"In tough times, our people — employees, partners, suppliers,
and vendors — are the source of our resilience, driving continued success."
Dear Valued Shareowners,
I am delighted to share our 34th Annual Report for the
Financial Year 2023-24. This was our first year as a billion-dollar enterprise, and as we
move into our sixth orbit, I am glad to share that the team is geared up to continue our
momentum as we march towards becoming a two-billion-dollar enterprise.
This year was challenging as our clients, who were investing in their
digital transformation for several years during the pandemic, turned their focus to cost
optimisation. This tested our resilience. Thankfully, our global delivery business model
allows us to provide an equally compelling proposition to our clients, whether they
accelerate their roadmap or focus on better cost outcomes. We responded with alacrity as
the market shifted, and we maintained industry-leading growth rates during the financial
year, thanks in large part to our clients' continued trust and confidence in our
capabilities.
The market continues to be challenging. While Generative AI and other
next-generation technologies are promising and disruptive, high inflation, elevated
interest rates, and geopolitical uncertainties have contributed to a slowdown in global
tech spending and delayed decision-making by clients.
Our multi-talented global team is our strength in this turbulent
market, and we have invested in preparing our global workforce to respond to new
technology disruptions. We trained more than 16,000 professionals on next-generation tools
and technologies during the year. Our 360-degree relationships with key partners allow us
to learn, explore, and deploy the latest technologies for future-ready solutions. In tough
times, our people – employees, partners, suppliers, and vendors — are the source
of our resilience, driving continued success.
We are committed to providing our employees and their families with
holistic experiences. We encourage diversity across the Company, and we implemented
several initiatives during the year that spotlight and support diversity and inclusion. We
have a strong focus on health and wellness and believe that healthy employees are happy
employees — and happy employees are productive employees. We have several programs
encouraging employees to learn and engage in various activities beyond work. This is the
Persistent Way.
In October 2023, we set three bicycling-related Guinness World Records
to reinforce our commitment towards the environment and employee health. ESG
(Environmental, Social, and Governance) continues to be an essential part of The
Persistent Way, as we continued our journey to reduce carbon emissions and make
environmentally friendly choices.
Giving and taking responsibility for our commitment to society is part
of our core values, and we have practised these values ever since our inception. To
formalise our efforts, we set up Persistent Foundation in 2009. I am very proud of our
achievements as we look back on the variety of significant contributions made by the
Foundation on the occasion of their 15th anniversary. The Foundation team,
focusing on education, healthcare, and community development, has partnered with committed
organisations and supported them in carrying out meaningful projects throughout the
community. I am delighted to share that starting this year, the Foundation has added
wildlife conservation and heritage preservation as additional focus areas. Beyond the 2%
that Persistent Systems contributes to Persistent Foundation as part of our efforts in CSR
(Corporate Social Responsibility), I am incredibly proud of the contributions from
thousands of our employees who go above and beyond to make a difference in society.
During the year, we were consistently recognised for our achievements
from a diverse group of industry analysts, advisors, organisations, and market observers.
The highlight was receiving CNBC TV's "Most Promising Company of the Year,"
recognising our extraordinary growth journey.
Resilience is critical as we propel the Company into our sixth orbit
and reach our two-billion-dollar goal. To bolster our resiliency, we have invested in
senior leaders and have added new business lines and capabilities during the year to
support our growth and strategies.
I thank all our employees, partners, vendors, and suppliers for their
consistent support. Our shareowners have a crucial role in our resilience, and I seek your
continued support as we continue to see beyond and rise above!
With Best Regards,
Anand Deshpande
Founder, Chairman and Managing Director
Message from the Chairperson
"Giving back, being in a position of privilege and having the
means to help make a difference in the lives of less fortunate people, have been the most
fulfilling part of our journey."
"The greatness of a community is most accurately measured by the
compassionate actions of its members." — Coretta Scott King
This quote rings so true in my ears. It is surreal to realise that
Persistent Foundation has completed 15 years of dedicated service to society. We are so
blessed to have been given this opportunity to be a part of the community for the last
decade and a half. Giving back, being in a position of privilege and having the means to
help make a difference in the lives of less fortunate people, have been the most
fulfilling part of our journey.
>Over 15 years, having spent INR one hundred crores, boggles the mind.
Having touched the lives of over one and a half lakh individuals makes us wonder. Did we
really accomplish all of this? This realisation makes our hearts swell with pride, our
heads bow in humility and our hands folded in gratitude.
