Q4 2024 Persistent Systems Ltd Earnings Call Transcript
Key Points
- Persistent Systems Ltd (BOM:533179) reported a revenue of USD 310.9 million for Q4 FY24, reflecting a 3.4% quarter-on-quarter growth and 13.2% year-on-year growth.
- The company achieved an annual revenue run rate exceeding INR 10,000 crores for the first time.
- The EBIT margin for Q4 FY24 was maintained at 14.5%, despite challenging conditions.
- The total contract value (TCV) for Q4 FY24 was USD 447.7 million, with new bookings contributing USD 302 million.
- Persistent Systems Ltd (BOM:533179) saw significant growth in its healthcare and life sciences vertical, which grew by 15% quarter-on-quarter.
- The top customer revenue declined by $3.2 million quarter-on-quarter due to a planned ramp-down of a large five-year deal.
- The company's blended utilization rate decreased to 80% in Q4 FY24 from 81.5% in Q3.
- There was an increase in contractor costs to 14.1% of revenues due to initial ramp-ups in large deals.
- The EBIT margin was impacted by one-time transition costs, lower utilization, and higher travel costs.
- The revenue growth in the hi-tech and emerging vertical declined by 0.9% quarter-on-quarter due to planned ramp-downs in a large multi-year program.
Ladies and gentlemen, good day, and welcome to Persistent Systems' earning conference call for the fourth quarter of FY24 ended March 31, 2024. We have with us on the call today Dr. Anand Deshpande, Chairman and Managing Director; Mr. Sandeep Kalra, Executive Director and Chief Executive Officer; Mr. Sunil Sapre, Executive Director and Chief Financial Officer; and Mr. Saurabh Dwivedi, Head of Investor Relations. (Operator Instructions)
Please note, this conference is being recorded. I now hand the conference over to Mr. Sandeep Kalra. Thank you, and over to you, sir.
Thank you, moderator. Good morning and good evening to all of you, depending on where you are joining from. I'm pleased to share that we concluded our Board meeting today at our Bridgewater office in New Jersey, US. I'm joined today by our leadership team here for this call.
I would like to start by wishing a happy new year to all of you who are celebrating the start of a new year as
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