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Motilal Oswal Report
Persistent Systems Ltd. reported a strong Q1 FY22, with U.S. dollar revenue growth of 9.2% q-o-q (300 basis points above our estimate) and 17% Ebitda margin, despite seasonal visa costs and robust employee additions.
The company's capability in maintaining its over $200 million total contract value run-rate is encouraging and should result in it continuing its industry-leading growth rate in FY22.
With a strong demand commentary and deal momentum, we expect Persistent Systems to continue to deliver top tier IT services revenue growth among our midcap IT coverage (over 18% FY20-23E compound annual growth rate).
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