External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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Equity Bottom-Up

<ul><li>The revenue growth performance was broad-based across three buckets, furloughs impact on revenues was ~100bps.</li><li>The growth momentum within healthcare receded further as anticipated, however, the Hi-Tech vertical saw a healthy recovery in 3Q after delivering weak performance over the last four consecutive quarters.</li><li>The growing participation in platform-oriented architecture through hyperscalers and improving business visibility for ISVs should keep the growth momentum strong for Hi-Tech business.</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 revenue growth performance was broad-based across three buckets, furloughs impact on revenues was ~100bps.The growth momentum within healthcare receded further as anticipated, however, the Hi-Tech vertical saw a healthy recovery in 3Q after delivering weak performance over the last four consecutive quarters.The growing participation in platform-oriented architecture through hyperscalers and improving business visibility for ISVs should keep the growth momentum strong for Hi-Tech business.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 - Strong Quarter, on Path of Revenue Goal of USD 2 Bn…

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>Q3FY25 operating performance was a tad better than our estimate.</li><li>Revenue growth of 4.6% QoQ CC was in-line, while EBITM of 14.9% was slightly ahead of our estimate.</li><li>Unlike in previous few quarters, growth was broad-based across verticals/geographies.</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.

Q3FY25 operating performance was a tad better than our estimate.Revenue growth of 4.6% QoQ CC was in-line, while EBITM of 14.9% was slightly ahead of our estimate.Unlike in previous few quarters, growth was broad-based across verticals/geographies.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.

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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) reported 3QFY25 revenue of USD360.2m, up 4.3% QoQ in USD terms (est. 3.9%) and 4.6% in CC. EBIT margin stood at 14.9% (est. 14.4%).</li><li>EBIT grew 12.2% QoQ/25.5% YoY to INR4.5b. PAT came in at INR3.7b (est. INR3.5b), up 14.8% QoQ/30.4% YoY.</li><li>For 9MFY25, revenue/EBIT/PAT grew 20.3%/19.7%/21.5% vs. 9MFY24. </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 3QFY25 revenue of USD360.2m, up 4.3% QoQ in USD terms (est. 3.9%) and 4.6% in CC. EBIT margin stood at 14.9% (est. 14.4%).EBIT grew 12.2% QoQ/25.5% YoY to INR4.5b. PAT came in at INR3.7b (est. INR3.5b), up 14.8% QoQ/30.4% YoY.For 9MFY25, revenue/EBIT/PAT grew 20.3%/19.7%/21.5% vs. 9MFY24. 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 - From Strength to Strength

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

ICICI Securities Limited

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. 

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) 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. 

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>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

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 - Strong Quarter, on Path of Revenue Goal of USD 2 Bn…

The revenue growth performance was broad-based across three buckets, furloughs impact on revenues was ~100bps. The growth momentum within...

Prabhudas Lilladhar

Persistent Systems - Broad-Based Growth

Q3FY25 operating performance was a tad better than our estimate. Revenue growth of 4.6% QoQ CC was in-line, while EBITM of 14.9% was slightly ahead...

Emkay

Persistent Systems - From Strength to Strength

Persistent Systems (PSYS) reported 3QFY25 revenue of USD360.2m, up 4.3% QoQ in USD terms (est. 3.9%) and 4.6% in CC. EBIT margin stood at 14.9%...

Motilal Oswal

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

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