Persistent Systems appoints Vinit Teredesai as chief financial officer, will be taking over from executive director Sunil Sapre

The firm said Teredesai would be taking over from executive director Sunil Sapre, who will be retiring later this year.

Teredesai has over 28 years of experience in finance, accounting, auditing, taxation, fund-raising, risk management, mergers and acquisitions, and corporate restructuring. The senior executive has also served as the CFO at LTIMindtree, and before that, of Mindtree.

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.

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.

Earnings before interest, tax, depreciation, and amortisation (EBITDA) rose 9.1% YoY during the quarter to ₹454.36 crore while net profit increased 25.4% to ₹315.32 crore. The order booking for the fourth quarter stood at $447.7 million in total contract value (TCV) and at $316.8 million in annual contract value (ACV) terms, the company said.

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.

The board of directors recommended a final dividend of ₹10 per share for the fiscal year 2024. In January 2024, the board had declared an interim dividend of ₹32 per share.

During the quarter, the company said it spearheaded IT transformation initiatives, including upgrading the legacy middleware stack to open-source and developing artificial intelligence/machine learning (AI/ML) applications for a leading consumer intelligence company.

Shares of the company have lost nearly 5% since the beginning of the year. The stock has gained over 47% in the last one year.