"We learned about gratitude and humility — that so many
people had a hand in our success." — Michelle Obama
Over the years, our esteemed Chief Guests have taught us important
lessons that we continue to follow today.
Ms. Anu Aga taught us the privilege of education. Dr. Anil Awachat
advised us on the importance of de-addiction in the youth. Dr. D. R. Mehta exemplifies the
aspect of philanthropy. Dr. Ravindra Kolhe showed us the path of empathy towards tribal
communities. Dr. Abhay Bang pioneered healthcare in rural India. Mr. Shridhar Venkat
explained the philosophy behind Akshaya Patra. Dr. Praveen Bhagwat inspired us to pursue
courage and afforestation.
Mr. Satyajit Bhatkal shared his wisdom on solving drinking water
problems in villages. Mr. Dileep Ranjekar guided us on the best practices for CSR. Dr.
Girish Sohoni directed us to do more agro-based work along with animal husbandry. Dr.
Prakash Amte taught us the importance of empathy towards animals along with providing
healthcare to tribal communities.
"Help others without any reason and give without the expectation
of receiving anything in return." — Roy T Bennett
All of our esteemed guests embody this emotion.
What have we accomplished in these 15 years? We have been able to touch
the lives of four and a half lakh people through various initiatives. These include our
participation in initiatives in Health, Education, Community Development and Preservation
of Heritage and Wildlife.
Over 15 years, our health projects have improved healthcare for many.
We funded cleft surgeries on 4,700 children and 3,000 pediatric surgeries. We also
provided nutrition programmes for nearly 7,000 babies and conducted over 12,500 cataract
surgeries for senior citizens. Our initiatives include cochlear implants, squint
corrections, spinal surgeries, mental health support, and more. Additionally, our mobile
medical van, support for old age homes, and physiotherapy centre have helped 22,000 senior
citizens. We've also assisted almost 2,000 individuals with the Jaipur Foot artificial
limb project.
In the Education vertical, the Kiran programme has empowered 500 young
women to become engineers and find jobs. We've supported 65,500 students in completing
their school education and helped 10,000 students improve their academic performance.
1,700 individuals received vocational training, and more than 12,000 have gained
employment through this programme. Toilet construction in 110 schools has benefited 21,000
children, and we've assisted over 700 specially-abled children. In total, 160,000 students
have used our services through various initiatives.
In Community Development, we cultivated 10,000 hectares of land,
provided fodder for over 3,000 animals, and facilitated the birth of 1,000+ female calves
through artificial insemination. We also planted 120,000+ trees, constructed 55 wells, and
completed 16,000 km of desilting of rivers and canals. We collaborated with Rama
Purushottam Foundation to construct hostels for schoolgirls and working women and
residences for police constables. We also installed 12 solar rooftop plants, resulting in
significant power bill savings of INR 3.5 crore. Through our newest vertical, Preservation
of Heritage and Wildlife, we've supported the rescue of injured animals in forests by
donating 4 ambulances. We've also helped print 2,000 books to preserve the tribal Kolami
language, benefiting 20 schools and local community members.
During the 2020 COVID-19 pandemic, we contributed nearly INR 17 crore
to various schemes. We provided meals and ration kits to 25,000 families, facilitated
vaccinations for 43,000 people in 160 villages, supported 20,000 school children with
education, helped nearly 600 individuals with livelihood support, set up 5 COVID Care
Centres, and provided medical equipment to hospitals, including 32 ventilators, 2 Bipap
machines, 130 oxygen concentrators, 2 oxygen plants, 80 ICU beds, and 20,000 PPE kits.
"In ordinary life, we hardly realise that we receive a great deal
more than we give, and that it is only with gratitude that life becomes rich." —
Dietrich Bonhoeffer
Persistent employees have generously donated INR 9 crore and have
contributed a total of 56,000 volunteering hours to various activities like tree
plantation, mentoring our Kiran scholars, assembling school kits, painting lamps and piggy
banks, making seed balls, rice plantation and several others. We are truly grateful for
their wholehearted participation in various programmes.
We are indebted to the Board Members and the Trustees for their
unwavering support and guidance throughout our journey and for recognising and
appreciating our accomplishments and successes.
The Foundation team deserves all the applause and commendations for
being extremely passionate and dedicated in all they do. I am so proud of their integrity
and commitment to the cause of service.
"Gratitude is when memory is stored in the heart and not in the
mind." — Lionel Hampton
With Best Regards,
Sonali Deshpande
Chairperson
Persistent Foundation Persistent India Foundation
Learn more about Persistent Foundation:
https://www.persistentfoundation.org/