Persistent Systems Achieves AA+ Rating from ICRA Limited, Signifying Financial Strength

Persistent Systems Achieves AA+ Rating from ICRA Limited

Persistent Systems, a renowned global leader in Digital Engineering and Enterprise Modernization, is proud to announce that it has received an AA+ (Stable) credit rating from ICRA Limited. This significant achievement emphasizes the company’s robust financial position and operational excellence, instilling confidence among stakeholders.

ICRA Limited, an independent and professional investment information firm based in India, conducted an extensive evaluation to arrive at this rating. Their comprehensive analysis included a thorough examination of the company’s financial statements, detailed discussions with the management team, and an in-depth review of the business development strategies employed by Persistent. Critical factors such as revenue growth, operating efficiency, capital structure, and liquidity were meticulously analyzed to assess the company’s financial resilience and long-term stability.

Obtaining the AA+ (Stable) rating is a testament to Persistent's sustained growth momentum and operational durability, especially within an ever-evolving macroeconomic landscape. Key aspects highlighted by ICRA include:

1. Experienced Leadership: The management team at Persistent boasts a proven track record of operational success, underpinned by solid relationships with a diverse client base across multiple industries.
2. Strong Revenue Growth: Persistent continues to see robust revenue growth, supported by a healthy order backlog. This is fueled by a diversified mix of large and medium-sized contracts, ensuring consistent revenue transparency and an increasing share of new business deals.
3. Solid Financial Profile: The company maintains a strong financial profile characterized by healthy cash flow generation and a sound capital structure, reflecting overall financial stability. This foundation allows Persistent to sustain its growth momentum while effectively harnessing future opportunities.

The AA+ rating will favorably impact Persistent’s ability to secure bids for larger clients, as many of them include financial solidity as a selection criterion for their suppliers. This rating serves as a credible testament to Persistent's financial health, strengthening its capacity to acquire strategic contracts and expand its market presence.

Sandeep Kalra, the Managing Director and Executive Director at Persistent, expressed pride in receiving the ICRA AA+ (Stable) rating. He noted, "This recognition underscores our strong business fundamentals, financial health, and operational excellence. The trust we have built over the years with our diverse stakeholders is reflected in this achievement. We remain committed to delivering excellence in the industry through disciplined execution, innovation, and global expansion while maintaining a robust capital structure and balanced liquidity. Our goal is to sustain our growth momentum, create significant value for our stakeholders over the long term."

About Persistent Systems

Persistent Systems (BSE: 533179, NSE: PERSISTENT) is a global services and solutions company that provides Digital Engineering and Enterprise Modernization across various sectors. With a workforce of over 23,200 employees in 19 countries, Persistent is committed to innovating and driving customer success. The company offers an extensive array of services including AI-driven software development, product engineering, data analytics, CX transformation, cloud computing, and smart automation. Notably, Persistent was recognized as the “Most Promising Company” at the 2023 India Business Leader Awards. The firm has also achieved carbon neutrality, reinforcing its commitment to sustainability and responsible business practices. As a participant in the UN Global Compact, Persistent is dedicated to aligning its strategies with universal principles related to human rights, labor, environmental sustainability, and anti-corruption efforts. With a remarkable brand value growth of 327% since 2020, Persistent ranks as the fastest-growing IT services brand in the Brand Finance India 100 Report 2024.

For more information, visit Persistent's Official Website.