Persistent Systems net up 9% in Q1

Bengaluru, July 25 (IANS) Leading software product and services firm Persistent Systems on Monday reported a Rs 73 crore consolidated net profit for first quarter (April-June) of this fiscal (2016-17), registering 9 per cent annual growth from Rs 56 crore over like period year ago.

Consolidated revenue from operations for quarter under review (Q1) increased 40 per cent to Rs 702 crore from Rs 517 crore in same period year ago, the Pune-based firm said in a statement here.

Earnings before interest, tax, depreciation and amortization (Ebitda) also grew 9 per cent annually to Rs 106 crore.

Sequentially, however, net profit declined 9.3 per cent and operating margin (Ebitda) 1.5 per cent but revenue increased 4.3 per cent from previous quarter (January-March) of last fiscal (2015-16).

"Software-driven everything is the next industrial revolution. With business models and things becoming software-driven, our expertise in DevOps and continuous engineering are proving prescient," Persistent chairman and managing director Anand Deshpande said in a statement here.

The listed firm has wholly-owned subsidiaries in the US, France, Singapore, Malaysia, Mexico and Israel.

The company's scrip with face value of Rs 10 per share gained Rs 5.90 to trade at Rs 663.50 per share from Friday's closing price of Rs 657.60 and opening at Rs 660 after touching a high of Rs 666.25 and a low of Rs 640 during intra-trading.