Persistent Q1 net up 20.5 pc at Rs 68.8 cr

IT firm Persistent Systems has posted a 20.5 per cent jump in net profit at Rs 68.8 crore for the quarter ended June 30, 2014.

This is against a net profit of Rs 57.09 crore for the same quarter last year.

The company registered a 21.7 per cent rise in revenues to Rs 434.98 crore in the said period from Rs 357.28 crore in the April-June 2013 quarter.

"We continue to grow double digit in terms of revenue and profitability. Our platform based technology strategy is working well and we see rising interest from enterprises to leverage the new technology stack," Persistent Systems Chairman and Managing Director Anand Deshpande told PTI.

The new releases of products over the last two quarters has helped the IP-led business to grow over 50 per cent from last year and constituted 20 per cent of the revenue this quarter, he added.

During the reported quarter, infrastructure and systems business accounted for Rs 237.1 crore, while telecom and wireless vertical contributed Rs 80.58 crore.

Life sciences and healthcare contributed Rs 57.17 crore towards the quarter's revenues, while that from financial services stood at Rs 60 crore.

The company's headcount stood at 7,876 people with the addition of over 100 people (gross) this quarter. It registered an attrition rate of about 14 per cent on LTM basis.

"This year, we are looking at hiring about 1,500 people, of which about 500 will be freshers," he said.

Deshpande added the company has given wage hikes of about 8 per cent average, the impact of which will be seen in the ongoing quarter's financial results.

Shares of the company closed at Rs 1,295.55 apiece, up 0.80 per cent from their previous close on the BSE in late afternoon trade.

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