Persistent Systems Reports 0.1% Revenue Growth and 2.7% PAT Decline for Q2 FY19 on YOY Basis

PUNE, India and SANTA CLARA, California, Oct. 21, 2018 /PRNewswire/ --

News Summary:

Persistent Systems (BSE: PERSISTENT) (NSE: PERSISTENT), today announced the Company's audited financial results for the second quarter ended September 30, 2018, as approved by the Board of Directors.

Consolidated Financial Highlights for the Quarter ended September 30, 2018:

Consolidated Financial Highlights for the Half-Year ended September 30, 2018:

Dr. Anand Deshpande, Chairman and Managing Director, Persistent Systems:

"While our digital numbers are lower than expected, we see good growth opportunities across all segments of our business and multiple new projects started this quarter that will deliver long-term revenue growth. The shortfall in digital revenue can be attributed to short closure of one of our projects and a shift in the business mix as some projects moved offshore.

"We continue to invest in new technologies and in enhancing domain and consulting skills in our customers' geography as can be seen from the acquisition of Herald Health and the setting up of Partners Healthcare Pivot Labs."

Highlights and Recognitions:

• Partners HealthCare launches New Center of Excellence in collaboration with Persistent Systems, Partners HealthCare Pivot Labs, with an aim to disrupt the delivery of healthcare to enhance patient experience, improve clinical outcomes and control costs
• Persistent Systems acquired Herald Healthtm, a Boston based start-up that transforms healthcare data overload into clear and actionable insights for care providers and patients
• Persistent Systems acquired select businesses and allied resources from Above Solutions India Private Limited
• Persistent Systems recognized in the Winner's Circle by HFS Blueprint Report for Software Product Engineering Services
• Persistent Systems' Trade Finance Solution wins AIconics award for Best Application of AI in Financial Services
• Dr. Abhay Jere, VP and Head of Persistent Labs has been seconded to the Government of India post his appointment as the Chief Innovation Officer at the Ministry of Human Resource Development

Customer and Partner Highlights: (www.persistent.com/customers-speak)

• Real Estate Institute of Western Australia works with Persistent to employ a CRM solution used by all stakeholders
• SwanCare, a leading provider of retirement living and aged care works with Persistent to refresh eldercare experience  
• Tritium, an e-mobility and renewable energy company is working with Persistent to get a 360° view of their customers
• Mambu, a leading cloud banking engine works with Persistent to provide next generation financial services
• India's National Center for Radio Astrophysics teams with Persistent as a technology partner to develop the Square Kilometre Array (SKA) 
• Partnered with IBM for its global hackathon initiative - Call for Code, to leverage next generation technology in addressing natural disasters

Key Wins during the Quarter:

• Develop an analytics and visualization solution to enable data driven governance for a state government in India
• Build a Customer Experience Management platform to provide customer insights critical to business and revenue generation for a Swedish industrial company
• UI development and solutions testing and for a multinational networking and communications technology company headquartered in the US
• Product engineering partner for a leading revenue management solutions company specialized in hospitality and travel
• Technology partner to build multiple digital banking solutions around lending systems, loan origination and e-KYC services for a large US based bank
• Intelligent automation of business processes to improve profitability using Blue Prism RPA platform for a US based financial services company
• Selected as a technology partner to implement Blockchain technology for faster, simpler and cheaper land registration process

About Persistent Systems:

Persistent Systems (BSE & NSE: PERSISTENT) builds software that drives the business of our customers; serving software product companies and enterprises with software at the core of their digital transformation. 

Forward-looking and Cautionary Statements: For risks and uncertainties relating to forward-looking statements, please visit www.persistent.com/FLCS

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SOURCE Persistent Systems