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While announcing its earnings for the third quarter ended December 2022 (Q3 FY23), IT company Persistent Systems said that its board also approved the payment of an Interim Dividend of 28 per share for for the Financial Year 2022-23. The record date for the said dividend has been fixed as Friday, January 27, 2023.

“We wish to inform you that the Board of Directors at its meeting held on January 18, 2023, has approved payment of an Interim Dividend of INR 28/- (INR Twenty-Eight only) per Equity Share of INR 10 each for the Financial Year 2022-23.. The Interim Dividend approved by the Board of Directors at its Meeting held on Wednesday, January 18, 2023, will be paid to the Members by Monday, February 6, 2023," the IT firm informed in an exchange filing yesterday along with releasing its Q3 results.

Persistent Systems saw a 35% rise in its net profit during the three-months period ended December 2022 to 238 crore as compared to 176 crore in the year ago quarter. Its revenue from operations rose over 45% at 2,169 crore as against 1,491.7 crore year-on-year (YoY).

“Dollar revenue rose 3.5% QoQ CC to $264.4 m (in line). Reported $ growth was 3.4% QoQ. Persistent Systems posted a strong growth in IP (+8.6% QoQ), while Services moderated (+3% QoQ) due to a weakness in the Top client (-12% QoQ) and Top 2-5 clients (-1.7% QoQ); first decline since 3QFY21)," highlighted brokerage Motilal Oswal in a note.

Growth was led by Software and Hi-Tech, up 4.1% QoQ and growth in Europe was strong at 12.2% QoQ, while North America posted weak growth of around 1.5% QoQ. EBITDA margin stood at 18.5% (+50 bp QoQ), 60 bp above the brokerage's estimate on low employee additions (+122 QoQ) and cost efficiencies.

“We will revisit our estimates after the earnings call. Commentaries on the near-term outlook, verticals, and IP business will be keenly watched. We maintain our Neutral rating on the stock," Motilal Oswal added.

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