New Delhi: IT firm Persistent Systems today said its net profit increased by 9 per cent to Rs 73.28 crore for the quarter ended June 30, 2016.

This is against a net profit of Rs 67.21 crore for the same quarter last year.

Its revenues grew 40.2 per cent to Rs 701.77 crore in the quarter under review from Rs 500.41 crore in the April-June 2015 period. In dollar terms, the company’s revenue was up 33.3 per cent to USD 104.76 million. “Most of the growth was driven by the IBM alliance. We had said it will help us increase our revenues in FY17 by up to 15-20 per cent over FY16… “We expect the second half of the year to see stronger growth in IP-led revenues,” Persistent Systems Chairman and Managing Director Anand Deshpande told PTI. Services revenues stood at USD 75.27 million, while IP-led revenues were at USD 29.49 million in the reported quarter. Sequentially, profits were lower by 9.3 per cent as the first quarter is usually a weak quarter. There was also an impact on account of visa expenses and costs related to the IBM partnership, he said. North Americas accounted for 87 per cent of the company’s revenues, while Europe, India and rest of world accounted for 5.2 per cent, 5.4 per cent and 2.4 per cent, respectively. “We don’t see any impact of Brexit as most of our revenues come from the US market,” he added. Persistent had 9,389 employees at the end of the first quarter. Its attrition rate stood at 16.7 per cent. — PTI