Blockchain Press Releases

Persistent Sustains Growth Momentum, Revenue Up by 17.1% Y-o-Y, 3.0% Q-o-Q

Published

4 months ago

July 20, 2023

persistent-unveils-state-of-the-art-private-5g-lab

Appoints Dr. Ajit Ranade as an Independent Director to the Board

SANTA CLARA, Calif. and PUNE, India, July 20, 2023 /PRNewswire/ — Persistent Systems (BSE: PERSISTENT) (NSE: PERSISTENT) today announced the Company’s audited financial results for the quarter ended June 30, 2023, as approved by the Board of Directors.

Consolidated Financial Highlights for the Quarter ended June 30, 2023:

	Q1FY24	Margin%	Q-o-Q Growth	Y-o-Y Growth
Revenue (USD Million)	282.90		3.0 %	17.1 %
Revenue (INR Million)	23,211.75		3.0 %	23.6 %
EBITDA (INR Million)	4,229.44	18.2 %	1.6 %	26.9 %
EBIT (INR Million)	3,466.16	14.9 %	0.0 %	29.0 %
PAT (INR Million)	2,287.68	9.9%*	-9.0%*	8.1%*
* In Q1FY24, there was a one-time expense towards client events and employee gifts on account of achieving the $1B revenue milestone. Adjusted for this, PAT margin was 11.4% for Q1FY24, with Q-o-Q growth of 5.4% and Y-o-Y growth of 25.2%.

The 33rd Annual General Meeting of the Company was held on July 18, 2023. All the resolutions, including a final dividend payment of INR 12 per share and a special dividend of INR 10 per share on achieving $1 Billion in annual revenue, were passed with the requisite majority. This makes the total dividend for FY23 to be INR 50 per share as compared to INR 31 per share for FY22.

Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent:

“We commenced the year by celebrating a significant milestone of surpassing $1 billion in annual revenue with our clients, partners, and team members. As we enter our new fiscal year, I’m pleased to share that we have sustained our growth momentum despite the challenging macroeconomic conditions. Our Digital Engineering leadership, extensive experience across key industries, curated partner ecosystem, and the ability to stay ahead of disruptive technology trends has led to our ongoing success.

We also want to extend our warm welcome to Dr. Ajit Ranade, a renowned academician, corporate executive, economist, and thought leader, as an Independent Director to our Board. He will bring his impressive experience of 32+ years to help guide our strategy and accelerate our growth journey.”

First Quarter FY24 Client Wins and Outcomes

The order booking for the quarter ended on June 30, 2023, was at $380.3 million in Total Contract Value (TCV) and at $271.9 million in Annual Contract Value (ACV) terms.

Some of the key wins for the quarter include:

Software, Hi-Tech & Emerging Industries

Establishing a software lab to engineer new products and enhance existing products for a leading SaaS provider related to customer support, sales, and other customer communications.
Providing engineering services and support of Network Services Orchestration (NSO) platform for a multinational digital communications conglomerate.
Developing Generative AI proofs of concept and building database connectors for serverless data integration for a multinational technology company.

Banking, Financial Services & Insurance

Driving digital transformation for customer acquisition and service, along with sales and marketing automation platforms for the financial services arm of a Fortune 500 automobile company.
Supporting application migration and providing managed services to ensure seamless integration of an acquired automation platform for a leading US-based financial software company.
Developing a Data Science platform for Risk Management, Identity Access Management and Regulatory/compliance applications for a leading corporate investment banking services provider.

Healthcare & Life Sciences

Engineering Data and Machine Learning platforms and accelerating product capabilities to drive an innovation roadmap for a multinational managed healthcare and insurance company.
Building and managing a Unified Data Platform encompassing analytics for sales inventory, sales order pipeline etc. for a European multinational medical equipment manufacturing firm.
Engineering platforms for data curation, analytics, and laboratory management and migrating data lake to the cloud for a leading molecular diagnostics company in the space of early-stage cancer detection.

