Message from the Chairman
Dear Valued Shareowners,
We are committed to providing our employees and their families with holistic experiences. We encourage diversity across the Company, and we implemented several initiatives during the year that spotlight and support diversity and inclusion. We have a strong focus on health and wellness and believe that healthy employees are happy employees — and happy employees are productive employees. We have several programs encouraging employees to learn and engage in various activities beyond work. This is the Persistent Way.
During the year, we were consistently recognised for our achievements from a diverse group of industry analysts, advisors, organisations, and market observers. The highlight was receiving CNBC TV's "Most Promising Company of the Year," recognising our extraordinary growth journey.
I am delighted to share our 34th Annual Report for the Financial Year 2023-24. This was our first year as a billion-dollar enterprise, and as we move into our sixth orbit, I am glad to share that the team is geared up to continue our momentum as we march towards becoming a two-billion-dollar enterprise.
In October 2023, we set three bicycling related Guinness World Records to reinforce our commitment towards the environment and employee health. ESG (Environmental, Social, and Governance) continues to be an essential part of The Persistent Way, as we continued our journey to reduce carbon emissions and make environmentally friendly choices.
Resilience is critical as we propel the Company into our sixth orbit and reach our two-billion-dollar goal. To bolster our resiliency, we have invested in senior leaders and have added new business lines and capabilities during the year to support our growth and strategies.
“In tough times, our people — employees, partners, suppliers, and vendors — are the source of our resilience, driving continued success.”
This year was challenging as our clients, who were investing in their digital transformation for several years during the pandemic, turned their focus to cost optimisation. This tested our resilience. Thankfully, our global delivery business model allows us to provide an equally compelling proposition to our clients, whether they accelerate their roadmap or focus on better cost outcomes. We responded with alacrity as the market shifted, and we maintained industry-leading growth rates during the financial year, thanks in large part to our clients’ continued trust and confidence in our capabilities.
The market continues to be challenging. While Generative AI and other next-generation technologies are promising and disruptive, high inflation, elevated interest rates, and geopolitical uncertainties have contributed to a slowdown in global tech spending and delayed decision-making by clients.
Our multi-talented global team is our strength in this turbulent market, and we have invested in preparing our global workforce to respond to new technology disruptions. We trained more than 16,000 professionals on next generation tools and technologies during the year. Our 360-degree relationships with key partners
Giving and taking responsibility for our commitment to society is part of our core values, and we have practised these values ever since our inception. To formalise our efforts, we set up Persistent Foundation in 2009. I am very proud of our achievements as we look back on the variety of significant contributions made by the Foundation on the occasion of their 15th anniversary. The Foundation team, focusing on education, healthcare, and community development, has partnered with committed organisations and supported them in carrying out meaningful projects throughout the community. I am delighted to share that starting this year, the Foundation has added wildlife conservation and heritage preservation as additional focus areas. Beyond the 2%
I thank all our employees, partners, vendors, and suppliers for their consistent support. Our shareowners have a crucial role in our resilience, and I seek your continued support as we continue to see beyond and rise above!
allow us to learn, explore, and deploy the latest technologies for future-ready solutions. In tough times, our people – employees, partners, suppliers, and vendors — are the source of our resilience, driving continued success.
With Best Regards,
Anand Deshpande
Founder, Chairman and Managing Director
that Persistent Systems contributes to Persistent Foundation as part of our efforts in CSR (Corporate Social Responsibility), I am incredibly proud of the contributions from thousands of our employees who go above and beyond to make a difference in society.
34th Annual Report 2024
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Home
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FY24 Performance Highlights
Our Future-Ready Global Workforce
Persistent University
Environmental, Social and Governance
Persistent Foundation
Client Resilience and Success
FY24 Awards and Analyst Recognitions
Innovation for Resilience and Excellence
Partnering for Future-Ready Solutions
The Persistent Way Forward
34th Annual Report 2024
Download Report
Home
Home
FY24 Performance Highlights
Our Future-Ready Global Workforce
Persistent University
Environmental, Social and Governance
Persistent Foundation
Client Resilience and Success
FY24 Awards and Analyst Recognitions
Innovation for Resilience and Excellence
Partnering for Future-Ready Solutions
The Persistent Way Forward
34th Annual Report 2024
Download Report