace Conference and Awards
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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.
Persistent Systems Reports Strong Q3 FY25 Financial Performance
Persistent Systems, a global leader in Digital Engineering and Enterprise Modernization, has announced impressive financial results for the third quarter of fiscal year 2025. The company reported a revenue of $360.2 million, marking a 4.3% quarter-over-quarter and 19.9% year-over-year growth 12. This performance underscores the strength of Persistent's AI-led, platform-driven services strategy.
Key Financial Highlights
- Revenue: $360.2 million (19.9% Y-o-Y growth)
- EBITDA: ₹5,378.4 million (21.7% Y-o-Y growth)
- PAT (Profit After Tax): ₹3,729.9 million (30.4% Y-o-Y growth)
- Interim Dividend: ₹20 per share declared
The company's order booking for Q3 FY25 stood at $594.1 million in Total Contract Value (TCV) and $428.3 million in Annual Contract Value (ACV) 1.
AI-Driven Innovation and Recognition
Persistent Systems has made significant strides in AI-driven innovation during the quarter:
- Filed 20+ patents related to SASVAâ„¢, their AI-powered software development platform 1.
- Launched ContractAssIst, a solution leveraging Microsoft 365 Copilot for contract management 2.
- Introduced Pi-OmniKG with Google Cloud, further expanding their AI capabilities 2.
The company's efforts in AI have been recognized industry-wide:
- Won the 2024 ISG Star of Excellenceâ„¢ Overall Award for superior customer experience 1.
- Cited as a Leader in the 2024 ISG Provider Lensâ„¢ Generative AI Services (Global) 2.
Strategic Client Wins and Industry Impact
Persistent Systems secured several key contracts across various sectors:
- Software and Hi-Tech: Modernized product development for a leading UK business software provider using SASVAâ„¢ 1.
- Banking and Financial Services: Leveraged AI to modernize legacy systems for a US-based financial services company 2.
- Healthcare and Life Sciences: Transformed patient care and pharmacy platforms for a major healthcare and insurance company 1.
Sustainability and Corporate Governance
The company's commitment to sustainability and good governance was highlighted by:
- Inclusion in the Dow Jones Sustainability World Index 2.
- Receiving an AA+ (Stable) credit rating from ICRA Limited 1.
- Winning awards for corporate governance and sustainability at the 24th ICSI National Award 2.
Leadership Perspective
Sandeep Kalra, CEO and Executive Director of Persistent, emphasized the company's consistent growth: "We recorded our 19th sequential quarter of revenue growth, highlighting the strength of our AI-led, platform-driven services strategy" 1. He also noted the significance of their achievements in innovation, customer satisfaction, and sustainability.
As Persistent Systems continues to leverage AI and platform-driven strategies, it remains well-positioned to capitalize on the growing demand for digital transformation services across industries.
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