Shares of #Persistent Systems Ltd., the best performing stock on the Nifty IT index in 2024 are down over 5% on Wednesday, January 22, ahead of the company reporting its December quarter results.

A CNBC-TV18 expects Persistent's US Dollar revenue to grow by 5% from the previous quarter to $362.7 million.

In rupee terms, Persistent's revenue is seen 5.6% higher from the September quarter to ₹3,060 crore.

Persistent's Earnings Before Interest and Tax (EBIT) is seen at ₹447 crore, according to the CNBC-TV18 poll, in comparison to ₹406.2 crore during the September quarter, while margins may expand by 60 basis points to 14.6%.

Net profit for the company is seen 7.7% higher compared to the previous quarter to ₹350 crore.

Revenue growth in constant currency terms is seen between 4.6% to 4.7% on a sequential basis. The growth will also include a 50 basis points contribution from its acquisitions Arraka and SohoDragon.

For the September quarter, Persistent grew by 5.1% in constant currency terms, driven by a broad-based growth in the BSFI and healthcare verticals.

Out of the 39 analysts who have coverage on Persistent Systems, 18 of them have a "buy" rating, 13 of them have a "sell" rating, while the other eight have a "hold" rating.

Shares of Persistent Systems are currently trading 5.2% lower at ₹5,592. The stock has corrected 19% from its recent peak of ₹6,788. Shares of Persistent were the best performers on the Nifty IT index in 2024 with gains of 74%.
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