Mid-tier IT company Persistent's Q4 net profit balloons 25%

Mid-tier IT services company Persistent Systems continued to outperform the industry with 20th consecutive sequential quarter revenue growth backed by an increase in large deals and clients along with. Net profit jumped 28% to Rs 395.7 crore on a revenue increase of 25.2% on a YoY basis to Rs 3,242 crore. Full year revenue grew 21.6% to Rs 11,938.7 crore while net profit rose 28% to Rs 1400 crore. In dollar terms revenue was up 18.8% to $1.41 billion.

The company's board recommended a final dividend of Rs 15 per share.

While healthcare will continue to see softness, CEO and executive director Sandeep Kalra is optimistic that banking, financial services & insurance and technology sectors to lead growth in the next three to four quarters. "As we look ahead, we are optimistic about sustaining progress to reach $2 billion in annual revenue by FY27. Our strategic pivot to AI-led platform-driven services will drive this growth, fueled by continued rigor and innovation," Kalra said.