Patni Q1 net increases 49%

NEW DELHI: Patni Computer Systems Ltd has announced an increase in net income by 49 percent to Rs 55.96 crore for the first quarter ended March 31, 2004 from Rs 41.1 crore in the corresponding quarter last year. The company’s revenues increase by 34.8 percent to Rs 312.7 crore in Q1, 2004 from Rs 254.03 crore in Q1, 2003. Operating Income increased by 58.5 percent at Rs 66.65 crore for the first quarter.

Commenting on the Q1 performance, Patni, chairman and CEO Narendra K Patni said, "I am pleased to report another encouraging set of numbers that have taken us forward towards meeting the growth objectives we have set for ourselves. We have implemented active steps to enhance our domain capabilities and build new service lines. We are committed to creating operational upsides by extending our engagement footprint in our strategic customer relationships, enhancing opportunities within the sectors of our focus and gaining business traction by demonstrating a high level of technical capability and flexibility in delivery."

Patni, CFO Deepak Sogani added, "In the recent past, we have made several strategic initiatives aimed at creating a robust platform that optimizes our long-term growth prospects. These include the appointment of several independent Directors to our Board, the decision to set-up the Patni Knowledge Park, re-alignment of the global sales force, assessment at SEI-CMMi Level 5 of process maturity. We believe that Patni's strengthening operating structure, our strong financial position along with the momentum of our current business run rate will allow us to create a favorable position in global markets and post improvements in financial performance as we move forward."

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