Persistent Systems Ltd

"Our growth journey continues with remarkable consistency — this year marked our 20th consecutive quarter of growth. I want to recognise all our employees for their dedication and their families for their unwavering support."

Founder, Chairman and Managing Director

It is a pleasure to share with you our 35th Annual Report for the Financial Year 2024-25. With immense gratitude, I am delighted to share that what started as an idea 35 years ago is now a Company with more than 24,500 employees and $1.4 billion in revenue. The journey continues as we march steadily towards becoming a $2 billion business.

We didn't get here alone. Not even close.

I still remember the early days of Persistent. We had big dreams but limited resources. What made the difference was our employees and their exceptional technical skills, and our clients' unwavering belief in us. Talented people who were willing to join us, and visionary clients were willing to take a chance on a small company in Pune with big dreams. I remain deeply grateful to the nearly 95,000 employees and the more than 4,500 clients who have contributed to our success and helped shape our journey over the last 35 years.

This year also marks the 15th anniversary of our IPO and listing on the National Stock Exchange of India Limited and BSE Limited. I extend my heartfelt appreciation to all investors for your steadfast support in making the Persistent stock one of the best-performing stocks since listing. Your confidence has created substantial wealth for all of us as shareowners. I am especially proud of the wealth we have generated for our employees through our employee stock option plans.

As we look ahead, I'm excited about where we go next. Technology is evolving at an unprecedented pace. AI, cloud, and data science are powerful tools that we are deploying to solve our clients' most complex challenges. In a fast-changing and exponentially evolving world, continuous learning is critical. We have invested significantly in training our workforce, equipping them with innovative AI capabilities.This foundation has enabled us to develop our focused AI strategy — AI for Technology and AI for Business — and we are now confidently executing this vision,

Re(AI)magining the World one client at a time, starting with ourselves as Client Zero.

Our growth journey continues with remarkable consistency — this year marked our 20th consecutive quarter of growth. I want to recognise all our employees for their dedication and their families for their unwavering support. The industry has taken notice and acknowledged our efforts and consistency, with our CEO and Executive Director, Sandeep Kalra, recognised as a Tech Titan by Business Today India.

As I look ahead, the market and our clients will expect even more from us. Our teams are ready, and I am confident they will exceed these expectations.

As responsible corporate citizens, giving back to our community is core to our DNA. We have systematically distributed 1% of our profits to Corporate Social Responsibility initiatives for more than 30 years, and since 2009, Persistent Foundation has led our CSR efforts. I am proud of the Foundation's impactful work in education, healthcare, community development, wildlife conservation, and heritage preservation.

Beyond funding, thousands of our employees volunteer their time to make a meaningful difference in society. Our ESG commitment has also gained recognition, and we are now a top member of the Dow Jones World Sustainability Index.

Throughout this remarkable journey, you, our shareowners, have been true partners in our growth story. Your patience during our early years, your faith in our vision when we were still proving ourselves, and your continued confidence as we scale new heights have been instrumental to our success. Many of you have held our stock for years, believing in our long-term potential even when quarterly results may have tested that conviction. This partnership approach — where shareowners, employees, and the management work together towards shared prosperity — has been fundamental to creating the value we celebrate today. Your support extends beyond capital; it represents a shared commitment to building something enduring and meaningful.

Finally, I would like to express my heartfelt gratitude to all our employees who bring passion and excellence to their work every day, to our clients who trust us with their most important initiatives, to our partners who amplify our capabilities and extend our reach, and to our vendors and suppliers who enable our operations with their reliability and quality. Each of you plays an indispensable role in our continued success, and your unwavering support and collaboration make our shared achievements possible.