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• Annual Report 2018-19
Shaping the future of software driven business
The liberal HR policies and continuous efforts in upgrading skills has helped Persistent retain bulk of its workforce.
The total headcount on a consolidated basis as on March 31, 2019 was 9,962. Over 92% of these are technical headcount and
balance are sales and other support personnel. The net addition during the year was 986.
Internal control system and its adequacy
The CEO and CFO certification provided under Report on Corporate Governance section of Annual report discusses the
adequacy and procedure of internal control over financial reporting.
Financial position and results of operations
Persistent Systems Limited was listed on National Stock Exchange of India Limited (NSE) and the BSE Limited (BSE) on
April 6, 2010.
The financial statements of the Company have been prepared on an accrual basis and under the historical cost convention
except for certain financial instruments, equity settled employee stock options and initial recognition of assets acquired under
business combinations which have been measured at fair value. Historical cost is generally based on the fair value of the
consideration given in exchange for goods and services. The accounting policies are consistently applied by the Company
during the year and are consistent with those used in previous year except where a newly issued accounting standard is initially
adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.
Financial performance summary
Particulars
Unit
Financial Year
2018-19
% to
revenue
Financial Year
2017-18
% to
revenue
Growth
Revenue
INR Million
33,659.41
30,337.03
10.95%
Revenue
USD Million
480.97
470.55
2.21%
Earnings before interest,
depreciation, amortisation and taxes
INR Million
5,562.40 16.53% 4,687.26 15.45% 18.67%
Profit Before Tax
INR Million
4,863.39 14.45% 4,292.61
14.15% 13.30%
Profit After Tax
INR Million
3,516.79 10.45% 3,230.88 10.65% 8.85%
Earnings Per Share (EPS) (Basic and
Diluted)
INR
43.99
40.39
8.91%
Share Capital
The authorized share capital of the Company as at March 31, 2019 was
`
2,000.00 Million divided into 200 Million equity shares
of
`
10 each. The paid-up share capital as at March 31, 2019 was
`
791.19 Million divided into 79.119 Million equity shares of
`
10 each. (Previous year
`
800.00 Million divided into 80.00 Million equity shares of
`
10 each). There were no changes in the
authorized share capital during the year. The reduction in paid up share capital is on account of buy-back of equity shares.
As approved in the Board Meeting held in January 2019, the Company decided to buy-back fully paid-up equity shares via
“open market” route through stock exchange for a total amount not exceeding INR 2,250 Million. Of these 881,098 shares were
bought back at an average rate of INR 648.51 per share. For further details, please refer note 5d in the consolidated financial
statement.
Other Equity
The Other Equity as at March 31, 2019 stood at
`
22,655.61 Million as against
`
20,471.99 Million as at March 31, 2018, showing
a growth of 10.67%. The details of Other Equity are as below:
(In
`
Million)
Particulars
As at
March 31, 2019
As at
March 31, 2018
Securities Premium Reserve
774.10
1,336.70
General Reserve
10,565.95
9,306.27
Share Options Outstanding Reserve
76.29
90.52
Gain on bargain purchases
52.71
26.39
Capital redemption reserve
8.81
-
Special Economic Zone re-investment reserve
70.00
-