Persistent Systems posts 5% Q2 profit rise to ₹495.15 cr
Business
Persistent Systems just clocked a 5% jump in Q2 profit, hitting ₹495.15 crore.
Revenue also shot up (up 30.3% in rupees and 20% in dollars), marking an impressive 26th straight quarter of growth.
Not bad for a midcap IT player looking to level up.
Persistent Systems secures 94.04% Nagarro stake
The company's big move this quarter was its proposed acquisition, having secured approximately 94.04% of Nagarro's share capital and voting rights, excluding treasury shares, but the deal came with hefty costs (₹185.34 crore in exceptional expenses), which dragged reported profit down by 25.4%.
Earnings per share took a dip too.