Dolat Capital: Persistent Systems’ Technology Services Unit Drives Q2 Beat, U-Turn In Alliance To Accelerate Performance
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Dolat Capital Report
Persistent Systems Ltd. reported stellar Q2 performance, with 3.9% QoQ growth at 136 million dollar (our estimate 2.9%).
Operating profit margin improved by 170 basis points QoQ to 12.1% (our estimate 10.6%) driven by sustained traction in technology services unit business (up 4.1% QoQ).
Commentary turns further confident as the newly instated Chief Executive Officer expects turnaround in the alliance business in FY22E, both on growth as well as profitability, and expects momentum in the TSU business to continue to clock healthy growth led by robust deal-win momentum.
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