The Hindu Business Line : Patni consolidated Q3 net up 137%

Patni Computer Systems has reported a 137-per cent jump in its consolidated net profit at Rs 117.9 crore for the third quarter ended September 30 compared with Rs 49.7 crore posted during the corresponding quarter of the previous fiscal.

Revenues from operations grew 35.5 per cent to Rs 699 crore (Rs 516 crore). Total expenditure rose by 20 per cent to Rs 571 crore (Rs 475 crore). The increase in revenues and net income was as a result of new client acquisitions and efficient management of the company's cost structure, said Mr Narendra K. Patni, Chairman & CEO, Patni Computer Systems Ltd.

A reduction in general and administrative expenses, improvement in operating parameters including utilisation (both offshore and onsite) coupled with revenue growth has led to sustainable margin expansion in the quarter, said Mr Surjeet Singh, Chief Financial Officer, Patni.

The company also maintained its thrust on diversifying its revenue stream, which is reflected in reduced reliance on its top 5 and top 10 clients, it said in a statement. On a standalone basis, Patni Computer Systems reported a net profit growth of 34 per cent, at Rs 71 crore (Rs 52.8 crore) on a 0.8 per cent growth in revenues at Rs 253.8 crore (Rs 235.1 crore).

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