Persistent Systems Ltd. - Quarterly/Annual Result Disclosures and Notes dated 30 Jun 2023

1.The audited condensed interim standalone financial statements for the quarter ended June 30, 2023, have been taken on record by the Board of Directors at its meeting held on July 20, 2023 as recommended by the Audit Committee at its meeting held on July 19, 2023. The statutory auditors have expressed an unmodified audit opinion. The information presented above is extracted from the audited condensed interim standalone financial statements.
2.The above standalone financial results have been prepared from the condensed interim standalone financial statements, which are prepared in accordance with Indian Accounting Standards ("Ind AS"), the provisions of the Companies Act, 2013 ("the Companies Act"), as applicable and guidelines issued by the Securities and Exchange Board of India ("SEBI"). The Ind AS are prescribed under Section 133 of the Companies Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and amendments issued thereafter. All amounts included in the standalone financial results (including notes) are reported in millions of Indian rupees ( in INR Millions) except share and per share data, unless otherwise stated.
3.Prof. Deepak Phatak (DIN:00046205), Independent Director of the Company, tendered his resignation through his letter dated April 2, 2023 from the Board position upon reaching 75 years and confirmed that there were no material reasons for his resignation. Accordingly, Prof. Phatak ceased to be Independent Director effective from April 2, 2023.
4.On April 6, 2023, 500,000 (five hundred thousand only) equity shares of INR 10 each were allotted to the ESOP Trust at allotment price of INR 2,789 per equity share, aggregating to the total consideration of INR 1,394.50 Million. Consequent to this, the paid-up share capital of the Company is increased from 76.43 Million equity shares to 76.93 Million equity shares. Listing of the 500,000 shares on the stock exchanges is completed.
5.Dr. Ajit Ranade (DIN: 00918651) has been appointed as the Non-Executive Additional Director (Independent member) of the Company in the Board Meeting held on June 6, 2023. The members at the 33rd Annual General Meeting of the Company held on July 18, 2023, confirmed his appointment as the Non-Executive Director (Independent member) not liable to retire by rotation, to hold office for the term of 5 (five) consecutive years i.e., from June 6, 2023 to June 5, 2028.
6.CAPIOT Software Pte. Limited, Singapore (step down subsidiary) was struck off on April 6, 2023.
7.SCI Fusion 360 LLC, USA, (step down subsidiary) was dissolved with effective from May 31, 2023.
8.Youperience Limited, UK (step down subsidiary) was dissolved with effect from June 27, 2023.
9.In accordance with para 4 of notified Ind AS-108 “Operating Segments”, the Company has disclosed segment information only on the basis of consolidated financial results.
10.The investors are requested to visit the following website of the Company and stock exchanges for further details:
Company's website: https://www.persistent.com/investors
BSE Ltd: www.bseindia.com
National Stock Exchange of India Ltd.: www.nseindia.com