News in the Quarter

Awards and Recognitions

About Persistent

With over 23,000 employees located in 21 countries, Persistent Systems (BSE: PERSISTENT) (NSE: PERSISTENT) is a global services and solutions company delivering Digital Engineering and Enterprise Modernization. As a participant of the United Nations Global Compact, Persistent is committed to aligning strategies and operations with universal principles on human rights, labor, environment, and anti-corruption, as well as take actions that advance societal goals. With 268% growth since 2020, Persistent is the fastest-growing Indian IT Services brand according to Brand Finance.
www.persistent.com

Forward-looking and Cautionary Statements

For risks and uncertainties relating to forward-looking statements, please visit persistent.com/flcs

Media Contacts
Emma Handler
Persistent Systems (Global)
+1 617 633 1635
[email protected]

Rhea Mistry
Archetype
+91 992 058 2926
[email protected]

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Blockchain Press Releases

Institutions Have Doubled their Bitcoin Allocations this Year, New Bybit Report Shows

Published

10 hours ago

December 1, 2023

CISION (PR Newswire)

institutions-have-doubled-their-bitcoin-allocations-this-year,-new-bybit-report-shows

DUBAI, UAE, Dec. 1, 2023 /PRNewswire/ — Bybit, the world’s third-largest crypto exchange by volume, has released new research offering analysis of how traders adapt their strategies in fluctuating market conditions. “Navigating Bull and Bear Markets — A Dive Into Asset Allocation,” uses Bybit’s proprietary data and is the first initiated by a crypto exchange.

The report provides a detailed examination of asset allocation strategies employed by different cohorts — institutions, VIPs, and retail traders — especially in the volatile market environment since December 2022.

Key findings include:

Institutional Investors: Predominantly holding 45% in stablecoins, 35% in Bitcoin, and 15% in Ether, institutions emphasize liquidity and strategic diversification. Notably, their Bitcoin holdings nearly doubled in the first three quarters of 2023.
Ether Trends: A decline in institutional interest in Ether has been noted, although upcoming market developments, like the rumored BlackRock spot Ether ETF, could shift the trend.
Retail Trader Behavior: Retail traders are observed to hold more stablecoins, suggesting a more cautious allocation to riskier assets compared to traditional finance norms.
Altcoin Investments: Both retail and VIP traders show higher altcoin holdings than institutional investors, although these remain a minor part of total portfolios, indicating caution, perhaps due to a hangover from the recent bear market.

“This report is a testament to Bybit’s commitment to empowering our users with actionable insights,” said Ben Zhou, co-founder and CEO. “Understanding how different market participants navigate the complexities of bull and bear markets is crucial. We believe this research will not only enlighten our traders but also contribute to the broader crypto community’s understanding of market dynamics.”

Read the full report here.

#Bybit / #TheCryptoArk

About Bybit

Bybit is a top-three cryptocurrency exchange by volume with 20 million users established in 2018. It offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media

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Blockchain Press Releases

Set Sail on a Crypto Voyage: Bybit Announces ByBUIDLERs Cruise Contest to Dubai in Partnership with Sea Summit

Published

12 hours ago

December 1, 2023

CISION (PR Newswire)

set-sail-on-a-crypto-voyage:-bybit-announces-bybuidlers-cruise-contest-to-dubai-in-partnership-with-sea-summit

DUBAI, UAE, Dec. 1, 2023 /PRNewswire/ — Bybit, the world’s third-largest crypto exchange by volume, is excited to announce the ByBUIDLERs Cruise Contest, an extraordinary opportunity for crypto enthusiasts in India. This contest offers a chance to win a luxurious 10-day cruise from Mumbai to Dubai, coupled with an exciting Sea Summit experience and a visit to Bybit’s Dubai office.

Introducing ByBUIDLERs

ByBUIDLERs is Bybit’s initiative that combines grassroots enthusiasm with the thrilling world of cryptocurrency. Designed for crypto aficionados, the program invites participants to engage with the community, create compelling content, and contribute to Bybit’s growth and outreach.

