BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Dolat Capital Report
Persistent Systems Ltd. posted healthy revenue of $264.4 million, up 3.5% QoQ in constant currency terms. (our estimate: 3%), despite impact of furlough, Q3 seasonality of lower working days and continued challenge in the top-two clients. Although top two accounts were soft, growth in top 2-50 stood at 7% QoQ.
Vertical-wise, growth was led by hi-tech growing 4.1% QoQ, followed by healthcare at 2.9% QoQ, and banking, financial services and insurance growing 2.8% QoQ.
Operating profit margin stood at 15.4%, up 78 bps QoQ and well ahead of our estimate of 14.6%. Margin expansion was led by better utilisation, improved freshers billability, intellecutal property revenue mix, and forex gains. Announced dividend per share of Rs 28.
Strong execution and robust annual contract value additions (up 15% on trailing twelve months basis) continues suggesting Persistent Systems would clock strong growth in FY24E as well.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
RECOMMENDED FOR YOU

LTIMindtree, eClerx, Oracle Financial Services — Dolat Capital's Preferred Pick In IT, Internet, Software, KPO


Mahanagar Gas, HPCL Among Dolat Capital's Top Stock Picks In Oil And Gas Sector; Q1 Results Preview


Titagarh Rail Q4 Results Review: Weak FRS, Margin Contraction Disappoints; Systematix Downgrades To 'Hold'


Welspun Living Q4 Results Review: Inline; Near Term Headwinds To Persist, Says Systematix Maintaining 'Buy'
