Patni Q3 net up 24.5 p.c QoQ - CIOL News Reports

BANGALORE, INDIA: Patni Computer Systems Limited reported on Saturday a net profit of Rs.. 1,71.6 crore ($35.7 million) for the third quarter ended September 30, 2009, up 24.5 per cent against Rs.. 1,36.85 crore ($28.7 million) reported during the previous quarter.

However, compared to the year-ago quarter, the profit was down 17.2 per cent. During the July-Sept 2008, Patni had reported a profit of Rs..2,00.2 crore ($43.1 million).

Revenues for the quarter stood at Rs..804 crore ($167.2 million), up 3.3 per cent from Rs..772.9 crore ($161.9 million) that the company posted in the previous quarter, and down 8.9 per cent on a YoY basis, against Rs.. 8,52.3 crore ($183.5 million).

Operating income of the company for the quarter was at Rs..130.3 crore ($27.1 million), up 11.7 per cent QoQ from Rs..115.8 crore ($24.3 million) and down 2.0 per cent YoY from Rs..1,28.4 crore ($27.6 million).

The company expects the next quarter revenue to be between $168 million to $169 million and net income in the range of $24 million to $25 million.

Patni CEO Jeya Kumar said that the company's overall performance from the quarter has been ahead of their expectations on all counts.

“While the global macro economic environment is still thwart with risks and challenges, the fading of solvency risks is positive with stable market place. Deflationary pressure on overall global IT services market is likely to continue for foreseeable future; however, the offshoring and global delivery services market share will increase over time,” he said.

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