Persistent Systems reports strong growth with 12.9 per cent, KPIT Technologies reports 23.6 per cent YoY profit.

Persistent Systems announced the company’s audited financial results for the Q4 and year ended March 31, 2021; it reported revenue growth of 20.3 percent YoY for Q4 and 12.9 percent for Financial year 21.

Key features of the Persistent Systems quarterly results –

  • Revenue stands at 566 million USD with a 12.9 percent increase YoY.
  • Revenue of the Q4 was 152.82 million USD with 20.3 percent YoY growth
  • EBITDA is at Rs. 6830 million with a 38.6 percent YoY boost.
  • PAT stood at Rs.4506 million with 32.4 percent growth as compared to last year.
  • The Board of Directors suggests a final dividend of 6/share.

Anand Deshpande, the founder of Persistent Systems, said, “We pray for everyone’s well-being. The pandemic brought on the rapid shift to remote work, and I want to recognize the resilience shown by our employees. They ensured continuous, high-quality service delivery, demonstrating our unwavering commitment to our clients.”

Pune-based KPIT Technologies beat the market expectations and reported a net profit of Rs. Forty-seven crores for Q4 ended March 31, 2021, up 23.6 percent YoY. The company said that the revenue growth momentum would continue in the financial year 2022.

The company reported operating margin expansion by 150 basis points due to improvement in utilization and offshore revenues. In addition, margins expanded from 13.5 percent YoY on cost-saving measures. As a result, the company targets the operating profit margin at 16-17 percent in the current fiscal year.

The company plans for wage hikes, the impact of the new wage bill, fresher additions, higher operating costs & frontend investments in the fiscal year 2021-22.

The company said offshoring, productivity improvement, employee pyramid, and fixed cost leverage would help us neutralize & better cost increases. As a result, it expects FY22 Ebitda to be in the 16-17 percent range.

KPIT teams, globally, have done an exceptional job on delivering these figures. As a result, we are assertive of the growth trajectory and feel fairly confident of delivering double-digit growth in FY22,” said Kishor Patil, Co-founder, CEO, and MD at KPIT.

 

For Latest IT Industry News, Follow us on Google News and Twitter