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Mumbai: Mid-tier IT company<\/a> Persistent Systems<\/a> is set to achieve its long-held aspiration of the yearly revenue rate touching USD 1 billion by the September 2023 quarter, a top official said on Thursday. The Pune-headquartered company posted a 42 per cent jump in revenue to USD 217 million in the March quarter, when it witnessed a 45.9 per cent growth in net profit at Rs 200.9 crore.
The company had first spoken about the USD 1 billion annual revenue<\/a> aspiration a few years ago when it was clocking revenues of about USD 400 million, and made it clear that it will be doing acquisitions to achieve the goal.
It can be noted that since the beginning of the pandemic, demand for digitisation<\/a> has helped IT companies<\/a> post handsome growths.
Persistent's chief executive Sandeep Kalra told PTI that the company now looking at realising the USD 1 billion aspiration in \"four to six quarters\" from now, which means it will be hitting the USD 250 million per quarter revenue by September.
Kalra said only USD 4.7 million came from the three acquisitions tied up by the company in the last two quarters, and added that most of the revenue is organic one.
When asked about acquisitions strategy going forward, he said the company will focus on integrating and assimilating the companies acquired with its operations.
Kalra said it closed FY22 with a Total Contract Value (TCV) of USD 1.22 billion, which has the annual contract value potential of USD 943 million, while in the March quarter it had a TCV of USD 361 million or an annual contract value of USD 262 million.
Referring to positive conversations with the clients in meetings held over the last 3-4 weeks, Kalra said the deal pipeline is very strong and things are \"looking well\" for the mid to long term.
The company's chief financial officer Sunil Sapre said the biggest headwind going forward is supply side constraints, which are resulting in a war for talent.
Kalra said the turbulence will continue for 2-3 quarters more and the company would like to decrease its attrition level further from the elevated levels of over 26 per cent in March.
It is taking specific efforts to reduce the attrition like opening delivery centres at places where the staff would like it to be, Sapre said, adding that it is thinking of having a facility in Indore or satellite centres in Bengaluru.
The company is targeting to hire at least 3,000 freshers in FY23 because of the high demand, Kalra said, adding that lately there has been a surge in hiring of freshers<\/a> for the company.
The scrip of Persistent was trading 4.93 per cent up at Rs 4,277.95 apiece on the BSE at 1341 hrs as against a 1.28 per cent gain on the benchmark.<\/body>","next_sibling":[{"msid":91151307,"title":"Cyber security insurance policies see a growth due to rise in cyber attacks","entity_type":"ARTICLE","link":"\/news\/cyber-security-insurance-policies-see-a-growth-due-to-rise-in-cyber-attacks\/91151307","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":91151601,"entity_type":"ARTICLE","title":"Persistent to hit $1 bln annual revenue rate in FY23, to hire 3,000 freshers","synopsis":"The company had first spoken about the USD 1 billion annual revenue aspiration a few years ago when it was clocking revenues of about USD 400 million, and made it clear that it will be doing acquisitions to achieve the goal.","titleseo":"telecomnews\/persistent-to-hit-1-bln-annual-revenue-rate-in-fy23-to-hire-3000-freshers","status":"ACTIVE","authors":[],"analytics":{"comments":0,"views":211,"shares":0,"engagementtimems":813000},"Alttitle":{"minfo":""},"artag":"PTI","artdate":"2022-04-28 16:52:38","lastupd":"2022-04-28 17:42:11","breadcrumbTags":["persistent systems","industry","it company","annual revenue","demand for digitisation","hiring","hiring of freshers","it companies","employment"],"secinfo":{"seolocation":"telecomnews\/persistent-to-hit-1-bln-annual-revenue-rate-in-fy23-to-hire-3000-freshers"}}" data-authors="[" "]" data-category-name="" data-category_id="" data-date="2022-04-28" data-index="article_1">
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孟买:中间层IT公司 持续的系统将实现长久以来的愿望的年度收入率由2023年9月触及10亿美元季度,一个高级官员在周四说。Pune-headquartered公司收入增长了42%,第一季度的2.17亿美元,增长了45.9%净利润200.9卢比。
公司首先谈到了10亿美元年营收愿望几年前当时孵蛋的收入约为4亿美元,并明确表示,将收购来实现目标。
它可以指出,大流行以来,对数字化的需求帮助信息技术公司英俊的增生。
持久的首席执行官负责告诉PTI公司现在看着意识到“四到六个季度”中10亿美元的愿望,这意味着它将触及2.5亿美元每季度收入在9月。
卡尔拉说只有470万美元来自三个收购公司忙在过去的两个季度,并补充说,大部分的收入是有机的。
当被问及未来收购战略,他表示,该公司将专注于整合和吸收的公司收购业务。
卡尔拉表示,关闭FY22总合同金额(TCV) 12.2亿美元,这9.43亿美元的年度合同价值潜力,而在第一季度有TCV 3.61亿美元或每年的合同价值2.62亿美元。
指积极与客户对话会议在过去的3 - 4周,卡尔拉称,该交易管道非常强烈,“好”寻找长期的中期。
该公司首席财务官苏尼尔Sapre说最大的阻力是供应方面的限制,导致人才争夺战。
卡尔拉说,动荡将持续2 - 3季度,公司希望减少其消耗水平进一步从3月的26%以上的水平升高。
是采取具体措施来减少摩擦喜欢开放交付中心员工想的地方,Sapre补充说,它正在考虑在印多尔设施或卫星中心在班加罗尔。
公司目标是雇佣至少3000新生FY23由于高需求,卡尔拉补充说,最近出现了激增招聘的新生为公司。
持续交易4.93%的代币以每股4277 .95 Rs 1341小时的疯牛病对获得1.28%的基准。
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