Persistent Systems Q2 FY14 revenue grows sequentially 8.6 pc in US$

PUNE, INDIA: Persistent Systems, a leading player in software product and technology services, today announced the Company's audited financial results for the second quarter ended September 30, 2013, as approved by the Board of Directors.

Anand Deshpande, chairman and managing director, Persistent Systems said: "We are delighted with our excellent growth in revenue in the second quarter that has surpassed the overall industry growth rate. We continue to invest in creating next-generation technology solutions for our customers. During the quarter, we have also expanded internationally in EMEA, APAC and have opened our Collaborative Software Development Center in Ohio."

Consolidated Financial Highlights for the Quarter ended September 30, 2013:

• Revenue was US$ 68.45 million, representing Y-o-Y growth of 14 per cent , and Q-o-Q growth of 8.6 per cent

• Revenue was INR 4,323.71 million, representing Y-o-Y growth of 32.3 per cent and Q-o-Q growth of 21 per cent .

• IP led Revenue for the quarter was US$ 13.10 Million as against US$ 9.49 Million for the previous quarter, representing Q-o-Q growth of 38.0 per cent .

• EBIDTA was INR 1,122.07 million, representing Y-o-Y growth of 26 per cent and Q-o-Q growth of 44.4 per cent .

• PBT was INR 834.93 million, representing Y-o-Y growth of 34.1 per cent and Q-o-Q growth of 4 per cent

• PAT was INR 607.85 million, representing Y-o-Y growth of 36.1 per cent , and Q-o-Q growth of 6.5 per cent .

Consolidated Financial Highlights for the half year ended September 30, 2013:

• Revenue was US$ 131.48 million, as against US$ 114.96 Million for the half year ended September 30, 2012, representing a growth of 14.4 per cent

• Revenue was INR 7,896.59 million, as against INR 6,275.68 Million for the half year ended September 30, 2012, representing a growth of 25.8 per cent

• EBIDTA was INR 1,899.00 million, as against INR 1,696.92 Million for the half year ended September 30, 2012, representing a growth of 11.9 per cent

• PBT was INR 1,638.05 million, against INR 1,198.26 Million for the half year ended September 30, 2012, representing a growth of 36.7 per cent .

• PAT was INR 1,178.80 million, against INR 862.25 Million for the half year ended September 30, 2012, representing a growth of 36.7 per cent .

Persistent Systems' focused strategy around product engineering, its enterprise platform approach and product IP has enabled the Company to grow and scale up resulting in new business opportunities with leading enterprises. In this quarter, multiple analyst firms have recognized Persistent's investments in developing cutting-edge solutions for the enterprise market.

Business Highlights:

· Opened first US Collaborative Software Development Center in Dublin, Ohio to further strengthen and expand regional customer relationships in delivering next generation cloud computing, analytics, mobility and social collaboration solutions. The Center is specifically designed to help enterprises create rapid prototypes of next generation applications leveraging analytic technologies and utilizing perceptual computing driven innovative user interfaces.

· Unveiled the release of its rCloud 4 Universal Architecture, an innovative cloud platform (under Doyenz) that meets the business continuity needs of businesses of all sizes with Instant Restore capabilities.

· Expanded Oracle practice to help Oracle partners and customers solve increasingly complex data, mobility and security challenges associated with next-generation enterprises.

· Attained ISO 13485:2003 Certification, the international Quality Management Systems standard for Medical Device Software. This global certification enables Persistent Systems to expand its product design, development, testing and enhancement of Medical Device Software and related service and support offerings.

· Expanded international sales presence in EMEA and AsiaPac.

· Hosted Persistent Systems' first annual Innovation Day and launched the Company's Innovation Centre for Employees (ICE).

· Hosted first Persistent Systems PLM Summit in Chicago.