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    Persistent shows resilience on sustained business momentum

    The brokerage has a buy rating on the stock with a 12-month target price of Rs 6,520. The stock closed at around Rs 5,898 on the BSE on Wednesday, 1.5% higher than the previous session.

    Synopsis

    Persistent’s revenue grew by 3.2% in constant currency (cc) and by 3.1% in reported terms to $ 2,917.1 million from the previous quarter. Analysts had anticipated a 2.9% increase in cc terms. In rupee terms, revenue rose by 3.9% sequentially to Rs 2,411.7 crore. Net profit fell by 0.7% to Rs 263.2 crore adjusting for the one-time expenditure incurred in the prior quarter. Higher costs put pressure on profit and profitability.

    Mid-tier software exporter Persistent Systems has shown resilience on bourses amid weakness in the broader market. It has gained nearly 4% in the past four trading sessions since its second quarter result announcement compared with around 4% drop in the S&P BSE Infotech index. Amid the lacklustre performance from the top tier IT companies, the Pune-headquartered company reported a stellar revenue growth and a sustained new deals flow for the
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    The Economic Times