Patni Q4 net down 2.71 p.c at Rs 177 cr

MUMBAI, INDIA: Indian IT player Patni Computer Systems today announced its financial results for the fourth quarter of the year ended December 31, 2010.

The company reported a decline of 2.71 per cent in net income for the fourth quarter ended December 31, 2010, to Rs 177.3 crore.

It registered a net income of Rs 182.25 crore in the same period previous year.

The net revenue of the software provider rose to Rs 823.5 crore during the October-December quarter from Rs 765.9 crore in the corresponding period previous year, said a press release.

“Our performance during the quarter was in line with our expectations. Despite several challenges, internal and external, we have continued our focus on client wins and momentum in the market place,” said, Jeya Kumar, CEO, Patni Systems.

Surjeet Singh, chief financial officer, Patni Computer Systems, said, “Excellent cash generation, forex risk management and operating discipline to manage cost levers have resulted in profit growth despite top-line challenges.”

The company shares were being quoted at Rs 467.60 in the early trade on the BSE, up 0.82 per cent from the previous close.