Declares Interim Dividend of Rs32 per share, recommends stock split
FinTech BizNews Service
Mumbai, January 20, 2024: Persistent Systems (BSE & NSE: PERSISTENT), a global Digital Engineering and Enterprise Modernization leader, today announced the Company’s audited financial results for the quarter ended December 31, 2023, as approved by the Board of Directors.
The Board of Directors declared an Interim Dividend of Rs32 per share on the face value of Rs10 each for the Financial Year 2023-2024. In addition, the Board has recommended to the shareholders a resolution to split the face value of shares from Rs10 per share to Rs5 per share.
Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent: “We are proud to announce the 15th sequential quarter of growth and a significant milestone of our first-ever quarter of $300M+ in revenue and $500M+ in TCV bookings. We are thankful for the ongoing trust and support of our valued clients and partners, which has led to our sustained growth. We are happy to declare an interim dividend of Rs32 per share for FY24. Our Board has also recommended to the shareholders a resolution to split the face value of shares from Rs10 per share to Rs5 per share. We were recognized as the “Most Promising Company” of the Year at the 2023 CNBC-TV18 India Business Leader Awards, acknowledging our sustained momentum. We were also included in three prestigious capital market indices − MSCI India Index, S&P BSE 100 and S&P BSE SENSEX Next 50, reflecting our strong fundamentals, client confidence, and competitive edge in the global technology services market. I am delighted to welcome Dhanashree Bhat as the Chief Operating Officer and Barath Narayanan as the Global BFSI and Europe Geo Head to support our ambitious growth plans. We remain fully committed to proactively delivering strategic business outcomes and maintaining operational rigor for our clients.”
Third Quarter FY24 Client Wins and Outcomes
The order booking for the quarter ended on December 31, 2023, was at $521.4 million in Total Contract Value (TCV) and at $392.1 million in Annual Contract Value (ACV) terms.
Some of the key wins for the quarter include: Software, Hi-Tech & Emerging Industries \ Transforming Salesforce-based applications, Connector Factory, and IT service management for a leading remote work tools and IT management provider.
Setting up greenfield IT under a managed services model for a leading publisher, which is a Private Equity led carve-out from a global media conglomerate.
Developing and supporting connectors of next-gen tools, including tools in the GenAI domain for two of the leading Hyperscalers
Banking, Financial Services & Insurance
Building and maintaining applications across domains such as capital markets, payments, treasury, and customer support for one of the largest US banks
Enhancing and supporting the new cloud-based core banking platform for a leading provider of financial technology to credit unions.
Modernizing the Security Operations Center to improve the security posture for the American operations of a large global financial conglomerate Healthcare & Life Sciences.
Engineering key product suite, including building data analytics capabilities for chromatography, instrument support, and microarray image algorithms for a leading analytical instrument company.
Upgrading and migrating the safety database while ensuring regulatory compliance for a Fortune 500 scientific instrumentation company.
Developing an AI-led drug discovery platform to enable quick decision-making for synthesis and biological evaluation for a leading contract research, development, and manufacturing organization.
