Persistent Announces FY2024 Revenue of $1,186M

SANTA CLARA, Calif. and PUNE, India, April 21, 2024 /PRNewswire/ — 

Persistent Systems (BSE: PERSISTENT) (NSE: PERSISTENT) today announced the Company’s audited financial results for the quarter and year ended March 31, 2024, as approved by the Board of Directors.

Consolidated Financial Highlights for the Financial Year 2023-24:

Consolidated Financial Highlights for the Quarter ended March 31, 2024:

The Board of Directors recommended a final dividend of ₹10 per share on the face value of ₹5 per share for financial year 2023-24. The final dividend recommended by the Board is subject to the approval of the members during the ensuing Annual General Meeting.

In January 2024, the Board had declared an interim dividend of ₹32 per share on the face value of ₹10 per share.

“Our continued success this fiscal year is a testament to our innovative spirit, remarkable resilience, and strategic foresight, powering the digital transformation journeys of our clients.
We approach every challenge as an opportunity and every achievement as a stepping-stone for future endeavors. Our determination to excel in everything we do has helped us set new benchmarks in the industry. We will continue to push the boundaries to scale new heights in the coming year.”

“As we reflect on fiscal year 2024, I would like to extend my gratitude towards our incredible team, clients, partners, and investors, whose continued trust has powered our impressive journey.

Our industry-leading growth, strong operational rigor, and commitment to building differentiated capabilities led to Persistent’s recognition as the “Most Promising Company” of the Year by CNBC-TV18 at the 2023 India Business Leader Awards. We were also included in three prestigious capital market indices – MSCI India Index, S&P BSE 100, and S&P BSE SENSEX Next 50.

As we enter the new fiscal year, we are confident in our ability to drive sustainable growth with strategic investments in disruptive technologies like AI and are excited about the road ahead.”

The order booking for the quarter ended on March 31, 2024, was at $447.7 million in Total Contract Value (TCV) and at $316.8 million in Annual Contract Value (ACV) terms.

Some of the key wins for the quarter include:

Spearheading IT transformation initiatives, including upgrading legacy middleware stack to open-source and developing AI/ML applications for a leading consumer intelligence companyEnabling open-source software porting and validation to support large data volume for a key cloud infrastructure offering for one of the largest global technology companiesSetting up an offshore research and development center for the core energy control system for one of the largest European conglomerates

Accelerating digital transformation and automation as well as engineering a GenAI platform for a leading insurance distribution and risk management firmDriving new CRM experiences including workflow automation for sales, contact center, and marketing for the financial services arm of a Fortune 500 automobile companyBuilding next-generation banking platform for neo-banks and building societies leveraging Digital Engineering capabilities for a leading UK-based FinTech

Developing a modern data and analytics platform in collaboration with one of the largest data warehousing firms and a leading hyperscaler for a drug wholesaler and contract research organizationMigrating clinical applications to a unified cloud platform and integrating them with electronic medical record applications for a leading renal care service providerBuilding a centralized patient relationship management system to enhance patient care and operational efficiency for a leading biopharmaceutical company

Persistent Accelerates Digital Engineering with AI-Powered SASVA™ PlatformPersistent Launches Population Health Management Solution Using Microsoft Azure OpenAI ServiceDr. Anand Deshpande, Founder, Chairman, and Managing Director of Persistent honored with the prestigious title of EY Entrepreneur of the Year™ 2023 in the Services categoryPersistent recognized for “Significant Achievement in HR Excellence” at the 14th Confederation of Indian Industry National HR Excellence Award for the year 2023-24

Persistent named a Challenger in the 2023 Gartner® Magic Quadrant™ for Public Cloud IT Transformation ServicesPersistent named a Leader and Star Performer in the Everest Group Software Product Engineering Services PEAK Matrix® Assessment 2024Persistent cited as a Market Leader in the HFS Horizons: Assuring the Generative Enterprise™, 2024 Horizons studyPersistent cited as a Leader in Everest Group’s Data and Analytics Services for Mid-market Enterprises PEAK Matrix® 2023Persistent placed as a Generative AI Market Leader in HFS Horizons: Generative Enterprise™ Services, 2023 ReportPersistent rated as a Leader in IDC MarketScape on Worldwide Software Engineering Services 2023 Vendor AssessmentPersistent won four 2023 ISG Star of Excellence™ Awards Recognizing Highest Standard of Customer Service ExcellencePersistent named a leader in Everest Group’s Talent Readiness for Next-Generation IT Services PEAK Matrix® 2023Persistent awarded Best Enterprise Services Vendor by Constellation Research in 2023

Persistent named as the “Most Promising Company” of the Year at CNBC-TV18’s India Business Leader AwardsSandeep Kalra recognized as the Best CEO in the IT and ITeS category by Business TodayPersistent included in three prestigious capital market indices − MSCI India Index, S&P BSE 100 and S&P BSE SENSEX Next 50Persistent won the Golden Peacock Award for Excellence in Corporate Governance for the year 2023Persistent achieved three GUINNESS WORLD RECORDS titlesPersistent named the fastest-growing IT Services brand in India in the Brand Finance India 100 2023 report

About Persistent

With over 23,800 employees located in 21 countries, Persistent Systems (BSE & NSE: PERSISTENT) is a global services and solutions company delivering Digital Engineering and Enterprise Modernization. As a participant of the United Nations Global Compact, Persistent is committed to aligning strategies and operations with universal principles on human rights, labor, environment, and anti-corruption, as well as take actions that advance societal goals. With 268% growth since 2020, Persistent is the fastest-growing Indian IT Services brand according to Brand Finance.

www.persistent.com

Forward-looking and Cautionary Statements

For risks and uncertainties relating to forward-looking statements, please visit persistent.com/flcs

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