On Tuesday’s early trade, the shares increased to an intraday high of 10 percent to a 52-week high price of ₹8,716.65 apiece after the company reported strong quarterly results.
At 1:45 p.m., Persistent Systems Ltd shares were quoted at ₹8,313 apiece, up 4.91 percent from the previous close price on the exchange. The company has a market capitalization of ₹63,494 crores.
Persistent Systems Ltd reported an increase of net profit of 20 percent year on year from ₹238 crore in Q3FY23 to ₹286 crore in Q3FY24, Similarly, during the same time frame, revenue also increased by 15 percent from ₹2,169 crore to ₹2,498 crore.
In comparison to the previous quarter, operational revenue has increased by 3.5 percent from ₹2,412 crores in Q2FY24 to ₹2,498 crores in Q3FY24, Further net profit increased by 7.5 percent from ₹263 crore to ₹283 crores. The company reported in its exchange filing.
Further, the company board has declared a stock split in the ratio of 1:2 i.e., existing 1 (one) Equity Share having a face value of ₹10/- each, into 2 EquityShares having a face value of ₹ 5 each, fully paid-up. Also, the board has recommended an interim dividend payout of Rs 32 a share for the current financial year.
According to the recent shareholding pattern, the company promoters hold 31.06 percent of the company, Foreign institutional investors hold 24.55 percent and retail investors hold a 16.91 percent stake.
Persistent Systems shares have gained 74 percent in the last six months and 81 percent in a year.
The company received 79.7% revenue from North America, followed by 8.9% from revenue, and 10% revenue from India. The company’s revenue cagr has grown by 27.3% from FY20 and FY23.
Persistent Systems provides software engineering and strategy services to help companies implement and modernize their businesses. It has its software and frameworks with pre-built integration and acceleration.
Persistent has been named a Leader in the Everest Group Data and Analytics (D&A) Services for Mid-Market Enterprises PEAK Matrix Assessment 2023.
Written by Omkar Chitnis
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