Persistent Systems Q1 Results: Operating performance meets estimates but CC revenue a miss

Persistent Systems Q1 Results: Operating performance meets estimates but CC revenue a miss 1) The company's revenue in US Dollar terms for the quarter stood at $389.7 million, which was in-line with the CNBC-TV18 poll of $391 million. On a sequential basis, Persistent's revenue in US Dollar terms grew by 4% -

2) Revenue in rupee terms increased by 2.8% from the March quarter to ₹3,333.5 crore. The number was also largely in-line with the CNBC-TV18 poll estimate of ₹3,353 crore. 3) Earnings Before Interest and Tax stood at ₹517.7 crore, a growth of 2.5% from the previous quarter and also met the CNBC-TV18 poll estimate of ₹525 crore. 4) EBIT margins for the period narrowed by 10 basis points from March to 15.5% from 15.6%. A CNBC-TV18 poll had pegged the figure at 15.7%. 5) Persistent's Constant Currency Revenue growth for the quarter stood at 3.3%, which was marginally lower than the 3.8% growth that the CNBC-TV18 poll had projected. 6) Deal wins for the quarter stood at $520.8 million in Total Contract Value (TCV) terms, Persistent said in a post-earnings statement. 7) The contribution of the top 10 clients to Persistent's overall revenue stood at 42%, which is the same as the 42.2% figure in March. 8) The number of large clients contributing to more than $5 million in annual revenue stood at 56, from 55 in March. 9) Results are below expectations. All this is for information. This is not a buy/sell recommendation. Thank you, Technofunda24