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Persistent Systems' Q2FY24 financial performance review

Oct 18, 2023

By: BlinkX Research Team

In this financial performance review, we delve into the results of Persistent Systems for the second quarter ending September 30, 2024 (Q2FY24) and analyze key metrics, including revenue, expenses, net profit, and margin. This examination provides insights into the company's financial health and its performance over the past year.

Persistent Systems reported a total revenue of ₹2,448.9 crores for Q2FY24, reflecting a steady increase compared to the same quarter last year, with a remarkable YoY growth of 19.08%. However, when compared to the preceding quarter's revenue of ₹2,342.8 crores, there was a more modest 4.53% increase.

In Q2FY24, they recorded expenses of ₹2,093.1 crores, reflecting a YoY increase of 18.86% compared to ₹1761 crores in Q2FY23. Additionally, expenses increased by a modest 2.82% when compared to the previous quarter, where they stood at ₹2,035.7 crores. 

The net profit of Persistent Systems for Q2FY24 was ₹405 crores. This represents a significant increase compared to the preceding quarter, with an impressive 80.72% growth from ₹224.1 crores. In a year-on-year comparison, the company showed remarkable resilience with a net profit increase of 71.9% when contrasted with the same period in the previous fiscal year, where the net profit was ₹235.6 crores.

As far as margins go, Persistent Systems' margin in Q2FY24 was 16.54%, marking a significant positive change from both the previous quarter's margin of 9.57% and the YoY margin of 11.46%. This consistent margin expansion underscores Persistent Systems' efficient cost control and ability to generate profits amidst changing market conditions.

Stay tuned for more detailed updates on Persistent Systems' financial performance.