Persistent Systems zooms 8 per cent on stellar Q1FY22 earnings

The order booking for the quarter ended on June 30, 2021, stood at $244.8 million in total contract value (TCV) and at $188.83 million in annual contract value (ACV).

Persistent Systems continues a strong growth trajectory in Q1FY22, reporting 9.2 per cent QoQ and 27.3 per cent YoY with revenue of Rs 1,229.9 crore. The growth delivered this quarter was amongst the highest-ever by the company. Profits after tax stood at Rs 151.20 crore, growing by 9.8 per cent sequentially and 68 per cent on a YoY basis. 

The order booking for the quarter ended on June 30, 2021, stood at $244.8 million in total contract value (TCV) and at $188.83 million in annual contract value (ACV). 

Some of the key wins for the quarter are as follows: 

Software, hi-tech, & emerging industries - Accelerating the development of an intelligent virtual agent solution for a leading IT provider. Implementing Salesforce platform to drive business growth, improve CX and unify business processes for an educational travel organisation. Re-architecting, re-engineering, and modernising gaming systems for a leader in gaming as well as lottery products & services. 

Banking, financial services & insurance - Transforming wholesale and commercial lending operations through consolidation of multiple legacy systems of record for a major US bank. Delivering faster time to market for best-in-class employee management solution with cost-effective, rapid scale-up for a US HR and payroll service provider. 

Persistent Systems provides software engineering and strategy services to help companies implement and modernise their businesses. It has its own software and frameworks with pre-built integration and acceleration. It has also partnered with providers such as Salesforce and AWS. 

The share price of Persistent Systems hit a new 52-week high of Rs 3,080.85 during the early market hours on Friday.