Persistent Systems Reports 0.1% Revenue Growth and 2.7% PAT Decline for Q2 FY19 on YOY Basis

PUNE, India and SANTA CLARA, California, Oct. 21, 2018 /PRNewswire/ --

News Summary:

Persistent Systems (BSE: PERSISTENT) (NSE: PERSISTENT), today announced the Company's audited financial results for the second quarter ended September 30, 2018, as approved by the Board of Directors.

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Consolidated Financial Highlights for the Quarter ended September 30, 2018:



     USD Million Q2 FY19 QoQ growth  YoY growth



     Revenue      118.23       -4.3%        0.1%



     EBITDA        20.32       -2.0%       13.1%



     PBT           17.95        2.2%        3.8%



     PAT           12.47       -3.6%       -2.7%

Consolidated Financial Highlights for the Half-Year ended September 30, 2018:



     USD Million H1 FY19 YoY growth



     Revenue      241.83        4.7%



     EBITDA        41.08       20.3%



     PBT           35.55        7.4%



     PAT           25.41        3.9%

Dr. Anand Deshpande, Chairman and Managing Director, Persistent Systems:

"While our digital numbers are lower than expected, we see good growth opportunities across all segments of our business and multiple new projects started this quarter that will deliver long-term revenue growth. The shortfall in digital revenue can be attributed to short closure of one of our projects and a shift in the business mix as some projects moved offshore.

"We continue to invest in new technologies and in enhancing domain and consulting skills in our customers' geography as can be seen from the acquisition of Herald Health and the setting up of Partners Healthcare Pivot Labs."

Highlights and Recognitions:

    --  Partners HealthCare launches New Center of Excellence in collaboration
        with Persistent Systems, Partners HealthCare Pivot Labs, with an aim to
        disrupt the delivery of healthcare to enhance patient experience,
        improve clinical outcomes and control costs
    --  Persistent Systems acquired Herald Health(TM), a Boston based start-up
        that transforms healthcare data overload into clear and actionable
        insights for care providers and patients
    --  Persistent Systems acquired select businesses and allied resources from
        Above Solutions India Private Limited
    --  Persistent Systems recognized in the Winner's Circle by HFS Blueprint
        Report for Software Product Engineering Services
    --  Persistent Systems' Trade Finance Solution wins AIconics award for Best
        Application of AI in Financial Services
    --  Dr. Abhay Jere, VP and Head of Persistent Labs has been seconded to the
        Government of India post his appointment as the Chief Innovation Officer
        at the Ministry of Human Resource Development

Customer and Partner Highlights: (www.persistent.com/customers-speak)

    --  Real Estate Institute of Western Australia works with Persistent to
        employ a CRM solution used by all stakeholders
    --  SwanCare, a leading provider of retirement living and aged care works
        with Persistent to refresh eldercare experience
    --  Tritium, an e-mobility and renewable energy company is working with
        Persistent to get a 360° view of their customers
    --  Mambu, a leading cloud banking engine works with Persistent to provide
        next generation financial services
    --  India's National Center for Radio Astrophysics teams with Persistent as
        a technology partner to develop the Square Kilometre Array (SKA)
    --  Partnered with IBM for its global hackathon initiative - Call for Code,
        to leverage next generation technology in addressing natural disasters

Key Wins during the Quarter:

    --  Develop an analytics and visualization solution to enable data driven
        governance for a state government in India
    --  Build a Customer Experience Management platform to provide customer
        insights critical to business and revenue generation for a Swedish
        industrial company
    --  UI development and solutions testing and for a multinational networking
        and communications technology company headquartered in the US
    --  Product engineering partner for a leading revenue management solutions
        company specialized in hospitality and travel
    --  Technology partner to build multiple digital banking solutions around
        lending systems, loan origination and e-KYC services for a large US
        based bank
    --  Intelligent automation of business processes to improve profitability
        using Blue Prism RPA platform for a US based financial services company
    --  Selected as a technology partner to implement Blockchain technology for
        faster, simpler and cheaper land registration process

About Persistent Systems:

Persistent Systems (BSE & NSE: PERSISTENT) builds software that drives the business of our customers; serving software product companies and enterprises with software at the core of their digital transformation.

Forward-looking and Cautionary Statements: For risks and uncertainties relating to forward-looking statements, please visit www.persistent.com/FLCS

Media Contacts:



     
                Saviera Barretto               
     
                Isha Kulkarni                
     
                Ken Montgomery


     Text100                                     
     Persistent Systems                        
     Persistent Systems (US)


     +91-84249-17719                             
     +91-86696-70068                           
     +1-949-939-5164


     
                saviera.barretto@text100.co.in 
     
                isha_kulkarni@persistent.com 
     
                
                  ken_montgomery@persistent.com

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SOURCE Persistent Systems