Persistent Systems Q2 FY14 Revenue Grows Sequentially 8.6% in US$ and 21% in INR

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PUNE, INDIA and SANTA CLARA, CA--(Marketwired - Oct 21, 2013) - Persistent Systems (BOMBAY: PERSISTENT) (NSE: PERSISTENT), the global leader in software product and technology services, today announced the Company's audited financial results for the second quarter ended September 30, 2013, as approved by the Board of Directors.

"We are delighted with our excellent growth in revenue in the second quarter that has surpassed the overall industry growth rate," said Dr. Anand Deshpande, Chairman, Managing Director and CEO, Persistent Systems. "We continue to invest in creating next-generation technology solutions for our customers. During the quarter, we have also expanded internationally in EMEA, APAC and have opened our Collaborative Software Development Center in Ohio."

Consolidated Financial Highlights for the Quarter ended September 30, 2013:

  • Revenue was US$ 68.45 Million, representing Y-o-Y growth of 14%, and Q-o-Q growth of 8.6%

  • Revenue was INR 4,323.71 Million, representing Y-o-Y growth of 32.3% and Q-o-Q growth of 21%.

  • IP led Revenue for the quarter was US$ 13.10 Million as against US$ 9.49 Million for the previous quarter, representing Q-o-Q growth of 38.0%.

  • EBIDTA was INR 1,122.07 Million, representing Y-o-Y growth of 26% and Q-o-Q growth of 44.4%.

  • PBT was INR 834.93 Million, representing Y-o-Y growth of 34.1% and Q-o-Q growth of 4%

  • PAT was INR 607.85 Million, representing Y-o-Y growth of 36.1%, and Q-o-Q growth of 6.5%.

Consolidated Financial Highlights for the half year ended September 30, 2013:

  • Revenue was US$ 131.48 Million, as against US$ 114.96 Million for the half year ended September 30, 2012, representing a growth of 14.4%

  • Revenue was INR 7,896.59 Million, as against INR 6,275.68 Million for the half year ended September 30, 2012, representing a growth of 25.8%

  • EBIDTA was INR 1,899.00 Million, as against INR 1,696.92 Million for the half year ended September 30, 2012, representing a growth of 11.9%

  • PBT was INR 1,638.05 Million, against INR 1,198.26 Million for the half year ended September 30, 2012, representing a growth of 36.7%.

  • PAT was INR 1,178.80 Million, against INR 862.25 Million for the half year ended September 30, 2012, representing a growth of 36.7%.

Persistent Systems' focused strategy around product engineering, its enterprise platform approach and product IP has enabled the Company to grow and scale up resulting in new business opportunities with leading enterprises. In this quarter, multiple analyst firms have recognized Persistent's investments in developing cutting-edge solutions for the enterprise market.

Business Highlights:

  • Opened first US Collaborative Software Development Center in Dublin, Ohio to further strengthen and expand regional customer relationships in delivering next generation cloud computing, analytics, mobility and social collaboration solutions. The Center is specifically designed to help enterprises create rapid prototypes of next generation applications leveraging analytic technologies and utilizing perceptual computing driven innovative user interfaces.

  • Unveiled the release of its rCloud 4 Universal Architecture, an innovative cloud platform (under Doyenz) that meets the business continuity needs of businesses of all sizes with Instant Restore capabilities.

  • Expanded Oracle practice to help Oracle partners and customers solve increasingly complex data, mobility and security challenges associated with next-generation enterprises.

  • Attained ISO 13485:2003 Certification, the international Quality Management Systems standard for Medical Device Software. This global certification enables Persistent Systems to expand its product design, development, testing and enhancement of Medical Device Software and related service and support offerings.

  • Expanded international sales presence in EMEA and AsiaPac.

  • Hosted Persistent Systems' first annual Innovation Day and launched the Company's Innovation Centre for Employees (ICE).

  • Hosted first Persistent Systems PLM Summit in Chicago.

Awards and Recognitions:

  • Won the Golden Peacock Award in Corporate Governance under the National Category for the second consecutive year.

  • Ranked Top Service Provider in Enterprise Software Segment by Zinnov.

  • Recognized by Computerworld as a "2013 Computerworld Honors Laureate" in the Emerging Technology category.

  • Named to the "Top 200 Best Under a Billion Companies" in Asia Pacific by Forbes India for its sustained financial performance.

  • Ranked among the Top 100 Companies in 'Dataquest Top 20' issue of Dataquest.

  • Won Best Virtual Learning Program Award (Gold) by Tata Institute of Social Sciences LeapVault CLO Awards.

  • Awarded the Economic Times (ET) Now Channel's World CSR Day Award for 'Best Employee Engagement Strategy.'

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 a 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.persistent.com

Forward-looking and Cautionary Statements:
For risks and uncertainties relating to forward-looking statements, please visit: www.persistentsys.com/Portals/0/forward_looking_cautionary_statement.shtml

All trademarks, trade names, service marks, and logos referenced herein belong to their respective companies.

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