Pune-based technology services provider Persistent Systems has reported a year-on-year rise of 37.8 per cent in net profit at Rs 44.64 crore for the second quarter through September 30.

Dollar revenues and rupee revenues jumped more than analysts' expectations. Dollar revenues jumped 9.4 per cent quarter-on-quarter to US$ 60.05 million, while rupee revenues climbed 8.7 per cent to settle at Rs 326.8 crore during the same three months. Analysts had projected dollar revenues and rupee revenues of US$ 57 million and Rs 313 crore respectively.

EBIDTA for the September quarter was reported at Rs 89 crore, up 96.3 per cent year-on-year, and 10.3 per cent quarter-on-quarter.

The company said the strong figures were the result of the traction in its Intellectual property focused business.

Commenting on the figures, the company said in a statement, "We begin to see the positive results of our investments in IP, strategic alliances, and key platforms, with IP led revenues leading the way this quarter."

Going on with its IP focused strategy, Persistent Systems recently acquired a US-based a cloud platform business continuity solution provider called Doyenz's rCloud, which provides backup & disaster recovery for physical as well as virtual servers.

The company also announced the appointment of Nara Rajagopalan as the company's Chief Product Officer. He will shoulder the responsibility for the company's IP-led Business as well as product takeovers.

Following the announcement of the second quarter results, shares in Persistent Systems gained as much as 6 per cent to Rs 453.15.