NSE & BSE / 2024-25 / 171

October 22, 2024

The Manager The Manager

Corporate Services, Corporate Services,
National Stock Exchange of India Limited BSE Limited
Exchange Plaza, Bandra Kurla Complex, 14th Floor, P J Towers, Dalal Street,
Bandra (E), Mumbai 400 051 Mumbai 400 001

Ref: Symbol: PERSISTENT Ref: Scrip Code: 533179

Dear Sir/Madam,

Sub: Outcome of the Board Meeting held on October 21, 2024, and concluded on October 22,
2024

Ref: Our earlier Intimation under Regulation 29 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 bearing Ref. No. NSE & BSE / 2024-25 / 159 dated
September 23, 2024

Pursuant to the above-referred intimation, we wish to inform you that, the Board of Directors, at its meeting,
held on October 22, 2024, commenced at 0830 Hrs. (IST) and concluded at 1516 Hrs. (IST), has inter-alia
taken the following decision:

Approval of the Audited Financial Results for the quarter and half year ended September 30, 2024

Pursuant to Regulation 33 and all other applicable regulations, if any of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the Audited Financial Results for the quarter and half year ended
September 30, 2023, have been approved. Accordingly, we enclose the following documents:

1. Auditors’ Report dated October 22, 2024, on the Consolidated Financial Results of the Company for
the quarter and half year ended September 30, 2024;
2. Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2024;
3. Auditors’ Report dated October 22, 2024, on the Standalone Financial Results of the Company for the quarter
and half year ended September 30, 2024; and
4. Standalone Financial Results of the Company for the quarter and half year ended September 30, 2024.

Please acknowledge the receipt.

Thanking you,

Yours Sincerely,

For Persistent Systems Limited

Digitally signed by
Amit Amit Murari Atre

Murari Atre Date: 2024.10.22

15:21:20 +05'30'
Amit Atre
Company Secretary
ICSI Membership No.: A20507

Encl: As above
Persistent Systems Limited, Bhageerath, 402 Senapati Bapat Road, Pune 411 016, Maharashtra, India
CIN - L72300PN1990PLC056696
Tel: +91 (20) 670 35555 | Fax - +91 (20) 6703 6003 | E-mail - [email protected] | Website - www.persistent.com
 Walker Chandiok & Co LLP
3rd floor, Unit No. 310 to 312,
West Wing, Nyati Unitree
Nagar Road, Yerwada,
Pune - 411 006
Maharashtra, India
T +91 20 6744 8888
F +91 20 6744 8899

Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as
amended)

To the Board of Directors of Persistent Systems Limited

Opinion

1.

Company, its subsidiaries and its

quarter and half year ended 30 September 2024, attached herewith, being submitted by the
Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations
and Discl

2. In our opinion and to the best of our information and according to the explanations given to us and
based on the consideration of the reports of other auditors on separate audited condensed interim
financial statements of the subsidiaries, and controlled trust, as referred to in paragraph 12 below,
the Statement:

(i) includes the financial results of the entities listed in Annexure 1;

(ii) presents financial results in accordance with the requirements of Regulation 33 of the Listing
Regulations; and

(iii) gives a true and fair view in conformity with the recognition and measurement principles laid

Accounting Standards)
Rules, 2015, and other accounting principles generally accepted in India, of the consolidated
net profit after tax and other comprehensive income and other financial information of the
Group, for the quarter and half year ended 30 September 2024.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing specified under section

Responsibilities for the Audit of the Statement section of our report. We are independent of the
Group, its associates and joint ventures, in accordance with the Code of Ethics issued by the

Chartered Accountants Walker Chandiok & Co LLP is registered

with limited liability with identification
Offices in Ahmedabad, Bengaluru, Chandigarh, Chennai, Dehradun, Goa, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, number AAC-2085 and has its registered
New Delhi, Noida and Pune office at L-41, Connaught Circus, Outer
Circle, New Delhi, 110001, India
 are relevant to our audit of the financial results under the provisions of the Act, and the rules
thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the Code of Ethics. We believe that the audit evidence obtained by us together
with the audit evidence obtained by the other auditors in terms of their reports referred to in
paragraph 12 of the Other Matter section below, is sufficient and appropriate to provide a basis for
our opinion.

