Persistent Systems (BSE & NSE: PERSISTENT) has released its audited financial results for the quarter and year ending March 31, 2024, which were approved by the Board of Directors today, April 21, 2024.
The Board of Directors has proposed a final dividend of ₹10 per share for the financial year 2023-24, based on a face value of ₹5 per share. This recommendation is contingent upon the approval of the members at the upcoming Annual General Meeting. Additionally, in January 2024, the Board had announced an interim dividend of ₹32 per share, calculated on a face value of ₹10 per share.
Consolidated Financial Results for the Quarter ended March 31, 2024:
| All Numbers are in Rs Millions except EPS | Quarter Ended 31-03-2024 | Quarter Ended 31-12-2023 | Quarter Ended 31-03-2023 |
|---|---|---|---|
| Total Income | 26,213.09 | 25,365.26 | 22,632.99 |
| Total Expenses | 22,258.17 | 21,472.25 | 19,227.14 |
| Profit/ (loss) before tax | 3,954.92 | 3,893.01 | 3,405.85 |
| Net Profit after tax | 3,153.21 | 2,861.34 | 2,515.13 |
| EPS( basic ) | 20.73 | 18.92 | 16.83 |
Anand Deshpande, the Founder, Chairman, and Managing Director of Persistent, expressed his pride in the company’s success throughout the fiscal year. He attributes this success to their innovative approach, resilience, and forward-thinking strategy, which have been instrumental in supporting their clients’ digital transformation journeys. Deshpande emphasized their willingness to view challenges as opportunities and sees every achievement as a stepping stone for future endeavors. He concluded by stating their determination to maintain excellence and set new industry benchmarks in the upcoming year.
Sandeep Kalra, the Chief Executive Officer and Executive Director, extended his appreciation to the team, clients, partners, and investors for their continuous support. He highlighted Persistent’s impressive growth, operational efficiency, and commitment to developing unique capabilities, which led to the company being recognized as the “Most Promising Company” of the Year by CNBC-TV18 at the 2023 India Business Leader Awards. Kalra also mentioned their inclusion in three esteemed capital market indices – MSCI India Index, S&P BSE 100, and S&P BSE SENSEX Next 50. Looking ahead to the new fiscal year, Kalra expressed confidence in their ability to achieve sustainable growth through strategic investments in disruptive technologies like AI, outlining his excitement for the journey ahead.