We could not have achieved this success without our clients who continue to turn to us as a trusted partner in their digital transformation journeys. We want to sincerely thank all our clients, members of our partner ecosystem, and every member of our 22,750+ Persistent family for their support and collaboration which enabled us to reach our $1 billion milestone.
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industry’s best to join our ranks. We changed our incentive models to recognize large deals and long-range thinking. By forging enduring partnerships, we engaged in ecosystem collaborations that truly mattered. Our capital allocation of more than $200 million for strategic tuck-in acquisitions played a pivotal role in bolstering our capabilities in hyperscaler clouds, integration, Salesforce and digital payments — the high growth vectors in our market. By efficiently investing in such opportunities, we enhanced our offerings and cemented our position as a trusted client partner.
Throughout our ascent to $1 billion in revenue, we have remained steadfast in our commitment to caring for our people and communities. The implementation of an industry-leading Employee Stock Ownership Plan (ESOP) in FY22 resulted in an impressive 80% coverage, allowing our team members to partake in the success they helped create. Additionally, even when dealing with the pandemic and macro uncertainties, we contributed upwards of $3.0 million toward our community support initiatives, demonstrating our dedication to making a positive impact far beyond our organization.
These collective efforts yielded impressive results.
We experienced consistent growth while earning the trust of our customers and investors alike.
Our endeavors for excellence were noticed by industry-leading analysts (such as Gartner, ISG, Everest Group, Zinnov and Constellation Research amongst others) and we proudly accepted numerous accolades, such as the inclusion in three key indices of the National Stock Exchange of India, further validating our commitment to delivering exceptional value.
I am pleased to present to you the annual report for Financial Year 2022-23 as your Company achieved $1 billion in annual revenue, a testament of how The Persistent Way enables resiliency, focus and growth for us and for our clients in a challenging global macroeconomic environment.
We delivered 35.3% year-on-year (YoY) growth, with $1.036 billion in FY revenue on the back of 12 quarters of industry-leading sequential growth. Our operational discipline generated strong Earnings Before Interest and Taxes (EBIT) margin, ending the year with +58.5% YoY. The Persistent family expanded to more than 22,750 colleagues across 21 countries as we navigated through challenging times and created ongoing opportunities for our employees’ learning and growth, ultimately paving the way for our prosperous future.
We deliberately designed The Persistent Way during the past several years by making specific strategic choices that allowed us to achieve this year’s historic growth and leaving us well prepared to tackle future unknowns.
Building on the 30+ years of our storied heritage, we have emerged as the top performer in our sector over the last several years. I extend my sincere gratitude to our clients who continue to turn to us as a trusted partner in their digital transformation journeys and to each member of our team for their dedication and contributions that have driven our success. I am also very thankful to all our investors who have continuously entrusted us and shouldered us with the responsibility to unlock value for their extended ecosystems.
Additionally, our identity underwent a metamorphosis, building on our past laurels while embracing the new. We unveiled a rebranding that breathed life into our purpose, capturing the essence of our growth and unleashing the next chapter of our transformation.
and turbocharging our Company’s future growth. Nowhere is our market advantage clearer than with our investments in Generative AI. We recently launched a suite of GenAI-led offerings for software engineering and legacy modernization, next-generation digital assistants, and vertical specific solutions. With our decades of data and systems experience and our extensive partnerships with AI powerhouses AWS, Google, IBM, Microsoft and Salesforce, we are uniquely qualified to stake out a market-leading position in Generative AI and create fully secure offerings for clients that can increase productivity, drive growth, and improve efficiency.
Franklin Roosevelt famously said, “A smooth sea never made a skilled sailor.” The onset of the COVID-19 pandemic left us uncertain about the future while hindering our ability to gaze beyond visible horizons. Instead of accepting circumstances as is, we made the bold choice to discover silver linings that would fuel our growth amidst uncertainty. To set the stage for success, we huddled together to design our unique way — The Persistent Way — and chart our course to continued growth.
Sandeep Kalra
Chief Executive Officer and Executive Director
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33rd Annual Report, 2023
Our swift actions in the Generative AI space highlight how the pursuit of profitable growth is deeply ingrained in our culture. We have set our sights on our next milestone and are already paving the way to reach $2 billion in annual revenue and beyond. With our successful track record, collective efforts and unwavering determination, I am confident that we are on the right path to achieving this ambitious milestone while maintaining our cultural values and social responsibilities.
As we enter our Sixth Orbit, as mentioned by Anand, we will continue to embrace our growth mindset, capitalize on our strengths, and remain focused on our pursuit of resiliency and excellence. The journey ahead contains immense possibilities, and we are excited to embark on it through The Persistent Way and to continue Engineering Success and Delivering Value for our clients, partners, employees and shareowners, as we have always done in the last 33+ years of our history.
Thank you all for your relentless support and with this I present to you the annual report for FY23.
With a resolute spirit, we organized ourselves into vertical segments and strengthened our service line capabilities. We recognized the importance of a strong leadership team and invested in attracting the
The Persistent Way gives us the ability to demonstrate consistent and quality growth that sets us apart from any competitor. It also positions us to quickly capitalize on the latest industry technology trends, providing client solutions that solve critical business challenges
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33rd Annual Report, 2023
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FY23 Performance Highlights
Digital Engineering Leadership
Environmental, Social and Governance
Persistent Foundation
Persistent University
Awards and Analyst Recognitions
Engineering Client Success
Our Partner Ecosystem
Innovation
The Persistent Way Forward
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FY23 Performance Highlights
Digital Engineering Leadership
Environmental, Social and Governance
Persistent Foundation
Persistent University
Awards and Analyst Recognitions
Engineering Client Success
Our Partner Ecosystem
Innovation
The Persistent Way Forward
