Persistent Systems Reports Q3 FY19 QoQ Revenue Growth of 2.2%; Announces Buy-back and Interim Dividend

SANTA CLARA, California and PUNE, India, January 28, 2019 /PRNewswire/ --

News Summary:  

Persistent Systems (BSE: PERSISTENT) (NSE: PERSISTENT), today announced the Company's audited financial results for the third quarter ended December 31, 2018, as approved by the Board of Directors.

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Consolidated Financial Highlights for the Quarter ended December 31, 2018: 

USD Million Q3 FY19 QoQ growth YoY growth Revenue 120.84 2.2% -1.4% EBITDA 23.81 17.2% 11.9% PBT 18.11 0.9% -0.4% PAT 12.82 2.8% -9.6%

Consolidated Financial Highlights for YTD December 31, 2018: 

USD Million YTD Dec 2018 YTD Dec 2017 YoY growth Revenue 362.67 353.60 2.6% EBITDA 64.97 55.44 17.2% PBT 53.67 51.29 4.6% PAT 38.24 38.66 -1.1%

Share Buy-back: 

The Board of Directors, at its meeting concluded on January 28, 2019, approved buy-back of equity shares under open market route for an aggregate amount not exceeding ₹2,250 million (10% of net worth) at a maximum buy-back price not exceeding ₹750 per share.

Dividend:  

The Board of Directors, at its meeting concluded on January 28, 2019, declared interim dividend of ₹8 per share on the face value of ₹10 each for the Financial Year 2018-19.

Dr. Anand Deshpande, Chairman and Managing Director, Persistent Systems: 

"Our teams continue to leverage our Software 4.0 offering for incremental and iterative development. Enterprises are integrating applications through APIs by bringing internal data, external data and events together, building insights that are actionable. Machine Learning has become mainstream as customers move beyond dashboards to task centric actionable insights that are embedding Intelligence in applications. Businesses continue to march on their journey to become software driven which is helping us win customers."  

"Riding high on the splendid response from last year's Smart India Hackathon, the third edition has been launched, with the finale for the Software edition slated for March 2019. We hope this movement continues to provide students a platform to harness the true potential of technology for nation-building."

Highlights and Recognition: 

• Persistent Systems' IoT Leadership recognized in 'Zinnov Zones 2018 - IoT Technology & Services Report' for third consecutive year
• Persistent Systems continues to be among the Leading Companies in 'Zinnov Zones 2018 - ER&D Services'
• Persistent Systems featured in IDC Vendor Profile "Persistent Systems: Product Engineering and Operational Technology Services Profile - A Singular Focus on Software"
• Persistent Systems recognized as Global Partner by OutSystems - Companies strengthen strategic alliance to accelerate digital transformation with low-code
• Persistent Systems' Machine Learning models available on Amazon Web Services Marketplace for Machine Learning

Customer and Partner Highlights: (www.persistent.com/customers-speak)

• Peacock Engineering works with Persistent Systems and IBM to transform Industrial Asset Management
• Mount Sinai and Persistent Systems team up for 3rd Health Hackathon on rare diseases
• IUCCA and Persistent Systems look up at the stars to solve problems on Earth
• NCRA collaborated with Persistent Systems to share findings from space with the world

Key Wins during the quarter: 

• Improving customer reach through enhanced digital experiences for a US-based financial products and services company
• Designing and development of tools for effective cash management implementation for one of the largest global investment banking enterprises
• Developing a cloud-based loan application system for a US-based bank
• Building an end-to-end portfolio management platform on OutSystems for a cloud-based credit management technology solutions provider in the United States
• Migrating of legacy CRM to Salesforce for a health and wellness provider
• Product engineering partner for an e-commerce giant - helping them to migrate their live digital assets and users, upon completion of crucial M&A activity

About Persistent Systems:  

Persistent Systems (BSE & NSE: PERSISTENT) builds software that drives the business of our customers; serving software product companies and enterprises with software at the core of their digital transformation. 

Forward-looking and Cautionary Statements: For risks and uncertainties relating to forward-looking statements, please visit www.persistent.com/FLCS

Media Contacts: 

Saviera Barretto
Text100
+91-84249-17719 
saviera.barretto@text100.co.in 

Jayashree Sridharan
Persistent Systems
+91-86696-70068
jayashree_sridharan@persistent.com

Ken Montgomery
Persistent Systems (US)
+1-949-939-5164
ken_montgomery@persistent.com

SOURCE Persistent Systems