Persistent Systems appoints Sandeep Kalra as CEO, profits up 18.5% for Q2

Pune-based information technology (IT) services firm Persistent Systems has elevated Sandeep Kalra as the chief executive officer (CEO) of the company. He was previously the executive director and president of the technology services unit at the company and replaces Christopher O’Connor who resigned from the post in August citing personal reasons. 

Prior to joining Persistent Systems in May 2019, Kalra was senior vice president and general manager at HARMAN Connected Systems. 

The company on Saturday reported an 18.5% increase in net profit on a year-on-year basis for the quarter ending September 30. Net profit stood at Rs 102 crore for the quarter while its revenues grew to Rs 1,000.7 crore, a 13.9% rise over the corresponding quarter in the previous year. 

Persistent Systems has increased its revenue share from the BFSI (banking, financial services and insurance) segment with 31.9% revenues coming from the sector for Q2 of FY 2020-21, as compared to 28.4% revenue contribution from the segment in the corresponding quarter of the previous financial year. The company in a statement said that it had set up a global technology centre to deliver product modernization and support, as well as partnered with a banking consortium in Europe for business continuity planning during the quarter. 

“We hit significant milestones, for the first time ever exceeding Rs 1000 Crore in revenue and Rs 100 Crore in profit in one quarter. The growth we see across our business is the result of a shared passion through all of Persistent for innovation and helping our clients not just meet but exceed their business expectations,” Anand Deshpande, founder, chairman and managing director at Persistent Systems said in a statement. 

Earlier this month, the company had announced the acquisition of middleware technology company CAPIOT and its subsidiaries in Australia, India and Singapore for $6.34 million.