Persistent Systems zooms 10% on strong Q3 results; okays 1:2 stock split

Shares of Persistent Systems surged 10 per cent to Rs 8,716.65, also its new high on the BSE in Tuesday’s intra-day trade after the company reported healthy earnings with a 20.2 per cent YoY jump in its net profit at Rs 286.13 crore for the December quarter (Q3FY24). Revenue grew 15.2 per cent to Rs 2,498 crore over the previous year quarter. In constant currency (CC) terms, the company delivered revenue of $300.6 million, up 3.1 per cent sequentially. Earnings before interest tax (EBIT) margin widened to 14.5 per cent in Q3FY24 from 13.7 per cent in Q3FY23. The company saw a sharp margin improvement of 90bp on account of strong annuity-based (IP) revenues and SG&A optimization.