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ICICI Direct Report
Persistent Systems Ltd. reported healthy Q1 FY21 numbers. The company reported positive QoQ growth (up 3.1% QoQ) in dollar revenues versus QoQ decline in revenues across other IT companies.
Further, the Ebitda margin increased 100 basis points to 14.8% (including one-time Covid-19 related donation of Rs 7.4 crore). Adjusting for the one time outgo, the margins could have been higher by approximately 74 basis points.
Services revenues saw favourable growth in the past few quarters. This quarter also saw strong QoQ growth of 1.8% despite Covid related challenges. The company also has relatively less exposure to Covid-19 impacted verticals, boding well for revenue growth in coming years.
Further, large deals won ($50 million vendor consolidation deals), higher revenues from intellecutal property-led reseller business and normalisation of pricing in third quarter will further boost revenues in coming quarters.
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