Persistent Systems Appoints Vinit Teredesai as CFO, Reports Strong Financial Performance
Persistent Systems, a mid-tier IT services major in India, has appointed Vinit Teredesai as its new Chief Financial Officer (CFO). Teredesai brings over 28 years of experience in finance, accounting, auditing, taxation, fund-raising, risk management, mergers and acquisitions, and corporate restructuring to the role. He previously served as the CFO at LTIMindtree and Mindtree.
Teredesai, a qualified chartered accountant, cost and management accountant, and certified public accountant in the United States, has also worked as the CFO and CIO of KPIT Technologies. He completed a General Management program from the Sloan School of Management at the Massachusetts Institute of Technology (MIT), focusing on strategy, innovation, and technology.
Sandeep Kalra, the CEO and Executive Director of Persistent, expressed his pleasure in welcoming Teredesai to the team, highlighting his expertise and industry experience. He also thanked the outgoing CFO, Sunil Sapre, for his contributions over the past 9 years.
In the fourth quarter of fiscal year 2024, Persistent Systems reported a 14.9% year-on-year growth in consolidated revenue, reaching ₹2,590.52 crore. For the full fiscal year, the company saw a 17.6% YoY rise in revenue, totaling ₹9,821.58 crore. EBITDA rose 13.5% YoY to ₹1,724.3 crore, and net profit increased by 18.7% to ₹1,093.49 crore.
The appointment of Vinit Teredesai as CFO and the company’s strong financial performance indicate a positive outlook for Persistent Systems as it continues its growth journey towards $2 billion in revenue and beyond.
