Patni Q4 net jumps to Rs 188 cr

MUMBAI, INDIA: Software exporter Patni Computer Systems Limited today announced that its consolidated net profit for the fourth quarter ended December 31, 2009 stood at at Rs. 188 crore, more than double compared to the net profit of Rs. 78 crore in the fourth quarter of FY08 as per the US accounting rules. Compared to the previous quarter net of Rs.. 1,71.57 crore, it is up by 13.5 per cent.

The revenues for the reporting quarter stood at $170.2 million up 1.8 per cent from the $167.2 million revenue it posted in the previous quarter.

Revenues for the year was at Rs..30,43.46 crore ($655.9 million), down 8.8 per cent compared to Rs.. 34,92.34 crore ($718.9 million ) for the previous year, said a press release.

Top Customer contribution towards revenue decreased to 11.1 per cent in Q4 from 11.9 per cent from Q3. Revenue concentration of Top 10 customers also reduced sequentially to 50.9 per cent from 51.4 per cent in Q3.

Operating income for the quarter stood at Rs..1,54.56 crore ($33.3 million), up 22.9 per cent QoQ from Rs..1,30.31 crore ($27.1 million).

Patni expects Q1 CY2010 revenues to be at $170 million to $174 million and net income (Excluding the hedging Gain/Loss) in the range of $28 million to $29 million.

The company CEO Jeya Kumar said, “We are pleased with our execution during 2009 which saw most uncertainty caused by global recession. As the economies globally stabilize we are prepared well and poised for growth. We are now looking at 2010 and beyond with renewed optimism as we expand our services and geographical reach.”

He said Patni remains cautiously optimistic of its growth prospects and it is managing the business with due focus on operating and strategic priorities.

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