Financial Daily from THE HINDU group of publications
Friday, Oct 28, 2005
Financial Daily from THE HINDU group of publications Friday, Oct 28, 2005 |
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Info-Tech
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Financial Performance Corporate Results - Software Patni Q3 net down 24 pc Our Bureau
Mumbai , Oct. 27 PATNI Computer Systems has reported a 24 per cent drop in net profit for the third quarter ended September 30, 2005 on a 27 per cent higher total income. Net profit declined to Rs 52.8 crore from Rs 69.8 crore. Total income amounted to Rs 243.4 crore (Rs 191.4 crore). However, total expenditure rose by 62 per cent, to Rs 165 crore, up from Rs 101.8 crore. The results have been impacted by higher sales and marketing expenses, according to a news release from the company. According to US GAAP, the company reported an increase in net profit of 10.3 per cent to Rs 71.36 crore from Rs 67.6 crore in the corresponding year-ago quarter (based on rough dollar conversion). Revenues rose by 44.2 per cent to Rs 519.7 crore (Rs 376.6 crore). Gross profit was higher by 26.9 per cent at Rs 179.0 crore (Rs 147.47 crore). Financial services, telecommunications and product engineering services were the key growth areas in the quarter under consideration, said a news release from the company. The company's shares lost Rs 35.55 on the BSE today, closing at Rs 416.85, down from the previous close of Rs 452.40.
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