Persistent Systems reports stable Q3FY19 numbers

The mid-sized IT firm Persistent Systems reported its third quarter result of FY19. 

Its revenue for the quarter was Rs. 864.2 crore, registering a growth of 3.4 per cent QoQ and 9.1 per cent YoY. 

EBITDA for the quarter stood at Rs. 170.3 crore, posting a growth of around 19 per cent QoQ and 24 per cent yoy. EBITDA margin for the quarter was 19.7 per cent. Profit after tax in the quarter came in at Rs. 91.7 crore, up by around 4 per cent from the previous quarter. 

The company’s board of directors have approved the buyback of equity shares under the open market route for an aggregate amount not exceeding Rs 225 crore at a maximum buyback price not exceeding Rs 750 apiece. Also, it has declared an interim dividend of Rs 8 per share. The attrition rate for the quarter was on the higher side, i.e., 16.4 per cent as against 15.4 per cent in Q2FY19 and 14.7 per cent in Q3FY18. 

The stock of Persistent opened on a positive note amid volatile market condition at Rs 564.9 and settled near to its opening level of Rs. 564.7.