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Dolat Capital Report
Persistent Systems Ltd. reported stellar Q1 results with 9.2% q-o-q growth (our estimate- 4.4%) led by broad-based growth across verticals (banking financial services and insurance/communications media and technology/healthcare – 11.7%/5.1%/15.9% q-o-q).
Operating profit margin improved by 40 basis points q-o-q to 13.5% (our estimate: 12.8%) driven by lower depreciation (down 16.5% q-o-q) while other operating expenses grew in-line with topline growth.
Persistent Systems' total contract value stood at $245 million (Q4: $247 million) with new deals TCV at $148 million.
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