Persistent Systems Shows Robust Profit Growth With AI Focus

Persistent Systems reported a 23.44% rise in net profit for Q3 2024, with revenues at Rs 2,897.1 crore. The IT firm leverages AI and strategic acquisitions like Starfish Associates and Arrka to enhance its service offerings, resulting in significant contract bookings of USD 529 million.

Persistent Systems, a notable IT services provider, announced a notable 23.44% increase in its consolidated net profit for the September 2024 quarter, reaching Rs 324.9 crore. This marks a significant rise from the Rs 263.2 crore recorded during the same period last year.

The company's revenue from operations in this period saw a boost of 20.13%, amounting to Rs 2,897.1 crore, compared to Rs 2,411.6 crore in the third quarter of fiscal year 2024. This performance reflects its ongoing strategic focus on AI-led, platform-driven services.

CEO and Executive Director Sandeep Kalra stated that new partnerships with firms like Starfish Associates and Arrka further enhanced their digital governance capabilities. The Pune-based firm reported a notable order booking totalling USD 529 million in Total Contract Value, despite a 1.75% dip in share price to Rs 5,156.40 on BSE.

(With inputs from agencies.)