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Persistent Systems Q1 FY14 Revenue Grows 18.8% and PAT Grows 37.3% Y-o-Y

PUNE, INDIA and SANTA CLARA, CA--(Marketwired - Jul 29, 2013) - Persistent Systems ( BOMBAY : PERSISTENT ) ( NSE : PERSISTENT ), the global leader in product and technology services, today announced the Company's audited financial results for the first quarter ended June 30, 2013, as approved by the Board of Directors.

"Our investments in Platform Solutions across our four key focus areas have positioned us well," said Dr. Anand Deshpande, Chairman and Managing Director, Persistent Systems. "As we continue to expand globally, more companies look to Persistent Systems to help them implement these disruptive technologies with the expectation that their investment will deliver faster, better, more collaborative, secure access to the information they need."

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

  • Revenue in Rupee terms was Rs. 3,572.88 Million representing Y-o-Y growth of 18.8%, and Q-o-Q growth of 7.0%.
  • Revenue in US$ terms was US$ 63.03 Million, representing a Y-o-Y increase of 14.8%, and Q-o-Q growth of 1.5%
  • Profit Before Tax (PBT) was Rs. 803.12 Million, representing a Y-o-Y growth of 39.6% and Q-o-Q growth of 11.3%.
  • Profit After Tax (PAT) was Rs. 570.95 Million, representing a Y-o-Y growth of 37.3% and Q-o-Q growth of 10.0%.

Key Quarter Highlights:

Updates from Annual General Meeting held on July 29, 2013

Members passed all the resolutions pertaining to business listed in the Notice of the said Annual General Meeting, unanimously.

Member approved the final dividend of Rs. 3 (Rupees Three only) per share for FY2012-13. The Company had paid an interim dividend of Rs. 6 (Rupees Six only) per share during FY2012-13. The total dividend for FY2012-13 is Rs. 9 (Rupees Nine only) per share as against Rs. 6 per share for FY2011-12.

Changes to the Board of Directors

Mr. P. B. Kulkarni has retired by rotation at the Annual General Meeting held on July 29, 2013 and has not sought re-appointment. It was resolved at the Annual General meeting not to fill the vacancy for the time being in the Board, caused by the retirement of Mr. P. B. Kulkarni. Further, owing to the increased responsibilities Dr. Dinesh Keskar's current assignment in M/s. Boeing, Dr. Keskar has resigned as an Independent Director of the Board of the Company with effect from the end of Annual General Meeting of the Company held on July 29, 2013. The Board of Directors places on record their appreciation and thanks for immense contribution during their directorship at the Company.

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 the 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.persistentsys.com.