Persistent Systems net profit declines 8.7%

Persistent Systems has reported an 8.7% sequential decline in net profit to Rs 483.04 crore for the June quarter. The company attributed this quarterly decline to forex losses. The firm’s profit margin declined to 11.2 percentage points (pps) from 13.1% in the previous quarter. EBIT rose 4.2% quarter-on-quarter to Rs 686.88 crore, but EBIT margin was down 16% from 16.3% in the previous quarter. Persistent revenues grew 6.1% to Rs 4,303.23 crore. In dollar terms, Persistent’s revenue grew 3.8% to $ 452.4 million. Constant-currency growth was 4.1%.