The IT company Persistent Systems announced a 13.67 percent increase in consolidated net profit, reaching 483.04 crore rupees for the quarter covering April-June.
In the reporting period, the company earned a net profit of 424.93 crore rupees the previous year. Persistent Systems' operating revenue grew by 29 percent, amounting to 4303.22 crore rupees in the first quarter of FY27, compared to 3333.58 crore rupees in the first quarter of FY26.
On a sequential basis, profit decreased by 8.7 percent due to foreign exchange losses, while revenue increased by 6 percent.
Sandip Kalra, CEO and Managing Director of Persistent Systems, noted that these results were supported by a record quarterly Total Contract Value (TCV) of $1.15 billion. He added that this reflects the sustained momentum in large client agreements, including a strategic 6.5-year service agreement with a leading global technology company with a TCV exceeding $650 million.
The software, high-tech, and emerging industries segment remained the largest source of revenue, contributing 40.7 percent of revenue and growing by 15.7 percent year-over-year. The Banking, Financial Services, and Insurance (BFSI) sector brought in 34 percent of revenue with a growth of 16.3 percent. Furthermore, the healthcare and life sciences sector contributed 25.3 percent, showing an increase of 16.4 percent compared to the same quarter last year.
Geographically, North America continued to play a key role for the firm, accounting for 79.1 percent of total revenue for the June quarter. The Indian market ranked second in importance, contributing 9.8 percent of revenue, followed by Europe with 8.5 percent. The rest of the world accounted for the remaining 2.6 percent of the company's consolidated revenue for this period.
During the reporting quarter, Persistent signed a Business Combination Agreement with Nagarro, a European digital design firm registered in Frankfurt. This deal aims to create a global AI-driven engineering giant with a revenue run rate of approximately $2.9 billion. The transaction with Nagarro is expected to close by the fourth quarter of 2026 or the first quarter of 2027.
The company's total workforce increased to 28,640 as of June 30, 2026, which is higher than 27,502 people in the previous quarter and 25,340 people a year ago.
