Persistent Delivers Strong Q3 FY25 Performance with $360.2M Revenue, 4.3% Q-o-Q, 19.9% Y-o-Y Growth

Declares interim dividend of ₹20 per share

SANTA CLARA, Calif. and PUNE, India, Jan. 22, 2025 /PRNewswire/ -- Persistent Systems (BSE: 533179) (NSE: PERSISTENT) today announced the Company's audited financial results for the quarter ended December 31, 2024, as approved by the Board of Directors.

Consolidated Financial Highlights for the Quarter ended December 31, 2024

The Board of Directors declared an Interim Dividend of ₹20 per share on the face value of ₹5 each for the Financial Year 2024-2025.

"We recorded our 19^th sequential quarter of revenue growth, with 4.3% Q-o-Q and 19.9% Y-o-Y increase — highlighting the strength of our AI-led, platform-driven services strategy. We also declared an interim dividend of ₹20 per share.

This quarter, we achieved several significant milestones, including winning the prestigious 2024 ISG Star of Excellence™ Overall Award based on the voice of the customer, demonstrating our ability to re(AI)magine their businesses. Reaffirming our commitment to developing innovative solutions based on our own IP, we filed 20+ patents related to SASVA™, our AI-powered software development platform. Additionally, our co-developed ContractAssIst solution, built leveraging Microsoft 365 Copilot, was shortlisted by Microsoft and acknowledged by its CEO, Satya Nadella, during his recent Microsoft AI Tour.

We were awarded AA+ (Stable) credit rating by ICRA, recognizing our strong financial profile, experienced leadership, robust capital structure, and well-established customer relationships. Finally, our inclusion in the Dow Jones Sustainability World Index highlights our commitment to embedding sustainability into our operations.

These achievements underscore our passion for driving innovation and delivering meaningful value to our clients and stakeholders, while fostering sustainable practices across our business."

Third Quarter FY25 Client Wins and Outcomes

The order booking for the quarter ended on December 31, 2024, was at $594.1 million in Total Contract Value (TCV) and at $428.3 million in Annual Contract Value (ACV) terms.

Some of the key wins for the quarter include:

Software, Hi-Tech & Emerging Industries

• Modernizing product development with SASVA™ to boost annual recurring revenue and optimize R&D costs for one of the UK's leading business software providers
• Leveraging AI-led engineering to boost product management, security, and revenue for a leading observability and IT software provider
• Streamlining data management with iAURA to modernize the core Facility Management platform for a leading food services and facilities management company

Banking, Financial Services & Insurance

• Leveraging SASVA™ to modernize legacy systems, reduce technology debt, and improve developer productivity for a US-based financial services company
• Revamping enterprise gateway services for enhanced scalability, efficiency, and real-time authorization with low latency for a leading global payment technology company
• Automating insurance and claims processes and developing innovative solutions using GenAI to maximize return on investment for a US-based insurance company

Healthcare & Life Sciences

• Transforming the patient care and pharmacy platform to enhance patient experience, reduce technology debt, and improve business agility for a leading healthcare and health insurance company
• Replacing the legacy contract management system with a revenue management solution to reduce license costs and enhance performance for a global leader in healthcare solutions
• Enabling migration from MuleSoft to Azure with SASVA™ to drive operational efficiency for a global leader in life sciences analytics and technology solutions

News in the Quarter

• Persistent Launches ContractAssIst Using Microsoft 365 Copilot to Streamline Contract Management
• Persistent Introduces Pi-OmniKG with Google Cloud
• BW BusinessWorld: Sandeep Kalra's $2 Bn Powerplay For Persistent Systems

Awards and Recognitions

• Dr. Anand Deshpande, Founder, Chairman, and Managing Director of Persistent, has been inducted as a Fellow of the Indian National Academy of Engineering
• Persistent wins coveted 2024 ISG Star of Excellence™ Overall Award for superior customer experience
• Persistent cited as a Leader in 2024 ISG Provider Lens™ Generative AI Services (Global)
• Persistent was included in the Dow Jones Sustainability World Index
• Persistent named the Best Governed Company (Listed Segment: Medium Category) and won the Business Responsibility and Sustainability Award (Services Sector) at the 24^th edition of the ICSI National Award for Excellence in Corporate Governance
• Persistent Awarded AA+ (Stable) Rating by ICRA Limited
• Persistent received awards for the Best Corporate University, L&D Team of the Year, and Best Employee Engagement Program at the 16^th TISS LeapVault CLO Awards
• Persistent awarded the platinum-level certification at the 2024 Arogya World Healthy Workplace Conference and Awards

About Persistent

Persistent Systems (BSE & NSE: PERSISTENT) is a global services and solutions company delivering Digital Engineering and Enterprise Modernization to businesses across industries. With over 23,200 employees located in 19 countries, the Company is committed to innovation and client success. Persistent offers a comprehensive suite of services, including AI-enabled software engineering, product development, data and analytics, CX transformation, cloud computing, and intelligent automation. The Company has been recognized as the "Most Promising Company" of the Year by CNBC-TV18 at the 2023 India Business Leader Awards. Persistent has achieved carbon neutrality, reinforcing its commitment to sustainability and responsible business practices. As a participant of the United Nations Global Compact, the Company is committed to aligning strategies and operations with universal principles on human rights, labor, environment, and anti-corruption, as well as take actions that advance societal goals. With 327% growth in brand value since 2020, Persistent is the fastest-growing IT services brand in the 2024 Brand Finance India 100 Report.

www.persistent.com

Forward-looking and Cautionary Statements

For risks and uncertainties relating to forward-looking statements, please visit persistent.com/flcs

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