Persistent Systems today reported the Company's board-approved audited financial results for the quarter ended September 30, 2023 known.

Consolidated Financials for the Quarter Ended September 30, 2023 : 

*Includes impact of one-time expense to celebrate US$1 billion milestone in Q1FY24

Sandeep Kalra, Chief Executive Officer und Executive Director, Persistent:

“We are pleased to announce another quarter of strong revenue growth, driven by customer confidence in our digital engineering and business modernization capabilities. Our proactive approach and adaptability have enabled us to thrive in this uncertain macroeconomic environment, resulting in our highest-ever total contract value (TCV) of more than $475 million in order intake in Q2FY24.

Our recognition as a Challenger in the 2023 Gartner ^® Magic Quadrant ^™ for Public Cloud IT Transformation Services is the result of our continued focus and investment in deepening our hyperscaler capabilities. We continually strive to deliver excellence and are confident we can build on this success.

I am also very proud to announce that we have won the Golden Peacock Award for Excellence in Corporate Governance 2023. This is a recognition of our unwavering commitment to the highest standards of corporate governance."

Q2 FY24: Customer wins and results

Order intake for the quarter ended September 30 , 2023 was $479.3 million in total contract value (TCV) and $315.9 million in annual contract value (ACV).

Key achievements this quarter include:

Software, high-tech and emerging industries

• Providing product development and customer support services for a cloud-based security platform for a global digital communications company
• Pioneered product development for an order management platform to enable results-based advertising for a leading media technology company
• Established greenfield IT and provided managed services for a private equity-backed spin-off of one of the largest providers of business and financial information services

Banking, financial services and insurance

• Building an InsureTech platform and scaling technology initiatives in data and digital transformation for a leading insurance company
• Providing platform development and support services for the entire data estate of a multinational financial services and asset management company
• Modernizing the identity and access management platform for the entire product portfolio of a large US -based financial software company

Healthcare and Life Sciences 

• Modernizing the cross-domain data roadmap across clinical solutions, enterprise and pharmacy customer support, claims and payments integrity, and revenue cycle management for a pioneering health and wellness company
• Established a LIMS (Laboratory Information Management System) and provided product development services to further develop the existing cancer detection platform for a leading precision oncology company
• Building a cloud-based image archiving and communications platform, including a call center management system, leveraging Persistent's proprietary code interpretation platform to transform patient engagement for a leading radiology company

News in the quarter 

• Persistent introduces generative AI solutions in partnership with Google Cloud 
• Persistent achieves Premier Tier partner status in the AWS Partner Network 
• Persistent makes history with three GUINNESS WORLD RECORDS titles 
• Fortune India : Persistent Push for Growth, with Dr. Anand Deshpande 
• The Times of India : Harnessing the potential of Generative AI - A journey from experimentation to adoption, with Dr. Rajesh Gharpure 
• Kizzi's AI Report: The Transformative Power of AI with Rajasekar Sukumar 

Awards and Recognitions 

• Persistent has been recognized as a Challenger in the 2023 Gartner ^® Magic Quadrant ^™ for Public Cloud IT Transformation Services 
• Persistent won the Golden Peacock Award for Excellence in Corporate Governance for 2023 
• Persistent is listed on the Constellation ShortList™ 2023 in the AI ​​Services: Global category 
• Persistent was recognized as one of the top 15 engineering service providers in Everest Group's 2023 PEAK Matrix Engineering Services (ES) Service Provider of the Year™ Awards