Persistent Systems Reports Revenue Growth of 4.5% QoQ and 12.3% YoY for Q2 FY18

Persistent Systems (BSE & NSE: PERSISTENT), today announced the Company's audited financial results for the second quarter ended September 30, 2017, as approved by the Board of Directors.

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Consolidated Financial Highlights for the Quarter ended September 30, 2017: 

   
                               Q2 FY18     QoQ growth    YoY growth
    Revenue (USD
    Million)                    118.10          4.5%         12.3%
    EBITDA (USD Million)         17.96         10.9%          4.5%
    PBT (USD Million)            17.29          9.3%         13.2%
    PAT (USD Million)            12.82         10.0%         12.4%

Consolidated Financial Highlights for the Half-Year ended September 30, 2017: 

   
                                H1 FY18     YoY growth
    Revenue (USD
    Million)                    231.07         10.1%
    EBITDA (USD Million)         34.15          1.7%
    PBT (USD Million)            33.11          9.3%
    PAT (USD Million)            24.47          7.4%

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

"We are pleased with our performance this quarter, we have seen continued and steady growth in our revenues supported by improved margins. We see strong demand in data, digital and IoT, specifically in healthcare and financial services. Our methodology, Software 4.0 is helping our customers accelerate their journey towards becoming a software driven business.

Encouraged by the splendid response to the inaugural edition, we are delighted to launch Smart India Hackathon 2018. Smart India Hackathon, which started as a simple idea sparked at Persistent Systems has now evolved into a nationwide movement."

Key Wins during the quarter: 

Momentum in Financial Services and Healthcare

• Building a large scale business data platform for a US based banking and financial services company to enable consistent credit and risk management, regulatory compliance and profitability calculations
• Building an analytics application over a global data lake for a US based residential mortgage company to unlock insights to the mortgage origination process and drive self-service analytics
• Partnering with a leading provider of medical technologies to adopt next generation requirements management and continuous engineering tools
• Building a cognitive chat-bot solution based on IBM Watson to streamline self-service operations for a leading US based hospital conglomerate  
• Built a Salesforce driven patient portal for a US based healthcare services company to get a 360 degree view of patient interactions for enhanced patient engagement
• Driving a large, multi-year transformation program to shift from product centric to customer centric strategy, for a leading US based financial software company

Momentum for IP-Centric Business and with Strategic Partners

• Multi-year IP-based engagement with a leading IoT PaaS provider to help build and scale a consumer IoT and cognitive platform
• Bringing superior endpoint management and vulnerability management capability to a leading European medical technology company to reduce risks from cyberattacks
• Appian BPM-based wins with investment management firms include customer onboarding solution as well as digital transformation of core banking platforms
• Accelerated onboarding of hundreds of applications on to Oracle Identity Management for a global financial institution using the Blue Prism RPA platform
• Partnering with a global leader in fintech and payments for their Identity and Access Management program
• Enabling the Indiana Office of Technology to deliver efficient services to its residents by helping them transform their technology platform using a Salesforce based program

Business Highlights and Awards: 

• Received the IBM Transformation Award for IBM Watson and Watson IoT solutions at the IBM partner event in Kuala Lumpur  
• Recognized for IoT Technology competency in 'Zinnov Zones 2017 - IoT Technology Services' Report
• Featured among the leading players for digital competency in the 'Zinnov Zones 2017 - Digital Services' Report
• Awarded 'Best Corporate University' at the TISS LeapVault CLO Awards 2017
• Recognized by the Association for Talent Development in the 2017 BEST Awards for demonstrating enterprise-wide success through talent development
• Honored with the 'Late Shri B.G. Deshmukh IAS, Corporate Social Responsibility Excellence Award' at the MCCIA Innovation and Entrepreneurship Awards 2017  
• Launched 'Smart India Hackathon 2018' in collaboration with MHRD, AICTE, and i4C. It was inaugurated by Shri. Prakash Javadekar, Honorable Minister of HRD, Government of India

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: https://www.persistent.com/FLCS.

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

Isha Kulkarni
Persistent Systems
+91-73505-21177
[email protected]  

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

SOURCE Persistent Systems