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Persistent Systems: A Positive Long-Term Development - Views on News from Equitymaster
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  • Apr 26, 2016 - Persistent Systems: A Positive Long-Term Development

Persistent Systems: A Positive Long-Term Development
Apr 26, 2016

Persistent Systems announced its results for the quarter ended March 2016. During the period, the company's revenues grew by 14.4% QoQ, while profits were up by 4.3% QoQ.

Performance summary
  • Consolidated sales increased 14.4% QoQ in rupee terms. In US$ terms, the topline was up by 12% QoQ.
  • The operating profit was down by 4.3% QoQ; while the operating margin decreased to 15.3% in 4QFY16 compared to 18.3% recorded in 3QFY16.
  • The bottomline was boosted due to the topline growth as well as a 32.1% QoQ jump in other income. The net profit increased by 4.3% QoQ.
  • The company had declared an interim dividend of Rs 3 per share in March. Therefore, the board did not recommend a final dividend.

    Consolidated financial performance
    Rs m 3QFY16 4QFY16 Change FY15 FY16 Change
    Sales 5,921 6,771 14.4% 18,913 23,123 22.3%
    Expenditure 4,836 5,733 18.6% 15,009 18,986 26.5%
    Operating Profit (EBITDA) 1,085 1,038 -4.3% 3,903 4,138 6.0%
    Operating Profit Margin (%) 18.3% 15.3% 20.6% 17.9%
    Depreciation 246 256 3.8% 939 965 2.8%
    EBIT 838 782 -6.7% 2,965 3,173 7.0%
    Other Income/(Loss) 186 246 32.1% 935 784 -16.2%
    Profit Before Tax (PBT) 1,024 1,028 0.3% 3,900 3,956 1.4%
    Tax 250 220 -11.9% 993 983 -1.1%
    Profit after Tax (PAT) 775 808 4.3% 2,906 2,974 2.3%
    Net Profit Margin 13.1% 11.9% 15.4% 12.9%
    No. of shares (m) 80.0
    Diluted earnings per share (Rs) 37.2
    P/E ratio (x)* 19.6

    *On a trailing 12 months basis

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INTRODUCTION:
Equitymaster Agora Research Private Limited (hereinafter referred to as "Equitymaster"/"Company") was incorporated on October 25, 2007. Equitymaster is a joint venture between Quantum Information Services Private Limited (QIS) and Agora group. Equitymaster is a SEBI registered Research Analyst under the SEBI (Research Analysts) Regulations, 2014 with registration number INH000000537.

BUSINESS ACTIVITY:
An independent research initiative, Equitymaster is committed to providing honest and unbiased views, opinions and recommendations on various investment opportunities across asset classes.

DISCIPLINARY HISTORY:
There are no outstanding litigations against the Company, it subsidiaries and its Directors.

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DETAILS OF ASSOCIATES:
Details of Associates are available here.

DISCLOSURE WITH REGARDS TO OWNERSHIP AND MATERIAL CONFLICTS OF INTEREST:
  1. 'subject company' is a company on which a buy/sell/hold view or target price is given/changed in this Research Report
  2. Neither Equitymaster, it's Associates, Research Analyst or his/her relative have any financial interest in the subject company.
  3. Neither Equitymaster, it's Associates, Research Analyst or his/her relative have actual/beneficial ownership of one percent or more securities of the subject company at the end of the month immediately preceding the date of publication of the research report.
  4. Neither Equitymaster, it's Associates, Research Analyst or his/her relative have any other material conflict of interest at the time of publication of the research report.
  5. Equitymaster's technical team/other research services have given a 'buy at lower' view on Persistent Systems.
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  2. Neither Equitymaster nor it's Associates have managed or co-managed public offering of securities for the subject company in the past twelve months.
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