Persistent Q4 Results: Net profit jumps 25%, expects H1 FY24 to be challenging

IT company Persistent Systems reported a 25.1% YoY growth in net profit for Q4 2022-23 to INR 251.51 crore, while revenue in the reporting quarter was up by 26.3% YoY at INR 2,254 crore. However, compared to the preceding December quarter, growth was slower, increasing only by 3.9%. Persistent Systems is expecting highly challenging conditions in the first half of FY24, as the demand environment is “tough”. The company is hopeful of doubling its revenue to over $2bn in the next four years. The operating profit margin stands at 15.4%.