Responsibilities of Management and Those Charged with Governance for the Statement

4.
approved by the Holding Company's Board of Directors, has been prepared on the basis of the
ors is responsible for
the preparation and presentation of the Statement that gives a true and fair view of the
consolidated net profit or loss and other comprehensive income, and other financial information of
the Group in accordance with the Ind AS prescribed under section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2015 and other accounting principles generally
accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Holding
Directors is also responsible for ensuring accuracy of records including
financial information considered necessary for the preparation of the Statement. Further, in terms
of the provisions of the Act, the respective Board of Directors/ management of the companies
included in the Group, covered under the Act, are responsible for maintenance of adequate
accounting records in accordance with the provisions of the Act, for safeguarding of the assets of
the Group and for preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and estimates that are
reasonable and prudent; and design, implementation and maintenance of adequate internal
financial controls, that were operating effectively, for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation of the financial results, that
give a true and fair view and are free from material misstatement, whether due to fraud or error.
These financial results have been used for the purpose of preparation of the Statement by the
Directors of the Holding Company, as aforesaid.

5. In preparing the Statement, the respective Board of Directors of the companies included in the
Group, are responsible for assessing the ability of the Group, to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting, unless the respective Board of Directors either intends to liquidate the Group or to
cease operations, or has no realistic alternative but to do so.

6. The respective Board of Directors of the companies included in the Group are responsible for
overseeing the financial reporting process of the companies included in the Group.

7. Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free

includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee
that an audit conducted in accordance with Standards on Auditing specified under section 143(10)
of the Act will always detect a material misstatement, when it exists. Misstatements can arise from
fraud or error, and are considered material if, individually, or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of this
Statement.

Page 2 of 5
8. As part of an audit in accordance with the Standards on Auditing specified under section 143(10)
of the Act, we exercise professional judgment and maintain professional skepticism throughout
the audit. We also:

Identify and assess the risks of material misstatement of the Statement, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing our opinion on
whether the Holding Company has adequate internal financial controls with reference to financial
statements in place and the operating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Board of Directors.

accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the ability of the Group, to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to

disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit

cause the Group to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the Statement, including the
disclosures, and whether the Statement represents the underlying transactions and events in a
manner that achieves fair presentation.

Obtain sufficient appropriate audit evidence regarding the financial results of the entities within the
Group, to express an opinion on the Statement. We are responsible for the direction, supervision
and performance of the audit of financial information of such entities included in the Statement, of
which we are the independent auditors. For the other entities included in the Statement, which
have been audited by the other auditors, such other auditors remain responsible for the direction,
supervision and performance of the audits carried out by them. We remain solely responsible for
our audit opinion.

9. We communicate with those charged with governance of the Holding Company and such other
entities included in the Statement, of which we are the independent auditors, regarding, among
other matters, the planned scope and timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we identify during our audit.

10. We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence, and
where applicable, related safeguards.

11. We also performed procedures in accordance with SEBI Circular CIR/CFD/CMD1/44/2019 dated
29 March 2019, issued by the SEBI under Regulation 33 (8) of the Listing Regulations, to the
extent applicable.

Page 3 of 5
Other Matter(s)

12. We did not audit the financial results of twenty four subsidiaries and one controlled trust included

20.33 Million for the

half year ended on that date, as considered in the Statement. These financial results have been
audited by other auditors whose audit report(s) have been furnished to us by the management,
and our opinion in so far as it relates to the amounts and disclosures included in respect of these
subsidiaries is based solely on the audit report(s) of such other auditors.

Our opinion is not modified in respect of this/these matter(s) with respect to our reliance on the
work done by and the reports of the other auditors.

