Swimming against the tide

It is no longer news that the Indian IT industry is facing a challenging business environment. Higher employee costs, shrinking margins, and the slowdown in the US and European economies have impacted the entire industry. But, despite these challenges, Persistent Systems has managed to report consistent growth over the last five years. Consistently improving financials Persistent Systems has continuously reported bottomline and topline growth Metric FY23 FY22 FY21 Revenue (Rs cr) 8,351 5,711 4,188 Operating profit (Rs cr) 1,286 937 616 Operating profit margin (%) 15.4 16.4 14.7 PAT (Rs cr) 921 690 451 ROE (%) 26.4 23 17.7