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Persistent Systems' Annual Revenue Grows 29.4 % and PAT Grows 32.3 %

Apr 22 2013 12:00AM

Marketwire

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PUNE, INDIA and SANTA CLARA, CA -- (Marketwired) -- 04/22/13 -- 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 quarter and year ended March 31, 2013, as approved by the Board of Directors.

"Our growth is a result of continued execution of key strategic initiatives in Platform Solutions and IP led business. Specifically, we have doubled our IP revenue during the year and have seen robust growth in Platform Solutions," said Dr. Anand Deshpande, Chairman and Managing Director, Persistent Systems, "Further, we have grown our key partnerships with technology leaders as well as added new strategic alliances with HP and Dassault Systèmes. We observe that the market is growing and clients are investing in new technologies. The investments we have made have positioned us as thought-leaders and we are well set to take advantage of growth opportunities in the coming year."

Consolidated Financial Highlights for the Financial Year 2012-13:

•Revenue was Rs. 12,945.12 Million as against Rs. 10,003.11 Million for previous year 2011-12, representing a growth of 29.4% •Revenue was US$ 237.82 Million as against US$ 207.39 Million for previous year 2011-12, representing a growth of 14.7% •IP-led business grew 123.6% to constitute 17.2% of the revenue for the year ended March 31, 2013 •EBIDTA was Rs. 3,351.91 Million as against Rs. 2,324.03 Million for previous year 2011-12, representing a growth of 44.2% •Profit Before Tax (PBT) was Rs. 2,629.88 Million, as against Rs. 1,968.68 Million for previous year 2011-12, representing a growth of 33.6% •Profit After Tax (PAT) was Rs. 1,876.18 Million, as against Rs. 1,417.80 Million for previous year 2011-12, representing a growth of 32.3% •Diluted EPS was Rs. 46.90, as against Rs. 35.45 for previous year 2011-12, representing a growth of 32.3%

Consolidated Financial Highlights for the Quarter ended March 31, 2013:

•Revenue was US$ 62.11 Million, representing a Y-o-Y growth of 14.6%, and Q-o-Q growth of 2.2% •Revenue was Rs. 3,339.59 Million, representing Y-o-Y growth of 23.4%, and Q-o-Q growth of 0.3% •EBIDTA was Rs. 830.67 Million, representing a Y-o-Y growth of 7.4%, and Q-o-Q growth of 0.8% •Profit Before Tax (PBT) was Rs. 721.58 Million, representing a Y-o-Y growth of 30.6% and Q-o-Q growth of 1.6% •Profit After Tax (PAT) was Rs. 518.85 Million, representing a Y-o-Y growth of 25.9% and Q-o-Q growth of 4.8%

Dividend:
The Board of Directors recommended a final dividend of Rs. 3 per share for FY 2012-13. The payment of the final dividend is subject to the approval of the shareholders at the ensuing Annual General Meeting. The Company had paid an interim dividend of Rs. 6 per share during FY 2012-13. The total dividend for the year would be Rs. 9 per share (Payout Ratio of 22.3%) upon approval of the shareholders for payment of final dividend.

Key Quarter Highlights:

•Announced licensing agreement with Hewlett Packard for HP Client Automation (HPCA) software. This technology acquisition underscores Persistent Systems' commitment to expand its IP portfolio and further strengthen its expertise in PC Lifecycle Management (PCLCM), Virtual Desktop Infrastructure (VDI) and Mobile Device Management (MDM). •Mritunjay Singh joined as the Joint Chief Operating Officer. •Expanded presence in Goa by acquiring a new building. •Expanded India presence by opening a Development Centre in Bengaluru. •Enhanced CSR contribution from 1% to 1.25% of previous year Consolidated Net Profit. •Unveiled the high performance RDBMS and data warehouse connectors for new Intel® Distribution for Apache Hadoop* software. •Launched PaxPharma; a compliance-based design to print automation for the pharmaceutical industry. •Appointed Amit Atre as the Company Secretary and Compliance Officer in place of Vivek Sadhale effective June 1, 2013. Vivek Sadhale's last date as an employee will be June 30, 2013. He will continue to be closely associated with Persistent Systems through the law firm that he intends to start. Effective July 1, 2013, Rohit Kamat, Chief Financial Officer, will head the Investor Relations function.

Awards and Recognitions

•Recognized by IDG's Computerworld Honors Program as a "2013 Computerworld Honors Laureate" in the Emerging Technology category. •Named a "Leader" in the IAOP 2013 Global Outsourcing 100. IAOP Recognizes Persistent Systems as One of the Best Leaders in Research & Development Services and also named a "Leader" in the IAOP 2013 Global Outsourcing 100. •Won the Tata Institute of Social Sciences LeapVault CLO Award for Best Corporate University in the "Emerging" category for Persistent Systems' Learning & Development Practices. •Won the Indian Human Capital Awards 2012 - Best CSR Strategy and 'ET Now Award for HR Practices in CSR.' •Best presented Accounts and Corporate Governance Disclosures Awards from South Asian Federation of Accountants. •Ranked in top 5 companies for the third time in the row in the "ICSI National Award for Excellence in Corporate Governance."

About Persistent Systems:

Established in 1990, Persistent Systems (BOMBAY: PERSISTENT) (NSE: PERSISTENT) is a global company specializing in software product and technology services. For more than two decades, Persistent has been an innovation partner for the world's largest technology brands, leading enterprises and pioneering start-ups. Persistent has a global team of more than 6,750 employees spread across North America, Europe, and Asia. Today, Persistent focuses on developing best-in-class solutions in four key next-generation technology areas: Cloud Computing, Mobility, Analytics, Big Data and Social, for telecommunications, life sciences, consumer packaged goods, banking & financial services and healthcare verticals. For more information, please visit: http://www.persistentsys.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.



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Media Contacts:

Rashmi Joshi
Persistent Systems Ltd.
Tel: +91 83083 39400
Email: Email Contact

Nikhil Arora
Text100 Public Relations for Persistent Systems Ltd.
Tel: +91 98921 58923
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Ilona Mohacsi
PenVine for Persistent Systems Ltd.
Tel: +1 631 764 3729
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Source: Marketwire