Persistent Systems CFO Vinit Teredesai On Q3 Earnings, New Deals, Tech Sector & FY26 Outlook

Persistent Systems, a mid-tier IT services firm, reported impressive growth for Q3 FY24. On January 22, the company announced a 30.4% year-on-year increase in net profit, reaching Rs 373 crore for the quarter ending December 31, 2024. This marks a 14.8% sequential rise in net profit as well. For the third quarter, consolidated revenue rose 22.6% YoY to Rs 3,062.28 crore, and increased 5.7% sequentially. Operating margins improved by 90 basis points to 14.9%, following two quarters of stable 14% margins. 

Key highlights for Q3 include:

- Headcount growth of 704 employees, bringing the total to 23,941 by December 2024. - Attrition rate up 60 basis points QoQ to 12.6%. - Revenue growth of 4.3% QoQ and 19.9% YoY, totaling Rs 3,062.3 crore. - EBITDA up by 5.7% QoQ and 22.6% YoY, reaching Rs 537.8 crore. - Order bookings for Q3: $594.1 million in TCV and $428 million in ACV. - Interim dividend of Rs 20 per share declared by the Board.

In an exclusive interview with Business Today TV, Persistent Systems CFO Vinit Teredesai discusses the company’s Q3 earnings, new deals, the outlook for the tech sector, and what’s expected for FY26.