MUMBAI: Mid-cap information technology (IT) company Persistent Systems reported a 4.7% sequential decline in its January-March (Q4) net profit to ₹83.82 crore, beating analysts estimates.
On a year-on-year basis, net profit declined 0.8%. Revenue was at ₹926.36 crore in the quarter ended March, up 0.4% sequentially and down 11.4% on year, missing estimates narrowly.
Dollar revenue dipped 1.8% during the quarter to $127 million. For the full year, the company reported a 6% rise in revenue to ₹356.58 crore, while consolidated profit fell 3.2% to ₹340 crore. “While covid-19 is presenting challenges, it is also unearthing business opportunities as every organization now understands that the status quo is not a viable option.