Persistent Systems shares fall over 11% after Q4 results, dividend announcement

Persistent Systems Q4 results were announced on Sunday.

The company reported a net profit of ₹315.3 crore in the quarter ended March 2024, a growth of 25.36% year-on-year (YoY).

Persistent Systems' consolidated revenue in Q4FY24 increased 14.9% YoY to ₹2,590 crore, while in USD terms, revenue grew 13.2% YoY to $310.89 million.

The order booking for the quarter ended on March 31, 2024, was at $447.7 million in Total Contract Value (TCV) and at $316.8 million in Annual Contract Value (ACV) terms.

Also Read: HDFC Bank share price: Should you buy, sell or hold post Q4 results? Here's what experts say

The Board of Directors of Persistent Systems recommended a final dividend of ₹10 per share on the face value of ₹5 per share for the financial year 2023-24. The final dividend is subject to the approval of the members during the ensuing Annual General Meeting, the company said in an exchange filing.

"As we enter the new fiscal year, we are confident in our ability to drive sustainable growth with strategic investments in disruptive technologies like AI and are excited about the road ahead," said Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent Systems.

Persistent Systems share price has fallen over 12% in one month, while the stock is up 63% in the past one year. Persistent Systems share price has rallied over 274% in three years.

At 3:10 pm, Persistent Systems shares were trading 9.77% lower at ₹3,507.70 apiece on the BSE. 

Read All Stock Market News here

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed - it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

More Less

Published: 22 Apr 2024, 08:05 AM IST