Persistent Systems Ltd. reported a 2.9% decline in its net profit on a sequential basis for the first quarter of this financial year, but the figure was in line with street expectations.
The multinational technology services company reported a bottom line of Rs 306 crore in the quarter ended June, compared with Rs 315 crore in the previous quarter, according to its stock exchange notification. This compares with the Rs 303.4-crore analysts' estimate tracked by Bloomberg.
Revenue of the company rose 5.7% quarter-on-quarter to Rs 2,737 crore. Analysts tracked by Bloomberg had pegged the top line at Rs 2,711.2 crore.
Operating income, or earnings before interest and tax, rose 2.5% on a quarterly basis to Rs 384 crore, while the EBIT margin contracted to 14% from 14.5% in the previous quarter. The analyst consensus estimates for EBIT and EBIT margin tracked by Bloomberg stood at Rs 378.8 crore and 13.9%, respectively.
"We have pivoted to an AI-led, platform-driven services approach, deepening our hyperscaler partnerships and developing a suite of innovative solutions," said Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent Systems, in a statement.
The scrip closed 1.75% higher at Rs 4,905 apiece, compared with a 0.76% advance in the NSE Nifty 50. It has risen 33.81% on a year-to-date basis and has increased by 96.50% in the last 12 months, according to Bloomberg data.
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