Persistent Systems up 10% Following Strong Q3 Numbers

Shares of Persistent Systems were up by 10% today after the company reported stellar Q3 numbers, while also drawing mixed reactions from brokerages. The company reported a net profit of ₹372.99 crore in the December quarter, a jump of 15% QoQ. Revenues jumped by 6% QoQ and 23% YoY to ₹3,062.3 crore.

The company also declared an interim dividend of ₹20 per share, highlighting the IT giant’s financial health and growth prospects.

What did the brokerages say?

Motilal Oswal

The brokerage has maintained a target price of ₹7,600 per share, highlighting a potential upside of nearly 34%.

Nomura

It has retained a ‘neutral’ rating on the stock and has revised the target price to ₹6,200 apiece, highlighting an upside of 9.1%.

Emkay

The brokerage house upgraded its rating from ‘sell’ to ‘reduce’ by setting a target price of ₹5,300.

What does the journey look like in the future ?

With a stable position in the market the company is eying to become a leading player in the IT space. Additionally, the company is set to climb ladders amid strong order book and strategic investments in digital technologies.

Investors and analysts are set to closely monitor the company’s performance in the upcoming quarters, while laying strong focus on emerging opportunities in cloud computing, AI, and data analytics.

As of 12:15 am, shares of Persistent Systems Ltd are trading at ₹6,349.95, up 11.73%.