Patni Computer Q1 net up nearly 8 p.c. YoY

MUMBAI, INDIA: Indian software services firm Patni Computer Systems on Wednesday reported a net profit of Rs.1,47.30 crore (US$ 31.7 million ) for the April-June quarter, up 7.6 per cent compared to the profit of Rs.1,36.85 crore(US$ 28.7 million) in the year-ago quarter. However, compared to the previous quarter's net profit of 1,49.71 crore , there is a decline.

The firm's quarterly consolidated revenues came in at 763 crore rupees, it said. For the third quarter ending September, Patni forecast net income (excluding a hedging impact) of $22.5 to $23 million on revenues of $176-$177 million.

It expects a mark-to-market foreign exchange gain in the range of $1 million during the third quarter. This may change depending on further currency movements and will impact earnings accordingly, Patni said.

"While there is a general improvement in demand environment, predictability and sustainibility of growth is still challenging," Patni said in a statement.

"We experienced the same in the current quarter as some of the projects starts were behind expected schedules in our portfolio," Patni said.