Persistent Systems - 4QFY13 Result Update - Nirmal Bang

- Persistent Systems reported Q4FY13 numbers marginally below expectations

- USD revenues grew 2.2% QoQ at $ 62.1 mn

- INR revenues were flat QoQ Rs.334 crore

- EBIDTA margins were flattish QoQ at 24.9%

- Adjusted PAT (for forex) was flat QoQ

- At CMP, stock is available at 10x its FY14E earnings and we recommend HOLD on the stock

Source : Equity Bulls

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