Persistent Systems crosses Rs 1000 crore revenue

PUNE: Outsourced software product developer Persistent Systems ( BSE & NSE: PERSISTENT) reported Rs 1000.31 crore for the year ended March 2012, a 28.9% growth over the previous year.

The Board of Directors, at its meeting on April 22, 2012, recommended a dividend of Rs 2.50 per share for FY 2011-12, subject to shareholder approval at its AGM in July. The Profit After Tax was Rs 141.78 crore up from Rs 139.73 crore for the previous year.

"We witnessed FY12 as an important year of global expansion as we established development centres in Grenoble, France and Kuala Lumpur, Malaysia and invested in supporting research in cloud computing and life sciences at Indiana University in Bloomington, in USA," Anand Deshpande, Chairman and Managing Director, Persistent Systems said.

"We crossed Rs 1,000 Crores in spite of the challenging global environment. During the year, we have seen customer validation of our strategy as we continue to focus on fundamentals and make investments in key technology areas such as cloud, collaboration, analytics and mobility. We strengthened our domain focus in telecommunications with the acquisition of the location business from Openwave Technologies. In the life sciences space, we bolstered our domain expertise with the acquisition of Agilent's France based team that has expertise in analytical instruments. Further, we also made investments in personalized medicine with Life Technologies," he added

This year the company acquired Openwave System's Location Manager Business and set up an engineering centre in Malaysia. It has 6,628 employees at the end of March 2012 up from 6,360 in the previous year.