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Persistent Systems Q1 profit up 16.3%

Pune based IT firm Persistent Systems reported a net profit of Rs87.34cr for the quarter ended 30th June, 2018, up 16.3% as compared to the corresponding quarter last year. The revenue for the period was up 14.6% at Rs 834.2cr. In dollar terms, the revenue went up by 9.4% at $123.6mn. EBITDA for the quarter improved 34.2% at Rs140 cr

The board recommended a final dividend of Rs 3.00 per share.

Anand Deshpande, Chairman and Managing Director, Persistent Systems, said, “Technology shifts today are forcing businesses to transform. Aligning our investments with technology shifts and trends, our focus on new technologies is driving traction with new projects won during the quarter. At the same time, we continue to strengthen our offerings based on how these new technologies are transforming specific industry markets – in Financial Services, Healthcare, and in Industrial IoT.

Another highlight during the quarter was the pilot launch of the Hardware Edition of the Smart India Hackathon 2018. We hope that this platform will motivate students to become entrepreneurs of the future.”

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