For Walker Chandiok & Co LLP

Chartered Accountants
Firm Registration No.: 001076N/N500013

Shashi Tadwalkar
Partner
Membership No. 101797

UDIN: 24101797BKCPHA3841

Place: Pune
Date: 22 October 2024

Page 4 of 5
Annexure 1

List of entities included in the Statement

Sr.
Name of entity Relationship
No.
1 Persistent Systems Limited (PSL) Holding Company
2 Persistent Systems, Inc. (PSI) Wholly owned subsidiary of PSL
3 Persistent Systems Pte Ltd. Wholly owned subsidiary of PSL
4 Persistent Systems France SAS Wholly owned subsidiary of PSL
5 Persistent Systems Malaysia Sdn. Bhd. Wholly owned subsidiary of PSL
6 Persistent Systems Germany GmbH (PSGG) Wholly owned subsidiary of PSL
7 Persistent Telecom Solutions Inc. Wholly owned subsidiary of PSI
8 Aepona Group Limited (AGL) Wholly owned subsidiary of PSI
Persistent Systems UK ltd. (Formerly known as Aepona
9 Wholly owned subsidiary of PSL
Limited, UK) (formerly Wholly owned subsidiary of AGL)
10 Persistent Systems Lanka (Private) Limited Wholly owned subsidiary of AGL
11 Persistent Systems Mexico, S.A. de C.V. Wholly owned subsidiary of PSI
12 Persistent Systems Israel Ltd. Wholly owned subsidiary of PSI
Persistent Systems Switzerland AG (Formerly known as
13 Wholly owned subsidiary of PSGG
PARX Werk AG)
14 CAPIOT Software Private Limited Wholly owned subsidiary of PSL
Persistent Systems Australia Pty Ltd (Formerly known as Wholly owned subsidiary of
15
CAPIOT Software Pty Ltd) CAPIOT US
16 Persistent Systems S.R.L. Romania Wholly owned subsidiary of PSI
17 Software Corporation International LLC Wholly owned subsidiary of PSI
Persistent Systems Costa Rica Limitada (Formerly
17 Wholly owned subsidiary of PSGG
known as "Data Glove IT Solutions Limitada")
18 Persistent Systems S.R.L. Romania Wholly owned subsidiary of PSGG
19 MediaAgility Inc. (MAI) Wholly owned subsidiary of PSI
20 MediaAgility Pte. Ltd. Wholly owned subsidiary of MAI
21 MediaAgility UK Ltd. Wholly owned subsidiary of MAI
22 Digitalagility S de RL de CV Wholly owned subsidiary of MAI
23 MediaAgility India Private Limited Wholly owned subsidiary of PSL
Persistent India Foundation (incorporated w.e.f. 1st May
24 Wholly owned subsidiary of PSL
2024)
25 PSPL ESOP Management Trust Controlled ESOP Trust
26 Persistent India Foundation Wholly owned subsidiary of PSL
Starfish Associates, LLC (Acquired w.e.f. 1st August
27 Wholly owned subsidiary of PSI
2024)

Page 5 of 5
 Walker Chandiok & Co LLP
3rd floor, Unit No. 310 to 312,
West Wing, Nyati Unitree
Nagar Road, Yerwada,
Pune - 411 006
Maharashtra, India
T +91 20 6744 8888
F +91 20 6744 8899

Results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of Persistent Systems Limited

Opinion

1.

to date results for the period 1 April 2024 to 30 September 2024, being submitted by the Company
pursuant to the requirements Regulation 33 of the SEBI (Listing Obligations and Disclosure

2. In our opinion and to the best of our information and according to the explanations given to us, the
Statement:

(i) is presented in accordance with the requirements of Regulation 33 of the Listing Regulations;
and

(ii) gives a true and fair view in conformity with the recognition and measurement principles laid

prescribed under Section 133 of the Act read with relevant rules issued thereunder and other
accounting principles generally accepted in India of the standalone net profit after tax (including
other comprehensive income) and other financial information of the Company for the quarter
ended 30 September 2024 and the year to date results for the period 1 April 2024 to 30
September 2024,

Basis for Opinion

3.

udit of the Statement section of our

report. We are independent of the Company in accordance with the Code of Ethics issued by the

relevant to our audit of the Statement under the provisions of the Act and the rules thereunder, and
we have fulfilled our other ethical responsibilities in accordance with these requirements and the
Code of Ethics. We believe that the audit evidence obtained by us, is sufficient and appropriate to
provide a basis for our opinion.

Chartered Accountants Walker Chandiok & Co LLP is registered

with limited liability with identification
Offices in Ahmedabad, Bengaluru, Chandigarh, Chennai, Dehradun, Goa, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, number AAC-2085 and has its registered
New Delhi, Noida and Pune office at L-41, Connaught Circus, Outer
Circle, New Delhi, 110001, India
Responsibilities of Management and Those Charged with Governance for the Statement

4. This Statement has been prepared on the basis of the interim Standalone financial statements. The
C
and fair view of the net profit/loss and other comprehensive income and other financial information
in accordance with the recognition and measurement principles laid down in Ind AS 34 prescribed
under Section 133 of the Act read with relevant rules issued thereunder and other accounting
principles generally accepted in India and in compliance with Regulation 33 of the Listing
Regulations. This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls that were operating
effectively for ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the Statement that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

5.
ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless the Board of Directors either intends to
liquidate the Company or to cease operations, or has no realistic alternative but to do so.

6.
process.

7. Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free

includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that
an audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken
on the basis of this Statement.

8. As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Statement, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial controls system over financial
reporting and the operating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Board of Directors.

Page 2 of 3
 accounting and, based on the audit evidence obtained, whether a material uncertainty exists related
to events or conditions that may cast significant doubt on the
going concern. If we conclude that a material uncertainty exists, we are required to draw attention

inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to

cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the standalone financial results, including
the disclosures, and whether the financial results represent the underlying transactions and events
in a manner that achieves fair presentation.

9. We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.

10. We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence, and
where applicable, related safeguards.

For Walker Chandiok & Co LLP

Chartered Accountants
Firm Registration No.: 001076N/N500013

Shashi Tadwalkar
Partner
Membership No. 101797

UDIN: 24101797BKCPGZ2473

Place: Pune
Date: 22 October 2024

Page 3 of 3