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Pune: Persistent Systems said it is seeing an increase in multi-million, multi-year deals as clients start to consolidate vendors and turn to digital solutions. The Pune-headquartered company reported a 9.5% increase in revenue for the quarter to June $131 million, up 3.1% sequentially. In rupee terms, revenue increased 19.1% to Rs 991.3 crore and profit went up 9.1% to Rs 90 crore.

“The growth was led by the BFSI (banking, financial services and insurance) sector – one of our largest clients consolidated their vendors and we were chosen among others,” said Sandeep Kalra, president-Technology Services Unit, Persistent Systems. “BFSI continues to be a standout, as does cloud; the former recognising the need for new ways of reaching customers digitally and the latter enabling this transformation across industries. The quarter gone by also saw us win a number of large deals with existing and new customers even in the face of the ongoing pandemic.”

This is the first quarter for which the company has reported revenue under a new structure, under which the Accelerite products business has been merged with the Technology Services Unit, responsible for about 78% of the total revenue. This segment grew 17% year-on-year, primarily owing to the new deal wins during the quarter.

The Alliances Business unit too grew during the quarter, with growth in the IBM partnership. The company has been focused on mining its top clients and providing more services to them over the past year, and this resulted in a 9.2% sequential growth in its top 20 clients, said Kalra.

“We are seeing a good deal flow and have a good deal pipeline, and things are stabilising,” said Kalra.

“We’ve had no direct impact from the lockdowns as we don’t have a presence in the sectors that have been impacted by this crisis,” said Sunil Sapre, chief financial officer, Persistent Systems.

The company said it would continue to hire given that business was growing, with a net addition of 200 employees during the quarter, taking the total workforce to 10,800. Attrition was at 12.7%.

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