Financial Daily from THE HINDU group of publications
Thursday, Apr 29, 2004
Financial Daily from THE HINDU group of publications Thursday, Apr 29, 2004 |
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Info-Tech
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Software Corporate Results - Software Patni posts 36% rise in Q1 net Our Bureau
Mumbai , April 28 PATNI Computer Systems has reported a 36.09 per cent increase in its consolidated net profit for the first quarter ended March 31, 2004, the appreciating rupee reducing its dollar earnings growth from the level of 49 per cent. Net profit for the quarter amounted to Rs 55.96 crore, against Rs 41.12 crore in the previous year. In dollar terms the figures were $12.89 million and $8.65 million respectively, a growth of 49 per cent. The company has calculated its consolidated statements - prepared according to US GAAP - on the basis of Rs 43.4 to the dollar for Q1'04, and Rs 45.55 to the dollar for Q1'03. The Chief Financial Officer of the company, Mr Deepak Sogani, said the rupee figures made for "convenience translation," since all the financial statements were prepared on the basis of US GAAP. Revenues for the quarter were higher by 23.1 per cent, at Rs 312.7 crore (Rs 254 crore). In dollar terms, revenue growth was 34.8 per cent. Operating income, at Rs 66.7 crore, showed a 44.6 per cent increase. Gross margins were stable at 42.2 per cent, said the company.
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