Buy Persistent Systems, target price Rs 4700: Edelweiss

Edelweiss has buy call on Persistent Systems with a target price of Rs 4700. The current market price of Persistent Systems is Rs 4396.75.

Time period given by analyst is Intra Day when Persistent Systems Ltd. price can reach defined target.

Persistent Systems Ltd., incorporated in the year 1990, is a Mid Cap company (having a market cap of Rs 33896.02 Crore) operating in IT Software sector.


Persistent Systems Ltd. key Products/Revenue Segments include Software Services and Software Licence for the year ending 31-Mar-2021.


Financials
For the quarter ended 30-09-2021, the company reported a Consolidated Total Income of Rs 1383.66 Crore, up 9.06 % from last quarter Total Income of Rs 1268.73 Crore and up 35.09 % from last year same quarter Total Income of Rs 1024.24 Crore. Company reported net profit after tax of Rs 161.75 Crore in latest quarter.

Investment Rationale
Stock has given a breakout from a broadening pattern indicating upward momentum to continue.

Promoter/FII Holdings
Promoters held 31.26 per cent stake in the company as of 30-Sep-2021, while FIIs owned 19.3 per cent, DIIs 27.87 per cent.