Persistent Systems share price jumps over 4% on positive Q2 results
Persistent Systems share price jumped over 4% after the technology company reported overall positive Q2FY24 numbers, which were aided by strong order booking. The company said that the total contract value (TCV) of their order bookings exceeded $475 million. Persistent Systems share price opened at ₹5,784.65 apiece on BSE. Persistent Systems shares were hovering near 52-week high levels. Persistent Systems stock price touched intraday high at ₹5,949 and low at ₹5,705.55.
According to technical analysts, midcap IT are showing strong traction and this space is leading from the front. They are seeing a range breakout expecting prices to move towards 6,200 in near term with 5,750 as support for Persistent Systems.
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In Q2FY24, Persistent Systems reported a 17.7% YoY increase in consolidated revenue, amounting to ₹2,411.7 crore. The IT player made ₹2,048.6 crore in revenue during the same period previous year. The company saw a 3.9% sequential growth in revenue. Nevertheless, the company’s revenue increased 3.1% QoQ and 14.1% YoY in US dollars.
In comparison to Q2 of last year, when it was only ₹220 crore, Persistent’s Q2 profit after tax (PAT) increased 19.7% YoY to ₹263.27 crore. Profit after tax (PAT) for Persistent increased 19.7% year over year to ₹263.27 crore from ₹220 crore in the corresponding quarter of the previous year.
Commenting on the quarterly earnings performance, Persistent’s Chief Executive Officer and Executive Director Sandeep Kalra said, “Our proactive approach and ability to adapt has enabled us to thrive in this uncertain macroeconomic environment leading to our highest-ever TCV with more than $475 million in bookings in Q2FY24.”
In their research report, brokerage Motilal Oswal Financial Services made clear that they will review their projections following the earnings call. They will be closely monitoring any commentary on the margin, verticals, and near-term forecast. The firm has maintained its Neutral recommendation for the shares.
Also Read: Q2 results today: HUL, ITC to Nestle India — 32 companies to declare earnings on Thursday
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Updated: 19 Oct 2023, 11:38 AM IST
