Persistent Systems profit up 10% QoQ, revenue up 4.5%

Mid-sized IT services provider Persistent Systems reported 4.5% sequential USD revenue growth and 4.6% rupee revenue growth for the September quarter.

On a year-on-year basis, dollar revenue rose 12.3%, while rupee revenue was up 8.1%.

Operating profit, however, was up only 4.5% on year, but because of the poor performance in the preceding quarter, rose 10.9% sequentially.

Net profit rose 10% on quarter and 12.4% on year to 826 mln rupees.

“We are pleased with our performance this quarter, we have seen continued and steady growth in our revenues supported by improved margins. We see strong demand in data, digital and IoT, specifically in healthcare and financial services. Our methodology, Software 4.0 is helping our customers accelerate their journey towards becoming a software driven business,” said CMD Anand Deshpande.

Rupee-dollar ratio remained flat on quarter.