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IT Stock engaged in providing software engineering and strategy services to help companies implement and modernise their businesses hit a 10 percent lower circuit in the day’s trade upon posting Q4FY24 results and recommending a final Dividend of Rs. 10. 

With a market capitalization of Rs. 54,208 Crores, the shares of Persistent Systems Limited were trading at Rs. 3,511.90, down 9.66 percent from its previous day’s close price of Rs. 3,887.60. 

Its revenue from operations grew by 14.90 percent YoY from Rs. 2254.47 Crores in Q4FY23 to Rs. 2590.52 Crores in Q4FY24 and it grew by 3.69 percent QoQ from Rs. 2498.21 Crores in Q3FY24 to Rs. 2590.52 Crores in Q4FY24. Annually it generated revenue of 8350.59 Crores in FY23 and Rs. 9821.58 Crores in FY24 indicating a growth of 17.61 percent YoY. 

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Its Net Profit grew by 25.37 percent YoY from Rs. 251.51 Crores in Q4FY23 to Rs. 315.32 Crores in Q4FY24 and it grew by 10.20 percent QoQ from Rs. 286.13 Crores in Q3FY24 to Rs. 315.32 Crores in Q4FY24.Annually it generated a profit of 921.09 Crores in FY23 and Rs. 1093.49 Crores in FY24 indicating a growth of 18.79 percent YoY. 

In Addition, the Board of Directors of the company has recommended a Final Dividend of Rs.10 per Equity Share having a face value of Rs. 5 each for Financial Year 2023-24 held by shareholders of the company as of the record date. This Final Dividend is subject to the approval of Members at the ensuing Annual General Meeting which will be held on or before September 30, 2024. 

Persistent Systems Limited’s 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. 

In terms of the segment revenue mix as of Q4FY24, it generated 30.7 percent of its revenue from the Banking, Financial Services, and Insurance segment, 24.2 percent from Healthcare & Life Sciences, and 45.1 percent from Software, Hi-Tech & Emerging Industries. 

Persistent Systems is engaged in providing software engineering and strategy services to help companies implement and modernize their businesses. The business segments include Banking, Financial Services, and Insurance (BFSI), Healthcare & Life Sciences, and Technology Companies and Emerging Verticals. 

Written by: Bharath K.S

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