Tag Sandeep Kalra

July 19, 2024, Pune, India and Santa Clara, CA, – Persistent System announced the Company’s audited financial results for the quarter ended June 30, 2024, as approved by the Board of Directors.

Consolidated Financial Highlights for the Quarter ended June 30, 2024
Q1FY25 Margin% QoQ YoY
Revenue (USD Million) 328.2 5.6% 16.0%
Revenue (INR Million) 27,371.7 5.7% 17.9%
EBITDA (INR Million) 4,552.1 16.6% 0.2% 7.6%
PBT (INR Million) 4,005.4 14.6% 1.3% 30.4%
PAT (INR Million) 3,064.2 11.2% -2.8% 33.9%

The 34th Annual General Meeting of the Company was held on July 16, 2024. All the resolutions, including final dividend payment of INR 10 per share, were approved by the members with requisite majority.

Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent:
“I am pleased to announce our 17th consecutive quarter of revenue growth, underscoring our clients’ sustained trust and confidence in us. Our continued success is driven by resilience, innovation, and a strategic focus on future readiness.

We have pivoted to an AI-led, platform-driven services approach, deepening our hyperscaler partnerships and developing a suite of innovative solutions. Recognizing our transformative digital solutions, ISG, the leading advisory firm, ranks us as a Leader for Digital Engineering services in the US and Europe 2024, for the second year in a row.

Ms. Roshini Bakshi retired as an Independent Director from our Board after a decade. We thank her for her leadership and guidance. We are delighted to welcome Ms. Anjali Joshi as an Independent Director. Her vast expertise as a technology leader will enrich our Board and guide us on our growth journey.”

First Quarter FY25 Client Wins and Outcomes
The order booking for the quarter ended on June 30, 2024, was at $462.8 million in Total Contract Value (TCV) and at $337.3 million in Annual Contract Value (ACV) terms.

Some of the key wins for the quarter include:

Software, Hi-Tech & Emerging Industries

• Delivering engineering and support services to accelerate the virtual private cloud roadmap and provide managed services for one of the largest US-based technology companies
•  Consolidating R&D operations globally and enhancing productivity to advance the AI, data, and SaaS strategy of a leading European network lifecycle automation company
• Setting up greenfield IT and security operations with managed services model to ensure timely transition for an application security testing firm, a PE-led carve-out from a top semiconductor company

Banking, Financial Services & Insurance

•  Modernizing customer data applications, enhancing risk and sales business KPIs, and implementing GenAI to improve customer experience for an American financial services and wealth management company
• Building a cloud-native payment rail solution to enable real-time payments for the customers of one of the largest US-based fintech companies
• Transforming legacy platforms and digitizing processes to elevate the experience of business banking customers for a leading Australian multinational bank.

Healthcare & Life Sciences

• Enhancing the software platform that tracks sample processing as well as reagent and instrument usage to improve turnaround time and reduce manual errors for a leading precision oncology company
• Migrating on-prem clinical and claim data warehouse to a cloud-based platform to boost analytics efficiency for a multinational health insurance company
• Undertaking product lifecycle management of critical applications for genetic condition diagnostics to increase operational efficiency for a leading US-based diagnostics company

News in the Quarter

Persistent Acquires Starfish Associates, Strengthening its Position in AI-powered Contact Center and Unified Communications

•  Persistent Enters into Strategic Partnership Agreement to Drive Innovative Solutions Powered by Google Cloud
•  Persistent Achieves Premier Services Partner Status with Snowflake, Boosting Data Management and Analytics Capabilities
• Persistent Transforms Enterprise Data Management with iAURA, a Portfolio of AI-Powered Data Solutions

Awards and Recognitions

• Persistent’s Founder, Chairman, and Managing Director, Dr. Anand Deshpande honored with the Association of Computing Machinery Presidential Award 2023
• Persistent ranked a Leader in ISG Provider Lens™ Digital Engineering Services Quadrant Report U.S. 2024
• Persistent named a Leader in ISG Provider Lens™ Digital Engineering Services Quadrant Report for Europe, 2024
• Persistent cited a Leader and Rising Star in ISG’s Provider Lens™ Salesforce Ecosystem Partners 2024 Report
•  Persistent Recognized for Excellence in Governance and Executive Leadership in Institutional Investor’s 2024 Asia Executive Team Survey
• Persistent won the “Masters of Risk” award in the Risk Governance category at the CNBC-TV18 India Risk Management Awards

