PERSISTENT SYSTEMS Announces Quarterly Results (2QFY21); Net Profit Up 18.5%

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PERSISTENT SYSTEMS Announces Quarterly Results (2QFY21); Net Profit Up 18.5%
Wed, 4 Nov

PERSISTENT SYSTEMS has announced its results for the quarter ended September 2020. Here is a detailed performance review of the same:

PERSISTENT SYSTEMS Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-19*
3
Jun-20*
3
Sep-20*
QoQ ChangeYoY Change
Net SalesRs m8,8469,91410,0771.7%13.9%
Other incomeRs m382212165-22.3%-56.9%
TurnoverRs m9,22810,12610,2421.1%11.0%
ExpensesRs m7,6308,4568,413-0.5%10.3%
Gross profitRs m1,2161,4581,66414.1%36.8%
DepreciationRs m4254364401.0%3.5%
InterestRs m1814140.3%-22.7%
Profit before taxRs m1,1561,2201,37512.7%19.0%
TaxRs m29532035510.9%20.5%
Profit after taxRs m8619001,02013.3%18.5%
Gross profit margin%13.814.716.5
Effective tax rate%25.526.325.8
Net profit margin%9.38.910.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter grew 13.9% on a year-on-year (YoY) basis. The expenses were up by 10.3% YoY during the same period.
  • The company's operating profit increased by 36.8% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 16.5% in 2QFY21 as against 13.8% in 2QFY20.
  • Depreciation charges increased by 3.5% and finance costs declined by 22.7% YoY, respectively.
  • Other income declined by 56.9% YoY during the quarter.
  • Net profit for the quarter increased by 18.5% YoY. Net profit margins during the quarter increased from 9.3% in 2QFY20 to 10.0% in 2QFY21.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 1.7% on a quarter-on-quarter (QoQ) basis. The expenses were down by 0.5% QoQ during the same period.
  • The company's operating profit increased by 14.1% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 16.5% in 2QFY21 as against 14.7% in 1QFY20.
  • Net profit for the quarter increased by 13.3% QoQ, while net profit margins increased from 8.9% in 1QFY20 to 10.0% in 2QFY21.

To see how PERSISTENT SYSTEMS has performed over the last eight quarters,please visit here.

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PERSISTENT SYSTEMS Share Price Performance

Over the last one year, PERSISTENT SYSTEMS share price has moved up from Rs 598.1 to Rs 1,135.6, registering a Gain of Rs 537.5 or around 89.9%.

Meanwhile, the S&P BSE IT Index is trading at Rs 21,427.9 (up 2.6%). Over the last one year it has moved up from 15,429.1 to 21,427.9, a gain of 5,999 points (up 38.9%).

Overall, the S&P BSE SENSEX is up 0.3% over the year.

Current Valuations

At the current price of Rs 1,135.6, the price to earnings (P/E) ratio of PERSISTENT SYSTEMS stands at 25.0 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 4.3 times.

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For the quarter ended December 2020, PERSISTENT SYSTEMS has posted a net profit of Rs 1 bn (up 37.5% YoY). Sales on the other hand came in at Rs 11 bn (up 16.5% YoY). Read on for a complete analysis of PERSISTENT SYSTEMS's quarterly results.

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