Persistent Systems Achieves Strong Growth Amid Uncertainties

Persistent Systems, a mid-tier IT company based in Pune, reported a 25% increase in profit for the March quarter, with revenue rising to Rs 3,242 crore. The company's CFO highlighted future growth aspirations and challenges, including sluggish deal signings and a focus on experienced hiring.

Persistent Systems, a leading mid-tier IT firm headquartered in Pune, recorded a 25% increase in profits for the March quarter, reaching Rs 395.76 crore from Rs 315.32 crore the previous year.

The company saw a substantial revenue rise of 25.2%, hitting Rs 3,242 crore, and improved its operating profit margin from 14.5% to 15.6%. CFO Vinit Teredesai expressed confidence in expanding margins by another 2 percentage points by FY26, despite current market uncertainties.

Persistent Systems aims for USD 2 billion in revenues by FY26 but faces sluggish deal signings, with contracts falling to USD 517.5 million. The company focuses on hiring experienced professionals and plans to maintain an 88% utilization rate while adding 700 employees to its workforce.

(With inputs from agencies.)