{"id":95892,"date":"2018-10-23T05:52:57","date_gmt":"2018-10-23T05:52:57","guid":{"rendered":"http:\/\/www.bnreport.com\/persistent-systems-discloses-ilfs-exposure-tanks-18\/"},"modified":"2018-10-23T05:52:57","modified_gmt":"2018-10-23T05:52:57","slug":"persistent-systems-discloses-ilfs-exposure-tanks-18","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/persistent-systems-discloses-ilfs-exposure-tanks-18\/","title":{"rendered":"Persistent Systems discloses IL&FS exposure, tanks 18%"},"content":{"rendered":"

Pune-based Persistent Systems<\/a> is the latest victim of the IL&FS crisis, with the stock plunging up to 18 per cent on Monday after the technology company disclosed investments of about Rs 43 crore in the stressed infrastructure-financing group. The exposure amounts to about half of the companys latestquarter net income. <\/p>\n

As of September 30, 2018, Persistent Systems had deposits of Rs 43 crore with IL&FS and IL&FS Financial Services, and these instruments are due for maturity from January to June, 2019. <\/p>\n

IL&FS has an aggregate debt of Rs 91,000 crore and it has been downgraded to junk status by ratings agencies after the default. <\/p>\n

Of the total amount, Rs 57,000 crore in outstanding liabilities are in the form of bank loans. <\/p>\n

\u201cAs of September 30, 2018, there have been no defaults in payment of interest on the aforesaid deposits. Accordingly, the management\u2026 believes that there is no immediate need to recognise any impairment on the above deposits as of September 30, 2018,\u201d Persistent said in a filing to stock exchanges. <\/p>\n

\u201c\u2026(It) will continue to monitor the developments in this matter for the purpose of determining the financial reporting impact, if any,\u201d the company said. <\/p>\n

The stock fell 14.6 per cent to close at Rs 564.95 on NSE. Persistent reported a 4.7 per cent increase in profit for the quarter ended September 30 at Rs 88 crore. Revenues were up 9.8 per cent at Rs 835.55 crore. <\/p>\n

To be sure, analysts are bullish on the stock. Persistent has made investments in the past couple of quarters to resell IBMs products in Europe. The costs are already on the books, and analysts expect revenue contribution of $15 million in FY18. Analysts expect digital to continue posting over 25 per cent growth as deals start ramping up. <\/p>\n

\u201cWe expect Persistents investment in Europe to be positive in the long term as it makes inroads into top clients,\u201d said Sandip Agarwal, analyst, Edelweiss<\/a> Securities. \u201cGrowth trajectory looks strong for all verticals. We also perceive a huge client-mining opportunity, which can further lift growth trajectory.\u201d <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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