Difficult situations test the character of both individuals and companies. How we respond defines our identity and our future course.
Dr. Anand Deshpande
Founder, Chairman and Managing Director
Dear valued Shareowners, As I write this for our 30th Annual Report, for FY 2019-20, we are experiencing an unprecedented pandemic that has resulted in economically challenging times. I pray that you and your families are safe and in good health. Ensuring the safety and well-being of our employees and their families was our highest priority and I am glad to report that all are safe and doing well. We enabled work from home as soon as lockdown was announced and I commend our HR and IT teams in getting this executed quickly and ensuring all customer commitments were met without delay. We believe work-from-anywhere will become the new norm, creating new business models and opportunities.In this time of need, as a responsible corporate citizen, we must also contribute. I am proud that Persistent donated ₹25 Crores (US$3.3 million) to relief and research for COVID-19 globally. Many employees also made voluntary contributions to support their local communities. But crisis also provides new opportunities. With zero travel, we actively engaged with our customers and partners on video calls to explore how we could be meaningful partners. These relationships are the foundation of our business in the years to come.
We also achieved several significant milestones during the year. We crossed the 10,000 employee mark and exceeded half a billion dollars in revenues for the first time. We have a new leadership team in place with CEO Chris O’Connor and President Sandeep Kalra now leading the company. Last but not least, we celebrated 30 years of incorporation May 30. The revenues for the year were US$501.6 million, or ₹35,658 million — a 5.9% revenue growth year on year. The profit for the year was ₹3,402 million. We also completed a share buyback and paid shareholders a dividend of ₹12 per share. The technology roadmap for the future is robust, and the current crisis has only accentuated the need for businesses to deploy digital technologies urgently. We continue to build software products for those defining technology and partner with market leaders. Our digital mosaic approach helps enterprises manage the complexity of choice and integration to rapidly deploy digital solutions. The 30-year journey of the company has been exciting and rewarding, and I would like to thank all the stakeholders for their support over the years. I look forward to your continued support.