Persistent Systems shares gain 2 pc after earnings

Shares of software company Persistent Systems gained 2 per cent on Friday after the firm reported a 64.3 per cent jump in the March quarter net profit.

The stock closed the day at Rs 2,038.55, up 2.01 per cent on the BSE. During the day, it rallied 9.31 per cent to Rs 2,184.60 -- its 52-week high.

On the NSE, it rose by 1.78 per cent to close at Rs 2,038.30.

Pune-headquartered Persistent Systems reported a 64.3 per cent jump in the March quarter net profit to Rs 137.75 crore on higher revenues.

The mid-size company posted a 32.4 per cent growth in FY21 net profit to Rs 450.67 crore, on the back of a 17.4 per cent rise in revenues at Rs 4,187.88 crore.

During the March quarter, its revenues increased to Rs 1,133 crore, which was attributed by its chief executive Sandeep Kalra to healthy growth in the technology services vertical.

The company is confident of the demand momentum sustaining for another 2-3 years more as clients look to go digital, Kalra said on Friday.