Persistent Systems Reports 5.9% Growth in Revenue for FY20, Crosses a Half Billion-dollar Milestone
PUNE, India and SANTA CLARA, California, May 5, 2020 /PRNewswire/ --
News Summary
Persistent Systems (BSE: PERSISTENT) (NSE: PERSISTENT), today announced the Company's audited financial results for the quarter and year ended March 31, 2020, as approved by the Board of Directors. For the first time, the Company crossed the important half a billion dollar revenue milestone.
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Consolidated Financial Highlights for the Financial Year 2019-20:
FY20
FY19 Y-o-Y growth
Revenue
(INR
Million) 35,658.08 33,659.41 5.9%
---
EBITDA
(INR
Million) 4,929.54 5,805.36 -15.1%
---
PBT (INR
Million) 4,523.42 4,863.39 -7.0%
---
PAT (INR
Million) 3,402.89 3,516.79 -3.2%
---
Revenue
(USD
Million) 501.61 480.97 4.3%
Consolidated Financial Highlights for the Quarter ended March 31, 2020:
Q4FY20 Q-o-Q growth Y-o-Y growth
Revenue
(INR
Million) 9,263.65 0.4% 11.4%
---
EBITDA
(INR
Million) 1,276.85 3.4% 0.9%
---
PBT (INR
Million) 1,130.43 -0.8% 1.6%
---
PAT (INR
Million) 838.21 -4.7% -0.8%
---
Revenue
(USD
Million) 127.05 -1.8% 7.4%
Christopher O'Connor, CEO & Executive Director, Persistent Systems
"We closed FY20 very strong, for the first time in Persistent's history crossing the half billion-dollar mark in revenue. We had particular strength in our Technology Services Unit, which delivered a robust quarter driven through solid expansion. We continued a strong expansion of new logos across the business. While Covid-19 is presenting challenges, it is also unearthing business opportunities as every organization now understands that the status quo is not a viable option. Our prescient adoption of cloud technologies internally allowed us to enable more than 99% of our employees to work from home within the first week. This helped us ensure business continuity for our customers. This is a testament of the dedication, spirit and values of everyone here at Persistent."
Sandeep Kalra, Executive Director & President -- Technology Services Unit, Persistent Systems
"We saw secular growth across our top customers, in particular across BFSI and Software & Hi-tech industry segments. We're delivering differentiated value to our clients by anticipating what they need beyond their current requirements, tapping the best expertise from across Persistent. This combined with our continued recognition by industry analysts including Zinnov, ISG and Constellation is leading to positive traction in new and existing accounts and increased deals, deal sizes."
Highlights of Q4FY20
Client Wins & Outcomes
-- Delivering Salesforce's COVID-19 Care Response Solution for Healthcare
Systems
-- Scaling COVID-19 triage, Persistent delivers CDC compliant SaaS for
healthcare providers
-- Building patient engagement engine with Salesforce for one of the
largest US pediatric healthcare providers
-- Using Artificial Intelligence, Mount Sinai explores innovations to
expand the limits of human performance
-- Launching Patient Relationship Management Platform using Salesforce for
large biopharmaceutical company
-- Delivering new secure digital voice authentication for banks and credit
unions for Validsoft
-- Modernizing core IT and driving data migration for world's largest
independent retirement & college savings
-- Cutting implementation time for IBM Engineering solution helps SEMP
transform Ottawa Light Rail
-- Using IBM ELM tools gives Xoserve access to critical oil & gas data
securely within hours instead of days
-- Accelerating innovation and flexibility, Acoustic realizes 100% customer
growth globally for mobile marketing
-- Modernizing cybersecurity products as well as multiple internal
applications for leading global supplier of semiconductors and
infrastructure software products
Recognition and Other News
-- Constellation again includes Persistent in ShortList(TM) for Innovation
Services and Engineering
-- ISG elevates Persistent as cross-category leader in Provider Lens
2020(TM) for Salesforce Ecosystem Partners
-- Zinnov places Persistent in leadership positions in Zinnov Zones 2019
ER&D Services Report
-- Persistent Systems, i4C and Persistent Foundation hosted Smart School
Hackathon (SSH) 2020
About Persistent Systems
Persistent Systems (BSE & NSE: PERSISTENT) is a global solutions company delivering digital business acceleration, enterprise modernization and digital product engineering for businesses across all industries and geographies.
Forward-looking and Cautionary Statements
For risks and uncertainties relating to forward-looking statements, please visit www.persistent.com/FLCS
Media Contacts
Ken Montgomery
Saviera Barretto
Persistent Systems (US)
Archetype
+1 213 500 8355
+91 84249 17719
ken_montgomery@persistent.com
saviera.barretto@archetype.co
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SOURCE Persistent Systems
