Persistent Systems, a provider of mid-level IT services, reported a 25.4 percent decline in quarterly profit, reaching 351 crore rupees compared to the same period last year. Meanwhile, the company's revenue increased by 30.3 percent, totaling 4,664 crore rupees.
In dollar terms, revenue grew by 20 percent, and in constant currency, by almost 21 percent, indicating that the company maintained a strong growth momentum even amid a weak macroeconomic climate.
Sandeep Kalra, Chief Executive Officer (CEO) and Executive Director (ED), stated that the company continues to strengthen its artificial intelligence capabilities through its 3C structure and AI-driven platforms. He noted that the company's focus is on developing corporate context within client environments, which evolves with subsequent projects and continues to increase in value as models, platforms, and agents change.
The order volume for the second quarter, ending September 30, reached $633.5 million in total contract value (TCV) and $481 million in annual contract value (ACV).
The company's margin decreased to 15 percent from 16.3 percent recorded a year earlier.