Indian IT services provider Persistent Systems Ltd on Wednesday (January 17) said the company is gearing up for a potential stock split on January 19, 2024.
The board of directors is set to convene on January 19, 2024, and the meeting is scheduled to continue till January 20, 2024, to deliberate on the proposal for the alteration of the company's share capital through the sub-division/split of existing fully paid-up equity shares with a face value of ₹10 each.
"...we wish to inform you that the Board of Directors of Persistent Systems Limited (‘the Company’) may consider a proposal of alteration in the share capital of the Company by sub-division/split of the existing Equity Shares having face value of ₹10 each, fully paid up in such manner as may be determined by the Board of Directors at the meeting scheduled to be held on Friday, January 19, 2024, and to be continued on Saturday, January 20, 2024," the company said in a regulatory filing at exchanges.
Persistent Systems reported a 19.7% year-on-year (YoY) rise in its profit after tax to ₹263.27 crore for the quarter ended September 30. The net profit increased 15% sequentially. On the other hand, the mid-tier IT company's profit before tax came at ₹355.58 crore, a rise of 20.4% from September 2022, and 15.9% from the previous quarter.
The company's consolidated revenue for the quarter under review came at ₹2411.67 crore, a rise of 17.7% YoY, and a 3.9% quarter-on-quarter (QoQ) gain. The dollar revenue came at $291.71 million, a 14.1% increase compared to the year-ago period. The earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose 10.1% on a year-on-year basis but fell 4.2% sequentially.
Shares of Persistent Systems Ltd ended at ₹7,674.35, up by ₹58, or 0.76% on the BSE.
