Persistent Systems Q1 FY14 Revenue Grows 18.8% and PAT Grows 37.3% Y-o-Y

Persistent Systems Q1 FY14 Revenue Grows 18.8% and PAT Grows 37.3% Y-o-Y 
PUNE, INDIA and SANTA CLARA, CA -- (Marketwired) -- 07/29/13 -- 
Persistent Systems (BOMBAY: PERSISTENT) (NSE: PERSISTENT), the global
leader in product and technology services, today announced the
Company's audited financial results for the first quarter ended June
30, 2013, as approved by the Board of Directors. 
"Our investments in Platform Solutions across our four key focus
areas have positioned us well," said Dr. Anand Deshpande, Chairman
and Managing Director, Persistent Systems. "As we continue to expand
globally, more companies look to Persistent Systems to help them
implement these disruptive technologies with the expectation that
their investment will deliver faster, better, more collaborative,
secure access to the information they need." 
Consolidated Financial Highlights for the Quarter ended June 30,
2013: 


 
--  Revenue in Rupee terms was Rs. 3,572.88 Million representing Y-o-Y
    growth of 18.8%, and Q-o-Q growth of 7.0%.
--  Revenue in US$ terms was US$ 63.03 Million, representing a Y-o-Y
    increase of 14.8%, and Q-o-Q growth of 1.5%
--  Profit Before Tax (PBT) was Rs. 803.12 Million, representing a Y-o-Y
    growth of 39.6% and Q-o-Q growth of 11.3%.
--  Profit After Tax (PAT) was Rs. 570.95 Million, representing a Y-o-Y
    growth of 37.3% and Q-o-Q growth of 10.0%.

  
Key Quarter Highlights: 


 
--  Launched Radia Client Automation at HP(R) Discover 2013.
--  Named 2013 Finalist of IDG′s Computerworld Honors Program in the
    Emerging Technology category for big data innovation.
--  Announced ShareInsights, the company's big data analytics platform at
    the Hadoop Summit North America 2013.
--  Announced end-to-end public, private, and hybrid enterprise cloud
    lifecycle services and solutions on OpenStack.
--  Expanded presence in Africa, announces Partnership with SysCare
    Technology in Morocco.
--  Announced a national strategic collaborative initiative to promote
    'Inclusive Innovations 2013.'

  
Updates from Annual General Meeting held on July 29, 2013 
Members passed all the resolutions pertaining to business listed in
the Notice of the said Annual General Meeting, unanimously.  
Member approved the final dividend of Rs. 3 (Rupees Three only) per
share for FY2012-13. The Company had paid an interim dividend of Rs.
6 (Rupees Six only) per share during FY2012-13. The total dividend
for FY2012-13 is Rs. 9 (Rupees Nine only) per share as against Rs. 6
per share for FY2011-12. 
Changes to the Board of Directors 
Mr. P. B. Kulkarni has retired by rotation at the Annual General
Meeting held on July 29, 2013 and has not sought re-appointment. It
was resolved at the Annual General meeting not to fill the vacancy
for the time being in the Board, caused by the retirement of Mr. P.
B. Kulkarni. Further, owing to the increased responsibilities Dr.
Dinesh Keskar's current assignment in M/s. Boeing, Dr. Keskar has
resigned as an Independent Director of the Board of the Company with
effect from the end of Annual General Meeting of the Company held on
July 29, 2013. The Board of Directors places on record their
appreciation and thanks for immense contribution during their
directorship at the Company. 
About Persistent Systems: 
Persistent Systems (BOMBAY: PERSISTENT) (NSE: PERSISTENT) is a global
company specializing in software product and technology services. For
over two decades, Persistent has consistently been selected as the
trusted innovation partner for the world's largest technology brands,
leading enterprises and pioneering start-ups. Persistent has a global
team of more than 7,000 employees worldwide including offices and
delivery centers in North America, Europe, and Asia. Persistent
develops best-in-class solutions in key next-generation technology
areas including Analytics, Big Data, Cloud Computing, Mobility and
Social, for the telecommunications, life sciences, healthcare, and
banking & financial services verticals. For more information, please
visit: http://www.persistentsys.com.  
Media contacts:
Rashmi Joshi
Persistent Systems Ltd.
Tel: 91 83083 39400 
Email: rashmi_joshi@persistent.co.in 
Ilona Mohacsi
PenVine
Tel:+16317643729
Email: ilona@penvine.com 
Nikhil Arora 
Text100 Public Relations 
Tel: +91 98921 58923
Email: nikhil.arora@text100.co.in 
 
 
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