Participation Steps

Enlist as a ByBUIDLER: To join, provide your name, email, and social media profile link. Express in 100 words your excitement about becoming a ByBUIDLER via our Google form.
Take the Bybit 5th Anniversary Personality Quiz: Complete the personality quiz and share your results on social media, highlighting how your personality influences your crypto journey.
Participants must post their entries before December 6th, tagging @Bybit and @TheSeaSummit, using the hashtags #ByBUIDLERcruisetrip and #High5Bybit.

Rewards

The top five most creative ByBUIDLERs, judged by their engagement and creativity, will embark on the Sea Summit 10-day luxury cruise, setting sail from Mumbai to Dubai. The cruise is also a crypto summit where winners will meet leaders in crypto, participate in educational events, and attend themed party nights.

#Bybit / #TheCryptoArk

About Bybit

For media inquiries, please contact: [email protected]

For more information please visit: https://www.bybit.com

For updates, please follow: Bybit’s Communities and Social Media

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Blockchain Press Releases

Bitget Wallet Integrates TON Mainnet, Prepares for TON and Telegram-Based Innovative Products

Published

18 hours ago

December 1, 2023

CISION (PR Newswire)

Bitget Wallet Integrates TON Mainnet, Prepares for TON and Telegram-Based Innovative Products

VICTORIA, Seychelles, Nov. 30, 2023 /PRNewswire/ — The leading Web3 trading wallet, Bitget Wallet (formerly known as BitKeep Wallet), now supports TON (The Open Network). TON, a high-performance Layer 1 blockchain, was initially designed by the Telegram team and later advanced by the community.

The TON integration allows users to add the TON network with a single click, manage assets, and perform on-chain transactions. Looking ahead, Bitget Wallet plans to further expand its services to include support for TON ecosystem DApps, token trading, and candlestick chart features. Additionally, Bitget Wallet is set to launch innovative products and services based on TON and Telegram, such as the Telegram Red Packet feature.

TON, with its Telegram-originated blockchain solution, is designed for high scalability, targeting millions of transactions per second (TPS) to serve Telegram’s extensive user base. This performance capability positions TON as a pivotal player in the evolving digital landscape. By building a Web3 ecosystem within Telegram, TON is committed to bridging Web2 and Web3, promoting the widespread adoption of cryptocurrencies and decentralized technologies.

Bitget Wallet’s support for TON reflects a recognition of its innovation and anticipation of Telegram’s user base venturing into Web3. This aligns with Bitget Wallet’s ongoing commitment to providing convenient, user-friendly product experiences and opening the doors to Web3 for its users.

To date, Bitget Wallet has served over 12 million users worldwide, becoming one of the most popular crypto hot wallets globally, with its app ranking fourth in global downloads in October. The integration with the TON mainnet is also expected to enhance the liquidity and user base of the TON network.

About Bitget Wallet (Web3 trading wallet)

Formerly known as BitKeep, Bitget Wallet stands as Asia’s largest and global frontrunner among all-in-one Web3 trading wallets. We offer a comprehensive range of on-chain products and DeFi services to our users, including wallet functionality, Swap feature, NFT trading, DApp browsing, MPC Wallet and more.

With a 5-year legacy, Bitget Wallet has garnered acclaim from over 12 million users worldwide and has secured partnerships with prominent industry leaders including Ethereum, BNB Chain, Arbitrum, Polygon, Solana, Base, and others. This success stems from our commitment to consistently delivering secure and convenient products and services.

In March 2023, Bitget, a leading crypto derivatives trading platform made a substantial $30 million investment in BitKeep, acquiring a controlling stake. Following this strategic move, BitKeep underwent a transformative and strategic brand evolution in August, officially rebranding itself as Bitget Wallet.

For more information, visit: Website | Twitter | Telegram | Discord

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