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Patni Q2 net income up 91.7 p.c QoQ

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CIOL Bureau
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MUMBAI, INDIA: Patni Computer Systems Limited, announced on Thursday its financial results for the second quarter ended 30th June 2009.

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The company reported a net income of $28.7 million (Rs. 1,368.5 million), up 91.7 per cent compared to the immediate preceding quarter's $15.0 million (Rs. 760.7 million).

The company's revenue was at $ 161.9 million (Rs.7,729.1 million), up 3.3 per cent on QoQ basis from $ 156.7 million (Rs.7,969.1 million) and down 11.3 per cent, compared to the revenue of $ 182.6 million (Rs. 7,837.1 million) reported in the corresponding quarter of the previous year. Contribution from top customer remained unchanged at 12.3 per cent as compared to the previous quarter.

The company's operating Income for the quarter was at $ 24.3 million (Rs.1,158.3 million), up 51.9 per cent QoQ from $ 16.0 million (Rs.812.4 million). It was also up 44.5 per cent YoY from $ 16.8 million (Rs.720.7 million).

The company expects its Q3 CY2009 revenues to be at $163 million to $ 165 million and net income (Excluding the hedging Gain/Loss) to be in the range of $22.5 million to $23.5 million. This guidance is based on constant Rupee -USD rate of Rs.48.5 and constant GBP –USD rate of 1.55, EURO-USD rate of 1.38.

Jeya Kumar, chief executive officer, Patni, said, "While growth visibility is shallow in short run, we are working aggressively to realign our overall operations and leverage the changing times to build sustainable competitive advantage in our business. We will continue to invest ahead to create growth beachheads and diversify our business portfolio."

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