Persistent Systems Q1 Results: Revenue Rises 3%, Profit Drops 9%
Net profit fell to Rs 228.7 crore, while EBIT margin was down 254 basis points at 12.83%.
Persistent Systems Ltd. has held on to its growth in these times of slowdown, but profitability has faltered.
Revenue of the Pune-based digital engineering firm rose 2.95% over the previous three months to Rs 2,321.1 crore in the first quarter, according to an exchange filing on Thursday. That compares with the Rs 2,329 crore consensus estimate of analysts tracked by Bloomberg.
Persistent Q1 Results: Key Highlights (Consolidated, QoQ)
Revenue up 2.95% at Rs 2,254.4 crore (Bloomberg estimate: Rs 2,329 crore).
EBIT down 14.02% at Rs 298 crore (Bloomberg estimate: Rs 358 crore).
EBIT margin down 254 basis points to 12.83% (Bloomberg estimate: 15.37%).
Net profit down 9.06% at Rs 228.7 crore (Bloomberg estimate: Rs 272 crore).
Shares of Persistent Systems closed 1.72% lower at Rs 5,050.80 apiece on the BSE, compared to a 0.71% advance in the benchmark Sensex. The quarterly results were declared after market hours.