March 11, 2024
Santa Clara, CA and Pune, India
Persistent Systems (BSE and NSE: PERSISTENT), a global Digital Engineering and Enterprise Modernization leader, announced the launch of SASVA, a pioneering manageable and secure enterprise AI platform leveraging Large Language Models (LLMs) and Machine Learning (ML) to accelerate software releases, with faster time-to-market, and improved efficiency. SASVA is derived from the Sanskrit word Shashvatah, meaning timelessness, ensuring continual improvement across the ever-changing software landscape. SASVA will be embedded into software engineering to efficiently address distinct use cases by preventing technical debt in new development, minimizing accumulated technical debt in mid- to late-stage software, and addressing complex scenarios in software sustenance and specialized industries with enterprise scale.

 Traditional software engineering methods rely heavily on time-consuming manual tasks, often leading to technical debt due to dependencies on individual expertise and institutional knowledge. It is difficult to ensure efficiency, reliability, and scalability across the software evelopment life cycle; these challenges are compounded later in the software life cycle when budget and resource limitations also come into play. Despite the advancements in Generative AI-powered platforms, there is a decline in productivity when managing complex projects that entail interdependencies among applications, a common scenario in complex solutions.

 SASVA adopts a distinctive method by constructing a comprehensive knowledge base from vast datasets, including millions of code repositories and documents. Hybrid language models enable efficient utilization, with continual secure training on customer data sourced from various platforms like version control, ticketing systems, project management tools, and collaboration platforms. This rigorous process enhances privacy, security, and regulatory compliance, especially for sensitive data. SASVA streamlines the creation of project plans and generates contextual code modifications for seamless review.

 In initial engagements, SASVA has reduced release times by an impressive 25% to 35% with improved quality and reduction in technical debt. SASVA enables clients across industries to boost enterprise productivity across different software phases delivering cost and time efficiency with improved quality.

 Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent:
“We’re proud to introduce SASVA, a groundbreaking platform that will revolutionize the software engineering and maintenance life cycle. Built using the latest LLM and ML technologies, we will utilize this platform to reduce manual efforts and ensure consistent quality. It delivers significant productivity gains and minimizes technical debt, providing contextual results tailored to each unique organization, industry, and domain. Throughout our over 30-year history, Persistent has led the market in innovation and with the launch of SASVA, we continue to apply the latest cutting-edge technologies to better serve our clients across industries.”

 Praveen Kalla, Operating Executive, Lone View Capital and Board Member, Smartlinx:
“According to the Consortium for Information & Software Quality’s 2022 report, the cost of poor software quality in the US has grown to at least $2.41 trillion. This issue underscores the challenges the industry is facing with increasing technical debt and complexities in addressing those, which hampers innovation and poses security risks through outdated systems, insufficient maintenance, and delayed releases. Persistent’s strategic move with SASVA shows their dedication to future-proofing Digital Engineering. The integration of AI technologies aligns well with market trends, positioning Persistent as a thought leader operationalizing platform-led strategies for maximum gains across the software life cycle value chain. This strategic move offers enterprises a compelling opportunity for value creation at a crucial time where engineering efficiency, operational excellence, scalability, cyber security, and innovation are of the utmost importance.”

 Chirag Mehta, Vice President and Principal Analyst, Constellation Research:
“Amidst the growing number of AI tools, customers are seeking solutions— a platform —that predictably bridges the gap between product and engineering, accelerating time-to market and value while mitigating security risks. Organizations possess vast data, knowledge, and code, and they are eager to embrace AI for rapid innovation. With SASVA, Persistent recognizes the strategic importance of accelerated innovation with an AI platform to help customers navigate the product and engineering complexity. It’s a step in the right direction.”