External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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Equity Bottom-Up

<ul><li>Persistent Systems (PSYS) reported a strong quarter on all fronts – 1) revenue; 2) deal TCV; and 3) margins.</li><li>The company can address a key investor concern of its ability to improve margins in FY26 given one-off gains in FY25 led by levers of – 1) slower pace of sales and marketing investments; 2) pricing and right shoring; and 3) growing revenue share from higher-margin platform-based services.</li><li>We largely maintain our FY26–27E EPS and increase our FY25 estimate by ~3%, factoring in the beat in Q2.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Persistent Systems (PSYS) reported a strong quarter on all fronts – 1) revenue; 2) deal TCV; and 3) margins.The company can address a key investor concern of its ability to improve margins in FY26 given one-off gains in FY25 led by levers of – 1) slower pace of sales and marketing investments; 2) pricing and right shoring; and 3) growing revenue share from higher-margin platform-based services.We largely maintain our FY26–27E EPS and increase our FY25 estimate by ~3%, factoring in the beat in Q2.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Persistent Systems - On-Track to Deliver Industry Leading Growth

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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<ul><li>The company is aspiring to achieve $USD2 billion revenue milestone, aided by its diversified product engineering and IT service offerings, focus on large deal bookings, and broad-based growth across its verticals.</li><li>Management has reiterated its commitment of 200-300 bps EBIT margin improvement, aided by cost-optimisation programs, reduction in SG&amp;A, rationalisation of ESOP cost, and higher utilisation.</li><li>Management is looking at tuck-in acquisitions to improve capabilities in cyber security.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The company is aspiring to achieve $USD2 billion revenue milestone, aided by its diversified product engineering and IT service offerings, focus on large deal bookings, and broad-based growth across its verticals.Management has reiterated its commitment of 200-300 bps EBIT margin improvement, aided by cost-optimisation programs, reduction in SG&amp;A, rationalisation of ESOP cost, and higher utilisation.Management is looking at tuck-in acquisitions to improve capabilities in cyber security.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Persistent Systems Ltd - Poised for Another Top Quartile Performance

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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<ul><li>In Q1FY25, Persistent Systems Ltd. (Persistent) reported revenue of Rs 2,737 Cr, up 5.7% QoQ and 5.6% QoQ (in CC terms).</li><li>Reported revenue stood above our expectations. The company reported operating profits of Rs 455 Cr, posting a growth of 0.2% on a QoQ basis.</li><li>Much in line with our expectations, the company’s operating margins decline marginally by 50bps to 16.6%. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q1FY25, Persistent Systems Ltd. (Persistent) reported revenue of Rs 2,737 Cr, up 5.7% QoQ and 5.6% QoQ (in CC terms).Reported revenue stood above our expectations. The company reported operating profits of Rs 455 Cr, posting a growth of 0.2% on a QoQ basis.Much in line with our expectations, the company’s operating margins decline marginally by 50bps to 16.6%. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Persistent Systems Ltd. - Robust Results; Resilient Outlook to Aid Growth

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Persistent Systems (PSYS) ticked the box on growth and deal wins, while margins for the quarter faltered due to deal-specific dynamics</li><li>We expect PSYS’ growth leadership to hold, supported by its pedigree in software product engineering, market-share gains from larger peers, and strong deal velocity – any recovery in discretionary is an upside risk to growth based on service portfolio and vertical mix</li><li>The margin improvement track for the company will continue—despite the Q4 miss on margin, the medium-term outlook on margin stays.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Persistent Systems (PSYS) ticked the box on growth and deal wins, while margins for the quarter faltered due to deal-specific dynamicsWe expect PSYS’ growth leadership to hold, supported by its pedigree in software product engineering, market-share gains from larger peers, and strong deal velocity – any recovery in discretionary is an upside risk to growth based on service portfolio and vertical mixThe margin improvement track for the company will continue—despite the Q4 miss on margin, the medium-term outlook on margin stays.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Persistent Systems (Q4FY24): Buy the Dip. Maintain BUY

<ul><li>In Q4FY24, Persistent Systems Ltd (Persistent) reported revenue of Rs 2,590 Cr, up 3.4% QoQ and 3.0% QoQ (in CC terms).</li><li>Reported revenue stood in line with our expectations. The company reported operating profits of Rs 454 Cr, posting a growth of 2.8% on a QoQ basis.</li><li>Much in line with our expectations, the company’s operating margins decline marginally by 20bps to 17.5%. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q4FY24, Persistent Systems Ltd (Persistent) reported revenue of Rs 2,590 Cr, up 3.4% QoQ and 3.0% QoQ (in CC terms).Reported revenue stood in line with our expectations. The company reported operating profits of Rs 454 Cr, posting a growth of 2.8% on a QoQ basis.Much in line with our expectations, the company’s operating margins decline marginally by 20bps to 17.5%. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Persistent Systems Ltd. - Inline Results; Resilient Outlook to Aid Growth

India

Persistent Systems Limited offers outsourced software product development. The Company offer services that include testing, support, and professional services.

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Persistent Systems (PSYS IN)

Persistent Systems - On-Track to Deliver Industry Leading Growth

Outlook We continue to value the stock at 51x on Q2FY26E to Q1FY27E EPS of INR 121 to arrive at a TP of INR 6,140 with a potential upside of ~19%.

ICICI Securities Limited

Persistent Systems Ltd - Poised for Another Top Quartile Performance

The company is aspiring to achieve $USD2 billion revenue milestone, aided by its diversified product engineering and IT service offerings, focus on...

Sharekhan

Persistent Systems Ltd. - Robust Results; Resilient Outlook to Aid Growth

Reported revenue stood above our expectations. The company reported operating profits of Rs 455 Cr, posting a growth of 0.2% on a QoQ basis.

Axis Direct

Persistent Systems (Q4FY24): Buy the Dip. Maintain BUY

Persistent Systems (PSYS) ticked the box on growth and deal wins, while margins for the quarter faltered due to deal-specific dynamics

HDFC Securities

Persistent Systems Ltd. - Inline Results; Resilient Outlook to Aid Growth

Reported revenue stood in line with our expectations. The company reported operating profits of Rs 454 Cr, posting a growth of 2.8% on a QoQ basis.

Axis Direct

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