Persistent Systems crosses $100 M revenue mark in Q4FY16; annual revenue grew 22.3%

Persistent Systems announced quarterly sales of Rs 6,771.10M and profit after tax of Rs 808.07M while its annual sales was Rs 23,123.31M and a profit after tax of Rs 2,973.61M for the financial year ended March 31, 2016.

Consolidated Financial Highlights for the Financial Year 2015-16:

FY16 FY15 Y-o-Y growth
Revenue (USD Million) 351.65 308.54 14.0%
Revenue (INR Million) 23,123.31 18,912.52 22.3%
EBITDA (INR Million) 4,171.07 3,903.47 6.9%
PAT (INR Million) 2,973.61 2,906.31 2.3%

Consolidated Financial Highlights for the Quarter ended March 31, 2016:

Q4 FY16 Q3 FY16 Q-o-Q growth
Revenue (USD Million) 100.43 89.65 12.0%
Revenue (INR Million) 6,771.10 5,920.74 14.4%
EBITDA (INR Million) 1,074.02 1,110.45 -3.3%
PAT (INR Million) 808.07 774.89 4.3%

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 said, “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 continues to be recognized for his visionary leadership including being recognized as one of Business Today’s “India’s Best CEOs,” being one of the two finalists in the EY India Entrepreneur of the Year 2015 award and being 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

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