Persistent’s fourth quarter numbers were a mixed bag. While revenue growth met the analysts’ expectations, the margin performance was below estimates. Revenue grew by 3.4% sequentially to $ 310.9 million for the quarter.
HCL Tech and TCS were the top gainers in the Nifty IT index, reaching new record highs. The robust performance of the IT sector also contributed to the Nifty 50, which concluded today s session with a gain of 0.72%, settling at 21,929 points.
Persistent Systems delivered robust financial results in Q3FY24, driven by impressive performance across its diverse segments. The company reiterated its EBIT margin improvement guidance of 200-300 bps.
Persistent Systems share price jumped 10% to hit a new 52-week high at Rs 8,716 in Tuesday s trade on BSE after the firm reported a 20.2% growth in net profit to Rs 286.1 crore year-on-year (YoY) for the December quarter, driven by a strong order book in Q3 FY24.