Strong Growth in H2FY16 Drives Momentum Going Into FY17

Pune, India and Santa Clara, US

  • Alignment of operations driving four key growth strategies
  • Alliance with IBM to launch specialized Engineering Services for IBM Watson IoT platform
  • Acquisitions and alliances in the year strengthen focus on Enterprise Digital Transformation including IoT (Internet of Things), add significantly to global footprint, and enhance Accelerite product portfolio
News Summary:

Persistent Systems (BSE & NSE: PERSISTENT), today announced quarterly sales of INR 6,771.10M and profit after tax of INR 808.07M while its annual sales was INR 23,123.31M and a profit after tax of INR 2,973.61M for the financial year ended March 31, 2016.

Consolidated Financial Highlights for the Financial Year 2015-16:
Revenue (USD Million)351.65308.5414.0%
Revenue (INR Million)23,123.3118,912.5222.3%
EBITDA (INR Million)4,171.073,903.476.9%
PAT (INR Million)2,973.612,906.312.3%
Consolidated Financial Highlights for the Quarter ended March 31, 2016:
Revenue (USD Million)100.4389.6512.0%
Revenue (INR Million)6,771.105,920.7414.4%
EBITDA (INR Million)1,074.021,110.45-3.3%
PAT (INR Million)808.07774.894.3%

On March 09, 2016, the Board of Directors approved payment of the 2nd Interim Dividend of INR 3 per Equity Share for the Financial Year 2015-16 by passing a resolution by way of circulation. The Board had earlier approved a 1st interim dividend of INR 5 per Equity Share.
The total dividend paid for FY15-16 is INR 8 per share. In view of the two interim dividends, the Board recommended that no final dividend be paid.

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

“Our 25th year has been monumental with significant strategic acquisitions, partnerships and the new alignment of the Company into four key growth business lines – Digital, IBM Alliance, Services and Accelerite. This transformation positions us for our long-term success.”

Business Highlights from the Quarter:
  • Announcement at IBM Interconnect of our alliance with IBM IoT to launch specialized Engineering Services for IBM Watson IoT platform, a significant addition to our new and ongoing alliances and relationship with IBM.
  • Acquisitions of PRM Cloud Solutions (an Australia-based Salesforce partner and cloud application development firm) and GenWi (a flexible and customizable platform that delivers superior user experience) that continue to build our platform-centric approach to the experiences and Digital business.
  • Partnership with ReachNet to Demonstrate Innovative Research Specific Informatics Infrastructure at HIMSS 2016 Conference in Las Vegas. ReachNet was joined by the Biocomplexity Institute at Virginia Tech for a panel on digital and actionable insights in healthcare at the Zinnov Confluence Conference in Santa Clara.
  • Persistent is one of only two companies to be recognized by Zinnov Management Consulting in Leadership Zone across all service lines in its inaugural Zinnov Zones for Digital Services report.
  • Anand Deshpande recognized for his visionary leadership by inclusion in Business Today’s “India’s Best CEOs” list.
  • He was one of the two finalists in the EY India Entrepreneur of the Year 2015 award.
  • Anand Deshpande awarded the Lokmat Maharashtrian Business Person of the Year.
Key Wins during the quarter:
  • Multi-year, multi-million deal to build technology platform for claims transformation for a US based claims management provider
  • Build and support a technology platform for digital transformation of one of the oldest mutual P&C insurers in the US
  • Build platform as a service replacing legacy product for one of the payroll providers in the US
  • Persistent API built on Oracle IDM gaining traction in the market helping major companies in pharma and publishing sector, build enterprise apps faster
Accelerite Highlights from the Quarter:
  • The company closed its purchase of Citrix CloudPlatform and CloudPortal Business Manager product lines from Citrix Systems International GMBH, a Swiss subsidiary of Citrix Systems, Inc., and released the newest version of CloudPlatform this month.
  • Announced Location-as-a-Service (LaaS) API Platform
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:

For more information, please contact:

Ken Montgomery
Persistent Systems
Vice President, Global Communications
+1 213 500 8355

Hitesh Garg