Shares of this IT company are buzzing on the bourses today!

The rally in the share price has come on the back of the Q3FY23 results announcement made by the company yesterday.

The shares of Persistent Systems Ltd are buzzing on the bourses today. As of 12 pm, the shares of the company are trading higher by 5.50%. Today, the company reported a spurt in trading volume by more than 1.94 times. Owing to this, the stock is one of the top gainers on BSE from Group A. Meanwhile, the frontline index S&P BSE Sensex is down by 0.20%.

The rally in the share price has come on the back of Q3FY23 results announcement made by the company yesterday. As per the exchange filing, the company’s revenue grew 45% YoY to Rs 2169.3 crore. The EBITDA grew by 59.9% YoY to Rs 401.5 crore. Further, the profit after tax increased by 34.9% YoY to Rs 237.9 crore.

As per the press release, the order booking for the quarter that ended on December 31, 2022, was at USD 440.2 million in Total Contract Value (TCV) and at USD 326.3 million in Annual Contract Value (ACV) terms. Moreover, the Board of Directors declared an Interim Dividend of Rs 28 per share on the face value of Rs 10 each for the Financial Year 2022-2023.

Persistent Systems is a global services and solutions company delivering Digital Engineering and Enterprise Modernization. The company employs over 22,500 employees spanning across 18 countries. The company designs, develops and maintains software systems and solutions, create new applications and enhances the functionality of the customers existing software products. They deliver services across all stages of the product life-cycle, which enables them to work with a wide range of customers and allows them to develop, enhance and deploy their customers’ software products. The company also engaged in the business of Telecom & Wireless, Infrastructure & Systems, Life Sciences & Healthcare.

Today, the scrip opened at Rs 3959.55 and has touched a high and low of Rs 4190 and Rs 3915.95, respectively. So far 44,329 shares have been traded on the bourses. The stock has a 52-week high & low of Rs 4,950.35 and Rs 3,091.65, respectively on BSE.