Persistent Systems to add 10-15 pc more professionals to Nagpur facility

Source: The Hitavada      Date: 28 Oct 2018 09:49:43


Business Bureau,

UNDETERRED by a recent setback when its second quarter earnings failed to impress investors, the Pune-based IT company, Persistent Systems, on Saturday said that it would bounce back in the following quarter. The company also said that it will soon add 10-15 per cent more IT professionals to its Nagpur facility to take up the total manpower strength here to over 1,350. As of now, Persistent Systems is employing over 1,200 professionals in Nagpur unit which is its second largest facility. The company is planning to recruit new professionals within next one year.

Shares of Persistent Systems fell nearly 15 per cent recently after it published its second quarter results. It is also important to note that Persistent Systems Limited had deposits of Rs 43 crore with the Infrastructure Leasing & Financial Services Ltd (IL&FS) which are due for maturity between January 2019 and June 2019. But taking into account the current scenario, clouds of uncertainty are looming large over the future of IL&FS which are likely to spoil financial calculations of its depositors.

But Dr Anand Deshpande, Chairman and Managing Director, Persistent Systems, said that so far there have been no defaults in payment of interest on the aforesaid deposits. “Moreover, the company has enough funds to effectively deal with any eventuality,” he said adding that challenges are part and parcel of any business.
As of September 30, 2018, Persistent Systems Limited had deposits of Rs 43 crore with Infrastructure Leasing & Financial Services Ltd (IL&FS).

Deshpande, while interacting with the media persons here further said, “Although numbers reflected in our second quarter’s financial report are lower than expected, we see good growth opportunities across all segments of our business and new projects. Many new projects started in this quarter will deliver long-term revenue growth. The shortfall in digital revenue can be attributed to short closure of one of our projects and a shift in the business mix as some projects moved offshore.” Deshpande was in the city to celebrate the 15th Foundation Day of Nagpur unit of the company located in the IT Park, Parsodi.

Deshpande said that the company will continue to invest in new technologies and in enhancing domain and consulting skills in customers’ geography as can be seen from the acquisition of Herald Health and the setting up of Partners Healthcare Pivot Labs.Expressing his views on entrepreneurship, Deshpande said that it is ideal time for youths to set up their own ventures rather than running after jobs. “Self-employment is the only option that would pave the way towards creating new jobs and address the grave issue of unemployment,” he said.