Patni Q3 net up 33.5%

MUMBAI: Patni Computer Systems Ltd has announced a 33.5 percent increase in net income to Rs 69.37 crore for the third quarter ended September 30, 2004 as compared to Rs 51.8 crore in the corresponding period last year. As per the US GAAP, the company recorded revenue of Rs 376.6 crore for the third quarter ended September 30, 2004, higher by 21.9 percent over Rs 308.21 crore in Q3 2003. Diluted EPS for the quarter was at Rs 5.30.

The company added 17 new clients during the quarter. The company added 569 people in Q3 2004, taking total staff strength to 8,431 people.

Commenting on the Q3 performance, Patni CFO Deepak Sogani said, "In Q3 2004, Patni reported strong earnings growth while our revenues reflected a greater volume transition from onsite to offshore locations. As previously indicated by the management, growth was influenced by some quarterly project fluctuations in the GE business, temporary deferment of the pipeline from one other leading client and lower revenues from a transitioning customer. However, despite these variations, there are several positive takeaways from the Q3 numbers. Strong expansion in non-GE revenues has led to further diversification of the business; revenues from many of our strategic customers continued to expand during Q3; offshore business growth maintained a strong trend; and robust growth was seen in our non-US markets."