Message from the CEO
Dear valued Shareowners,
We are delighted to report yet another year of growth across all of our critical business metrics. It truly was a banner year for us, delivering 35.2% year-on-year (Y-o-Y) growth with $765.6 Million in FY revenue aided by 9% sequential quarterly growth for all four quarters in the financial year. Our ongoing operational discipline also helped us continue to improve our Earnings Before Interest and Taxes (EBIT) margin, ending +56.1% Y-o-Y. This performance resulted in a market-leading shareholder value creation, as we delivered over 143% return and a market capitalization of $4.3 Billion at year end. We are proud to share that based on this consistent top and bottom-line growth, Persistent was named, for the first time, to Forbes Asia’s “Best Under A Billion” list.
Underpinning the growth in our business is a new digital reality that emerged for our clients during the pandemic. Today, virtually every experience in our lives is software-driven and cloud-enabled — especially the experience of business. In this new competitive environment, our differentiated Digital Engineering expertise and trusted delivery have become essential components of our clients’ success. Our work is not only driving new levels of efficiency and growth for our clients but is also helping to transform industries and people’s lives for the better.
Back to Report
Home
We want to thank all of our clients, entire partner ecosystem and every member of our 18,500+ Persistent family for their continued trust and support, enabling us to reach these significant milestones. We acknowledge our employees’ hard work and dedication that have been the bedrock of our industry-leading growth and shareholder returns over the past several quarters.
This year, we were pleased to announce one of the most inclusive Employee Stock Option Plan (ESOP) in the global IT services industry, inviting 80% of our team members to participate in the company’s success as shareholders. We are confident this gesture will further our employee commitment to the organization’s success and be value-accretive in the longer term for our various stakeholders.
Our Digital Engineering expertise, industry solutions and delivery excellence continue to be recognized by the analyst and advisor community. For the ninth year in a row, we are a leader in the Zinnov Zones™ Engineering Research and Development Services ratings, and we made it to the Constellation Shortlist™ for Innovation Services and Engineering for the fourth consecutive time. We also built on our five 2020 ISG Star of Excellence Awards, with four more awards in 2021 for the Analytics, Salesforce, Intelligent Automation and Manufacturing categories. These awards represent the Voice of the Customer and are a true testimony of the value we deliver on an ongoing basis to our customers.
Expanding on our core strengths, we announced five acquisitions during the year gone by: Data Glove, SCI, Shree Partners, Sureline and MediaAgility. These strategic investments bolstered our capabilities in key hyperscaler domains, which are an integral part of our long-term strategy. We strongly believe that the hyperscaler ecosystems across AWS, Google, IBM, Microsoft and Salesforce enable us to help our clients strengthen their industry-specific capabilities to thrive in the continuously evolving market.
Besides our recent acquisitions, we are strengthening our people strategy and have fortified our leadership team to fuel the next wave of growth. Notably, we welcomed Yogesh Patgaonkar as our new Chief People Officer and announced Sameer Bendre, a Persistent veteran, as Chief of Operations, responsible for ESG, Risk Management, Enterprise Information Systems, Administration and Internal Audit functions.
We entered FY22 a stronger, more united and resilient organization, and we were proud to end the year as one of the top-performing companies in our sector.
We worked hard to future-proof our organization so that we can more effectively navigate not only the everchanging technology landscape, but also the uncertainty and complexity of the macroeconomic environment. We continued to expand on our longstanding commitment to various ESG initiatives that are not only positively impacting our environment and governance, but also numerous social programs that support community development, health, and education.
Sandeep Kalra
Chief Executive Officer and Executive Director
We entered FY22 a stronger, more united, and resilient organization and we proudly ended the year as one of the top performing companies in our sector. With optimism and our values guiding us, we remain laser focused on expanding the business outcomes we deliver to our clients and look forward to the journey ahead.
We sincerely hope you and your loved ones are safe, healthy and happy.
With optimism and our values guiding us, we remain laser-focused on continuing to unleash the potential of Persistent as we move forward.
32nd Annual Report 2021-22
32nd Annual Report 2021-22
Download Report
Home
Home
FY22 Performance Highlights
Our Expertise
Our Clients
Our People
Our Ecosystem
Our Communities
Environmental, Social and Governance
Persistent Foundation
Awards & Recognition
Home
Home
FY22 Performance Highlights
Our Expertise
Our Clients
Our People
Our Ecosystem
Our Communities
Environmental, Social and Governance
Persistent Foundation
Awards & Recognition
32nd Annual Report 2021-22
32nd Annual Report 2021-22
Download Report