SOURCE: Persistent Systems

Persistent Systems

April 21, 2014 09:16 ET

Persistent Systems USD Revenue Grows 3.9% Q-o-Q; Annual Revenue Grows 28.9%, PAT Grows 32.9 %; IP Revenue Grows 20.4 % in USD, FY14 Dividend INR 12 per Share

PUNE, INDIA and SANTA CLARA, CA--(Marketwired - Apr 21, 2014) - Persistent Systems  (BOMBAY: PERSISTENT) (NSE: PERSISTENT) the global leader in software product and technology services, today announced the Company's audited financial results for the quarter and year ended March 31, 2014, as approved by the Board of Directors.

"We continue to see healthy growth and demand for our expertise in software product development and technology services," said Dr. Anand Deshpande, Chairman and Managing Director, Persistent Systems. "The recent formation of Accelerite builds our product-centric business unit, while the rest of Persistent continues to focus on digital transformation and next generation product development services where it is a well-respected market leader."

Consolidated Financial Highlights for the Financial Year 2013-14:
    FY14   FY13   Y-o-Y growth  
Revenue (USD Million)   274.06   237.82   15.2 %
Revenue (INR Million)   16,691.53   12,945.12   28.9 %
EBITDA (INR Million)   4,302.78   3,351.91   28.4 %
PBT (INR Million)   3,426.59   2,629.88   30.3 %
PAT (INR Million)   2,492.77   1,876.18   32.9 %
Diluted EPS (INR)   62.32   46.90   32.9 %
Consolidated Financial Highlights for the Quarter ended March 31, 2014:
    Q4 FY14   Q-o-Q growth   Y-o-Y growth  
Revenue (USD Million)   72.64   3.9 % 17.0 %
Revenue (INR Million)   4,467.37   3.2 % 33.8 %
EBITDA (INR Million)   1,206.53   0.8 % 45.2 %
PBT (INR Million)   923.27   6.7 % 28.0 %
PAT (INR Million)   671.99   4.7 % 29.5 %

The Board of Directors at its meeting concluded on April 19, 2014, recommended a final dividend of INR 4 per share for FY 2013-14. The payment of final dividend is subject to the approval of the shareholders at the ensuing Annual General Meeting. Company had paid an interim dividend of INR 8 per share during FY 2013-14. Total dividend for the year would be INR 12 per share (Payout Ratio of 22.53 %) upon approval of the shareholders for the payment of final dividend. The previous year's dividend was INR 9 per share.

Addition to the Board:
The Board of Directors appointed Mr. Mritunjay Singh, Chief Operating Officer as an Executive Director of the Company.

CSR Contribution:
The Board of Directors approved INR 48 Million towards its Annual contribution to Corporate Social Responsibility (CSR) which will be paid out in FY 2014-15.

Key Quarter Highlights:

  • Announced creation of its Silicon Valley-based Accelerite, a business unit which will take a portfolio of Persistent's products and related solutions to market.
  • Acquired CloudSquads, a company specialized in Social Community Platform offerings.
  • Invested in Hyginex, a hand hygiene technology startup based in California through Persistent Venture Fund.
  • Selected to be Analytics Partner for Satyamev Jayate season 2, the most impactful show on Indian Television.
  • Received two World CSR Awards for following the 'Best Corporate Social Responsibility Practices'; the 'Dream Employer of the Year' and 'Fun at Work' Awards at World HRD Congress; and Global HR Excellence Award for being 'Organization with Innovative HR Practices.'

Key Annual Highlights:

  • Unveiled Persistent Venture Fund to support innovations in SMAC technologies.
  • Opened First US Collaborative Software Development Center in Dublin, Ohio. This Centre is supporting innovative regional businesses.
  • Ranked 'Top Service Provider in Enterprise Software Segment' by Zinnov.
  • Received the 2013 Cloud Computing Excellence Award from TMC, the global, integrated media company.
  • Attained ISO 13485:2003 Certification for Medical Device Software.
  • Received the Silver Shield from Institute of Chartered Accountants of India for Excellence in Financial Reporting' for fiscal year 2013.

About Persistent Systems:
Persistent Systems (BOMBAY: PERSISTENT) (NSE: PERSISTENT) is a global company specializing in software product and technology services. For over two decades, Persistent has consistently been selected as the trusted innovation partner for the world's largest technology brands, leading enterprises and pioneering start-ups. Persistent has a global team of more than 7,800 employees worldwide including offices and delivery centers in North America, Europe, and Asia. Persistent develops best-in-class solutions in key next-generation technology areas including Analytics, Big Data, Cloud Computing, Mobility and Social, for the independent software vendors (ISVs), telecommunications and media, life sciences and healthcare, and financial services verticals.

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Forward-looking and Cautionary Statements:
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Contact Information

  • Media Contacts:

    Rashmi Joshi
    Persistent Systems Ltd.
    Corporate Communications
    Tel: 91 83083 39400
    Email: Email Contact

    Ilona Mohacsi
    PenVine for Persistent Systems Ltd.
    Tel: +1 631 764 3729
    Email: Email Contact