Motilal Oswal: Persistent Systems Remain Positive On Services Growth
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Motilal Oswal Report
Persistent Systems Ltd. reported sequential revenue growth of 3.9% (U.S. dollar) and an Ebit margin of 12.1% (approximately 170 basis point expansion), ahead of estimates.
Growth was driven by the services business, partly offset by the IP portfolio due to seasonality in the reseller business. Broad-based performance was encouraging.
Healthy growth in services despite a high base indicated steady progress on the turnaround.
Management commentary further implied a healthy deal pipeline in the services business.
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