Persistent Systems gains 4% on strong Q3; HSBC raises target price

HSBC has given the stock a buy call and raised the target price to Rs 9,875 from Rs 6,950 on yet another strong quarterly earnings.

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Shares of Persistent Systems gained nearly 4 percent at open on the NSE on January 23, after reporting healthy Q3 earnings on Saturday, January 21. The results were announced post market close. At 9:20 am, on January 23, the stock was trading at Rs 8233.

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On January 20, the IT services firm, Persistent Systems, in an exchange filing, reported a 20.2 percent increase in net profit to Rs 286.1 crore year-on-year for the quarter ended December 31. This growth of net profit was driven by a strong order book in Q3. Net profit for the reporting period also grew 8.7 percent on a quarter-on-quarter (QoQ) basis. Revenue for Q3FY24 was Rs 2,498.2 crore, around 15 percent higher than the previous fiscal. The EBIDTA margin for the reporting quarter grew to 17.7 percent against 18.5 percent in the previous fiscal.

Also read: Persistent Systems Q3 results: Net profit rises 20% to Rs 286 crore; board approves 2-for-1 stock split

HSBC has given the stock a buy call and raised the target price to Rs 9,875 from Rs 6,950 on the back of the postive Q3 show. According to the brokerage, the company saw a growth in revenue defying seasonal furlough headwinds and it should further benefit from pre-Gen AI investments, ensuring medium-term growth. According to analysts at HSBC, expensive valuations could be a key concern going forward.

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