Persistent Systems June quarter net profit down 5.6%

Persistent Systems reported a 5.6 per cent fall in net profit at Rs 82.4 crore for the quarter ended June 2019. It had posted a net profit of Rs 87.3 crore in the same quarter last year. Revenues for the quarter were down marginally, 0.3 per cent, at Rs 832.1 crore, while in dollar terms revenue was down 3.2 per cent at $119.62 million.

“In my first quarter at the company, we found our fundamentals are sound as evidenced by our key wins, outstanding client satisfaction and our total team strength crossing 10,000 employees, a first in our company history. Our focus remains on sustained profitable growth," said CEO Christopher O'Connor.

The company's headcount crossed the 10,000 mark this quarter with attrition at over 17 per cent. Sunil Sapre, chief financial officer, Persistent Systems said that the revenues in the quarter were affected by the softness in IP revenues, along with currency fluctuations and seasonality of H-1B filing.