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Patni net up by 56 p.c. in Q3

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CIOL Bureau
New Update

NEW DELHI,INDIA: IT service provider Patni Computer Systems Limited today announced its financial results for the third quarter ended September 30, 2008.

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It reported a net income Rs. 2,001.9 million that was up by 56.0 per cent Y-o-Y from Rs. 1,097.8 million, said a press release.

The company recorded a revenue of Rs. 8,522.5 million up by 8.3 per cent Y-o-Y from Rs. 6,735.7 million of the previous quarter, it said.

The operating income for the quarter was reported as Rs. 1,283.9 million that was down by 4.6 per cent Y-o-Y from Rs. 1,151.4 million, while the EPS for the quarter was reported as Rs.15.68 per share, the release added.

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Narendra K Patni, chairman and chief executive officer, Patni Computer Systems Ltd., said, “We are witnessing deep global meltdown in the markets and this will impact our business in the short term. We expect the environment to remain uncertain and volatile and with low visibility."

“However, we remain bullish on mid-term prospects of our business and continue to invest to enhance our position in the market place across all dimensions of our business,” he added.

Surjeet Singh, chief financial officer, said, “The currency benefit due to sharp depreciation of the Rupee was seen at the operating level as the Dollar appreciated against all major currencies. We are managing our business tightly on operating parameters.

“Our cash position is healthy and we continue to remain acquisitive to expand our services portfolio and geographical presence. We continue to remain focused on managing the business tightly and efficiently,” he added.

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