Patni Q1 net down 39 per cent - CIOL News Reports

Patni Q1 net down 39 per cent

Revenue for the quarter stood at Rs 706.12 crore, increasing by 5 per cent over the year-ago quarter

Wednesday, April 30, 2008

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MUMBAI, INDIA: Patni Computer Systems has reported a net income of Rs 72.46 crore in its first quarter ended March 31, 2008, a decrease of 39 per cent over Rs 120 crore posted during the corresponding quarter of the previous fiscal.

Revenue for the quarter was at Rs 706.12 crore, an increase of 5 per cent from Rs 672.4 crore recorded in the year-ago quarter.

The company added 34 clients during the quarter as compared to 37 in the previous quarter. The total number of active clients was 331 at the end of the quarter.

"While Revenue and Profits are in line with our guidance we are in a cautious market situation in 2008 with uncertainty and volatility in global markets. We are running our business in lower than normal visibility. At the same time we find ourselves in good position and remain confident of our prospects on mid to long-term basis. We are making all the investments necessary to diversify our business," said Narendra K Patni, chairman and CEO, Patni Computer Systems Ltd.

"We are actively looking for strategic acquisitions and shall invest in the business on all dimensions. We are seeking these acquisitions in BPO, enterprise applications and consulting specifically in UK and Continental Europe and are expanding geographically to enhance our presence in the region. Similarly Product Engineering business is an area of identified investments organically and inorganically," said Surjeet Singh, chief financial officer, Patni.

The company also announced the appointment of Loek van den Boog as executive director with effect from April 29. Loek has been an independent director since March 2005.

©CyberMedia News

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