LTIMindtree’s ex-CFO Vinit Teredesai joins Persistent Systems

Indian mid-tier IT services major Persistent Systems announced the appointment of Vinit Teredesai as the Chief Financial Officer (CFO), two months after his resignation as LTIMindtree’s CFO.

Teredesai will assume the position at the Pune-based IT firm immediately, succeeding current CFO Sunil Sapre, who is slated to retire later this year.
With over 28 years of experience in finance, accounting, auditing, taxation, fund-raising, risk management, mergers and acquisitions, and corporate restructuring, he has also served as the CFO at LTIMindtree, and Mindtree before that.

Teredesai, who is a qualified chartered accountant, cost and management accountant, and a certified public accountant in the United States, has also worked as the CFO and CIO of KPIT Technologies. He has completed a General Management program from the Sloan School of Management at the Massachusetts Institute of Technology (MIT), focusing on strategy, innovation, and technology.

“It’s my pleasure to welcome Vinit to the Persistent team. Vinit’s rich industry experience and expertise in the finance domain will be a valuable addition to the executive team in the next orbit of our growth journey to $2 billion in revenue and beyond, while ensuring the creation of enhanced stakeholder value,” Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent said.

“I would also like to thank Sunil for his valuable contribution to Persistent over the past 9 years. Sunil will continue to be a key part of Persistent executive team and our board till his retirement later this year,” he added.

Sunil Sapre, Former Chief Financial Officer and Executive Director at Persistent said, “I am very happy to welcome Vinit and wish him the best as he steps in as the next CFO of the Company. I will be working closely with him to ensure a smooth transition. I would like to express my deepest gratitude to our Board for the trust placed in me, and for their support, and guidance throughout my tenure as CFO.

During the fourth quarter of fiscal year 2024, Persistent Systems registered a 14.9% year-on-year (YoY) growth in its consolidated revenue at ₹2,590.52 crore. For the fiscal year 2024, the company reported a 17.6% YoY rise in its revenue at ₹9,821.58 crore. EBITDA rose 13.5% YoY to ₹1,724.3 crore while net profit rose 18.7% to ₹1,093.49 crore.