Businesss Business:Persistent Systems announced its Q2 results on October 22, 2024, which showed a strong performance with YoY growth of 20.13% and YoY growth of 23.45%. Compared to the previous quarter, revenue increased by 5.84%, while profit saw a growth of 6.06%.However, the company's selling, general and administrative expenses increased by 13.69% quarter-on-quarter and 11.17% year-on-year, reflecting increased operating costs.
On the operating front, Persistent Systems reported a growth of 5.79% in operating income compared to the previous quarter, with a notable increase of 22.7% year-on-year, reflecting strong underlying business growth. Earnings per share (EPS) for Q2 stood at ₹20.54, marking a growth of 20.15% year-on-year, which further strengthened the company's financial metrics.
Persistent Systems' stock performance has been impressive, returning 3.15% last week, a remarkable return of 64.98% in the last six months, and 54.78% so far this year. Currently, the market capitalization of Persistent Systems stands at ₹89,126.72 Crore, with a 52-week high price of ₹5,798.7 and a low price of ₹2,840, indicating significant interest in the market.
As of October 24, 2024, out of 29 analysts covering Persistent Systems, ratings vary, with 6 analysts rating it a Strong Sell, 4 analysts recommending a Sell, 5 suggesting a Hold. 11 have given it a buy rating and 3 have advised it to be a strong buy. The consensus recommendation as of October 24, 2024 was Hold, reflecting a cautious but optimistic view on the company's future performance.
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