Persistent Systems Q3 FY16 Revenue Grew Sequentially by 9.1% and PAT by 7.8%

25 Jan, 2016, 09:00 ET from Persistent Systems

PUNE, India and SANTA CLARA, California, January 25, 2016 /PRNewswire/ --

- Declared Interim Dividend of INR 5 Per Share

- Appointed Industry Veteran Tom Kendra to the Board

- Focus on Enterprise Digital Transformation With a Strong Partner Ecosystem Drives Growth

Persistent Systems (BSE & NSE: PERSISTENT), riding increased strength from its partner ecosystem to drive enterprise digital transformation, today announced record quarterly sales of INR 5,920.74 M and a profit after tax of INR 774.89 M for the third quarter ended December 31, 2015, as approved by the Board of Directors. The Board approved an interim dividend of INR 5 per share.

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The Company also announced the appointment of industry veteran Tom Kendra, based in the US, to its Board of Directors. Tom recently retired from Dell's Software group where he was Vice President and General Manager of the Systems Management business. Prior to Dell, Tom served in senior management roles at CA Technologies, Symantec Corporation and IBM. 

"Our strategy continues to pay off. Our platform-based solutions and a robust partner ecosystem drives our strategy for enterprise digital transformation. Our acquisitions are strengthening our technology expertise, all helping fuel a record quarter for us," said Dr. Anand Deshpande, Managing Director and CEO, Persistent Systems.

"We are excited about Honorable Prime Minister Mr. Modi's initiatives including Digital India and Startup India. These align with our own entrepreneurial culture and long history of partnering with start-ups globally. We will continue to foster the emergence of this aspect of India's potential." he added.

Consolidated Financial Highlights for the Quarter ended December 31, 2015:  


   
                            Q3 FY16    Q-o-Q growth  Y-o-Y growth
    Revenue (USD
    Million)                     89.65          8.1%         12.7%
    Revenue (INR
    Million)                  5,920.74          9.1%         19.7%
    EBITDA (INR Million)      1,110.45          9.1%         11.6%
    PAT (INR Million)           774.89          7.8%          4.1%

Consolidated Financial Highlights for year to date December 31, 2015 


   
                         YTD Dec. 2015 YTD Dec. 2014 Y-o-Y growth
    Revenue (USD
    Million)                    251.21        228.50          9.9%
    Revenue (INR
    Million)                 16,352.21     13,937.99         17.3%
    EBITDA (INR Million)      3,097.04      2,901.05          6.8%
    PAT (INR Million)         2,165.54      2,145.81          0.9%

Enterprise Customer Wins: 

  • Built an API platform to develop new mobile offerings for a leading global retailer of fashion and personal care products
  • Leveraged Persistent's API built using Oracle IDM to enable a major global transportation manufacturer to develop next generation apps  
  • Redesigned application suite of a global lifestyle healthcare company to provide consistent digital user experience
  • Provided capabilities for banking and wealth management company to achieve regulatory compliance across a spectrum of mandates
  • Built the next generation KYC platform for a global fintech company

Business Highlights from the Quarter: 

  • For the third year in a row, recognized as a leader in the Enterprise Software Product segment of the annual Global Service Provider Ratings by Zinnov Management Consulting
  • Acquired digital content management solutions business of Akumina, maker of InterChange, an innovative software platform that optimizes user experiences for digital businesses using Microsoft SharePoint
  • Continued to strengthen partner ecosystem releasing suite of healthcare and life sciences accelerators for Salesforce
  • Customer-focused hackathon held jointly with Appian at our Appian Center of Excellence at Columbus, Ohio

Accelerite Highlights from the Quarter: 

  • The Company signed an agreement on January 11, 2016 to acquire Citrix CloudPlatform powered by Apache CloudStack, which is subject to the customary closing conditions
  • Launched Aepona IoT accelerating IoT service enablement with support for developer APIs
  • Announced significant enhancements to ConVirt unified cloud management platform for unifying VMware, KVM, Hyper-V and AWS environments into enterprise private clouds
  • Hosted first ever Radia users summit attended by global customers and partners

About Persistent Systems: 

Persistent Systems (BSE & NSE: PERSISTENT) builds software that drives the business of our customers; serving software product companies and enterprises with software at the core of their digital transformation. 

Forward-looking and Cautionary Statements: For risks and uncertainties relating to forward-looking statements, please visit:

http://content.persistent.com/Pslweb/forward_looking_cautionary_statement.shtml

For more information, please contact:
Ken Montgomery
Persistent Systems
Vice President
Global Communications
+1-949-939-5164
Ken_montgomery@persistentsys.com

SOURCE Persistent Systems