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Our Bureau

Mumbai April 25 Patni Computer Systems has posted 89.7 per cent increase in consolidated net profit for the first quarter ended March 31, 2007.

The rise has come on the back of fresh business from 26 new clients and increased revenues from higher value service offerings.

Net profit stood at Rs 134 crore against Rs 70.6 crore recorded in the corresponding previous period.

However, net profit on a sequential basis has fallen by 10.4 per cent.

Mr Surjeet Singh, CFO, refused to comment on this.

"During the quarter, we added 26 new clients and reduced dependence on our top five and top 10 clients," said Mr Mrinal Sattawala, COO.

Total revenues rose to Rs 716.1 crore (Rs 589.7 crore).

For the quarter ending June, the company's guidance indicates a dip in earnings owing to concerns of wage inflation and currency fluctuation.

It expects net income in the region of $22.5-23 million (around Rs 94 crore), which would mean a fall of 30 per cent on a sequential basis.

Reacting to the weak guidance, the markets slammed the Patni scrip, which lost five per cent to close at Rs 432.15 on the BSE on Wednesday.

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