Engineering Research and Development services provider Persistent Systems approved its highest-ever dividend payout along with its quarterly results for the October-December period.
The board approved an interim dividend of ₹32 per share, which is the highest that the company has announced on record. Last January, the board approved a dividend of ₹28 per share. The record date for this dividend payout is yet to be determined.
Additionally, the company has also approved a split of its equity shares in the ratio of 1:2. This means that one equity share with a face value of ₹10 will be split into two equity shares with a face value of ₹5. The stock split is likely to be completed within three months of obtaining the necessary approvals.
Persistent Systems reported a net profit of ₹286.1 crore for the October to December period, a growth of 8.1% compared to the September quarter.
Revenue in US dollar terms stood at $300.5 million, which was in line with the CNBC-TV18 poll of $298 million. In rupee terms, revenue stood at ₹2,498 crore, compared to the poll of ₹2,485 crore. Compared to the previous quarter, revenue grew by 3.6%.
In constant currency terms, Persistent Systems' revenue grew by 3.1% sequentially, which was higher than the CNBC-TV18 poll of 2.6%.
EBIT stood at ₹363 crore, which was 9% higher than the September quarter, while EBIT margin expanded by 60 basis points to 14.3% from 13.7% quarter-on-quarter.
This was also the first-ever quarter where Persistent Systems crossed $500 million in Total Contract Value (TCV) bookings. Order bookings for the quarter stood at $521.4 million.
Shares of Persistent Systems ended 0.9% higher on Saturday at ₹7,933.20.
(Edited by : Amrita)
First Published: Jan 20, 2024 3:58 PM IST
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