Persistent Systems Crossed USD 100 M Revenue Mark in Q4FY16; Annual Revenue Grew 14%

PUNE, India and SANTA CLARA, California, April 25, 2016 /PRNewswire/ --

Strong Growth in H2FY16 Drives Momentum Going Into FY17  

• 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 USD 100.43M and profit after tax of USD 11.99M while its annual sales was USD 351.65M and a profit after tax of USD 45.22M for the financial year ended March 31, 2016.

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Consolidated Financial Highlights for the Financial Year 2015-16: 

   
                             FY16          FY15      Y-o-Y growth
    Revenue (USD
    Million)                351.65        308.54        14.0%
    EBITDA (USD Million)     63.43         63.68        -0.4%
    PAT (USD Million)        45.22         47.41        -4.6%

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%
    EBITDA (USD Million)     15.93         16.81         -5.3%
    PAT (USD Million)        11.99         11.73          2.1%

Dividend: 

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 1^st 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.

Dividend payout ratio for the FY16 was 26%

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

"Our 25^th 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

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:

http://content.persistent.com/Pslweb/forward_looking_cautionary_statement.shtml

Media Contacts:
    
Ken Montgomery
Persistent Systems
Vice President, Global Communications
Tel: +1-949-939-5164
Email: Ken_montgomery@persistent.com

Hitesh Garg
Text100
Tel: +91-9833482728
Email: Hitesh.garg@text100.co.in