Persistent Systems Shares Jump After Q3 Operating Profit Beat Analysts' Estimates
The company's Ebitda beat analysts' expectations by rising 11.57% quarter-on-quarter to Rs 333.2 crore in Q3 FY23.
Shares of Persistent Systems Ltd. gained the most in over three months since Oct. 6 after its third-quarter operating profit beat analysts' expectations.
The company's net profit rose 8.15% sequentially to Rs 237.9 crore in the September-December period of fiscal 2023. However, its Ebitda beat analysts' expectations by rising 11.57% quarter-on-quarter to Rs 333.2 crore. The Ebit margin rose to 15.36% from 14.58% in the previous quarter of the same fiscal.
As per the Bloomberg data, the company reported EPS above estimates and sales in line with estimates.
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Persistent Systems Q3 FY23 (Consolidated, QoQ)
Revenue up 5.89% at Rs 2,169.4 crore. (Bloomberg estimate: Rs 2,160.6 crore)
Ebit up 11.57% at Rs 333.2 crore. (Bloomberg estimate: Rs 315.6 crore)
Ebit margin at 15.36% vs 14.58%. (Bloomberg estimate: 14.61%)
Net profit up 8.15% at Rs 237.9 crore. (Bloomberg estimate: Rs 239.9 crore)
The board approved an interim dividend of Rs 28 per share.
Shares of the company jumped rose 7.13% to Rs 282.4 apiece as of 12:35 p.m., compared with a 0.20% decline in the benchmark Nifty 50. The total traded volume so far was 8.6 times its 30-day average.
Out of the 34 analysts tracking the company, 21 maintain a 'buy' rating, eight recommend a 'hold' and five suggest to 'sell' the stock, according to Bloomberg data. The 12-month consensus price target implies an upside of 2.2%.