The Hindu Business Line : Patni net down 20% in June quarter

Mumbai, July 24 Patni Computer Services has reported a 19.5 per cent decline in consolidated net profit (as per Indian accounting standards) for the June quarter at Rs 119.1 crore as against Rs 148 crore in the corresponding year-ago quarter.

Revenues for the quarter were up by 18 per cent to Rs 816.6 crore (Rs 691.8 crore). “The overall market environment remains challenging, with prevailing global uncertainties. We are cautious in our short-term outlook but remain positive on long term prospects of our business,” said Mr Narendra Patni, Chairman and CEO, Patni Computer Systems Ltd.

Mr Surjeet Singh, Chief Financial and Operations Officer, said that the overall growth visibility is low in the light of continued market uncertainties in various segments of Patni’s business, especially in North America.

Expected revenues

This reflects on the company’s muted guidance for the September quarter; revenues are expected to be between $182 million and $183 million (Rs 764 crore and Rs 769 crore) and net income (excluding the foreign exchange gain/loss) is expected to be in the range of S$ 18-18.5 million (Rs 75 crore to Rs 78 crore).

Reacting to the development, the Patni scrip hit an intra-day low of Rs 231, before settling at Rs 233.4, 1.02 per cent lower than the previous day’s close on the BSE.

Related Stories:
Patni eyeing cos in product engineering space
Patni eyes Japan market to double revenues in 3 years

More Stories on : Financial Performance | Software

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Strong show by enterprise carrier division

NIIT Q1 net up 10% on strong enrolments, school orders

Patni net down 20% in June quarter

Idea net down 14.7%

TRAI favours industry-led body for regulating TRP ratings

Ramco Systems plans Rs 173-cr rights issue

Softpro announces 10% dividend

HBS in pact with S. African co

Educomp acquires stake in A-Plus Education Solution

Intel Capital to invest $17 m in 3 cos