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.
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%.