Persistent Systems Reports 9.7% Growth in USD Revenue for FY18, Recommends 30% Final Dividend

SANTA CLARA, California and PUNE, India, April 24, 2018 /PRNewswire/ --

News Summary: 

Persistent Systems (BSE: PERSISTENT) (NSE: PERSISTENT), today announced the Company's audited financial results for the quarter and year ended March 31, 2018, as approved by the Board of Directors.

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Consolidated Financial Highlights for the Financial Year 2017-18: 

   
                                 FY18          FY17      YoY growth
    Revenue (USD
    Million)                    470.55        429.01          9.7%
    EBITDA (USD Million)         72.70         67.66          7.5%
    PBT (USD Million)            66.58         59.72         11.5%
    PAT (USD Million)            50.11         44.93         11.5%

Consolidated Financial Highlights for the Quarter ended March 31,2018: 

   
                                 Q4FY18      YoY growth   QoQ growth
    Revenue (USD
    Million)                    116.95          7.3%         -4.6%
    EBITDA (USD Million)         17.26         -3.1%        -18.9%
    PBT (USD Million)            15.28          8.9%        -15.9%
    PAT (USD Million)            11.45          4.9%        -19.2%

Dividend:  

The Board of Directors at its meeting concluded on April 24, 2018, recommended 30% final dividend taking the total dividend for FY 2017-18 to 100%. This was against 90% dividend paid in the previous year. The dividend recommended by the Board is subject to approval of the Members during the Annual General Meeting.

Management Update:  

The Board of Directors, at its meeting concluded on April 24, 2018, has appointed Prof. Deepak B Phatak, recipient of Padma Shri award, who recently retired as Professor of Computer Science at IIT Bombay and Mr. Guy Eiferman who is an expert in Life Sciences and Healthcare, having held several important positions at Merck & Co., as Additional Directors (Independent Members) on the Board with immediate effect subject to the approval of the Members in the next General Meeting of the Company.

Business Highlights and Awards: 

• Co-organized the Software Edition of Smart India Hackathon 2018
• Persistent Foundation featured in The Economic Times CSR Compendium - The Enablers, 2017
• Featured in HfS Blueprint Report - Internet of Things Services 2018
• Inaugurated a 276 kWp Rooftop Solar Panel Plant at Persistent Systems, Hinjawadi, Pune

Dr. Anand Deshpande, Chairman and Managing Director, Persistent Systems: 

"In the last two years, our focus on digital has helped us build capabilities in key technology areas and experience in helping customers as they transform to being software driven businesses. Looking ahead, we are doubling down on three industry markets - Financial Services, Healthcare & Life Sciences and Industrial IoT in addition to our strong presence in Software and Technology.

We are delighted by the grand success of the Software Edition of Smart India Hackathon 2018 and look forward to innovative solutions at the Hardware Edition in June this year."

Key Highlights and Wins during the Quarter: 

Customer Highlights 

• Mount Sinai Health System, a renowned healthcare provider in the US, is using AI to predict patient needs and deliver customized patient experience
• USAA, a leading financial services provider in the US, works with Persistent Systems to bring greater and smarter security to their members

Momentum around Software Product Engineering  

• Design, develop and accelerate the roadmap for an industry leading fin tech product in the US
• Micro-services cloud architecture for advanced IoT sensor- based motion capture
• Engineering partner to build AI and ML powered cloud based solutions for an industry leading software provider

Momentum in Healthcare 

• Engineering partner for chromatography data system, cloud, mobility and ML of a US based global healthcare and life sciences company
• Enterprise class architecture to drive patient and staff satisfaction and improve cross departmental efficiency for a renowned US based children's specialty hospital
• Develop mobile device automation with data lake implementation for US based IoT driven human health organization

Momentum in Financial Services 

• Built a BOT platform powered by AI & ML for a large US based bank
• Drive critical data initiatives around regulatory compliance and risk management for a leading US based bank
• Implementing API based integration for identity initiatives for a large US based banking brokerage firm
• IP-led win to provide secure access to customer policy information and transactions using Neuro, providing risk based authentication for an insurance and financial organization in the US

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 www.persistent.com/FLCS

Media Contacts:
Saviera Barretto
Text100
+91-84249-17719
[email protected]  

Isha Kulkarni
Persistent Systems
+91-86696-70068
[email protected]  

Ken Montgomery
Persistent Systems (US)
+1-949-939-5164
[email protected]

SOURCE Persistent Systems