Persistent Systems witnesses growth of 39.8% year-on-year in rupee terms with revenues reaching Rs. 5,938.31 Million

Persistent Systems, the leading provider of software product development services headquartered in Pune announced its financial results at a press meet today.

Financial highlights for the year are:
Revenue in INR for FY 09 was Rs. 5,938.31 Million as compared to Rs. 4,248.50 Million for FY 08; growth of 39.8 %.

Revenue in USD for FY 09 was US$ 127.84 Million as compared to US$ 105.81 Million for FY 08; growth of 20.8 %.

Profit After Tax for FY 09 was Rs. 660.92 Million as compared to Rs. 831.74 Million for FY 08; decline of 20.5 %.

On March 31, 2009, the number of employees was 4209 as compared to 3867 from the previous year. Active customers were 175+ as compared to 152 on March 31, 2008.

Dr. Anand Deshpande, Chairman and Managing Director, Persistent Systems said, “FY ‘08 -‘09 has been a challenging year where we have seen the global financial crisis impact the industry and business. These turbulent times have given ‘partnership’ a new meaning. Over the last six months, we have met with most of our customers. They value our contribution and are keen to partner with us beyond just engineering aspects of the product. They want us to take on more responsibility of the products, from end-to-end.”

Dr. Deshpande further added, “I would like to take this opportunity to thank our customers and employees for showing their continued support and faith in us. I also congratulate the entire team at Persistent Systems for their hard work and support in these challenging times. Thank you for being true partners.”

Other highlights:
Management team strengthened with the joining of Hari Haran as President of Persistent Systems Inc. along with Mike Kerr – Senior Vice President, Sales and Marketing, Ram C Kumar – Senior Vice President, Global Strategic Accounts, Dr. Jörg Turnhoff – Vice President, EMEA Sales, Brad Scott – Vice President, Channel Sales, Yves Dupont – Vice President, Professional Services.

· Leadership team strengthened with the promotion of T M Vijayaraman to Chief Technical Officer (CTO) based out of the San Jose, California office.

Launched business advisory board which includes industry leaders like Kannankote “Sri” Srikanth, Vince Molinaro and Ashok Shah.

Persistent Systems set up the “Persistent Indiana Research Center”, a research center at the School of Informatics, Indiana University. The center is located at Bloomington campus and will collaborate with faculty and associate of the University for joint research.

Launched woman’s forum ‘Prerana’ for woman empowerment within the company under the leadership of Manjiri Ranade, Associate Vice President – Security Practices.

Initiated ‘Green Persistent Movement’ across locations to encourage employees to conserve energy.

Won the NASSCOM Innovation award for 2008, in the ‘Market Facing – Business Process and Business Model’ category.

Recipient of the ICAI Award for ‘Excellence in Financial Reporting’ for 2007 – 2008.

Persistent Systems ranked 9th on Fast Company’s Fast 50 Reader Favorites of 2008

Health Industry Insights, an IDC company named Persistent Systems twelfth IT outsourcing vendor of manufacturing and supply chain services to the life sciences market.

About Persistent Systems
Established in 1990, Persistent Systems is recognized as an award-winning technology company specializing in software product development services. With 4,200+ employees, innovative business models, and reusable assets and frameworks, Persistent helps its customers increase revenues and margins, and enhance brand value. Persistent Systems has delivered over 2,000 software product releases to their 175+ customers in the last five years. It has developed proven processes for the entire product lifecycle which reduce time to market while delivering consistent quality and customer satisfaction – as evidenced by customer partnerships that span many years. www.persistentsys.com