Persistent Systems Expects Digital Business To Clock 20% Growth, CEO Says
The company’s acquisition of Parx Werk contributed to the digital business’ growth.
Information technology services firm Persistent Systems Ltd. performed better-than-expectations in the September quarter, on the back of it digital business growing 21 percent, founder and Chief Executive Officer Anand Deshpande told BloombergQuint.
The company’s acquisition of Swiss company Parx Werk contributed at least 9 percent in the 21 percent growth in the digital business, he said.
There is a lot of activity going in the digital internet of things business and it is expected to grow 15 to 20 percent for the remaining two quarters, said Deshpande.
The Pune-based company reported a jump of 10 percent in net profit at Rs 82.6 crore, as against Bloomberg analysts’ estimates of Rs 78 crore. The revenue clocked a jump of 4.5 percent at Rs 761 crore, higher than estimates of Rs 757 crore.
Its partnership with IBM is leading them into the IOT business, he added. The enterprise business, on the other hand, is coming from those enterprises engaged in buying new generation technology and solutions.
Therefore, the focus is on targeting such companies that adopt newer solutions, especially In health and financial services, said Deshpande.
Here’s what Anand Deshpande said on his company’s Q2 performance: