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Thursday, Jan 22, 2004

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Patni keen to grow non-GE business

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Mr Narendra K. Patni, Chairman & CEO, Patni Computer Systems

Mumbai , Jan 21

PATNI Computer Systems Ltd (Patni) is seeking to derisk client concentration through acquisitions. Currently, 44 per cent of its revenues are earned from one client - GE.

The challenge for the company lies in growing non-GE business and diluting the US concentration of its client base, Mr Narendra Patni, Chairman and CEO, Patni Computer, said.

The de-risking of revenue concentration will be accomplished over the next several quarters.

The company currently services clients such as Gillette, Hewlett Packard, Hitachi and Southern California Edison other than GE. Patni had revenues of $188 million for 2002 and has exceeded $ 180 million for the nine-months ended September 2003, according to Mr Deepak Sogani, CFO, Patni Computer.

The net income for 2002 was $ 36 million and the figure for the nine months ended September 2003 is $28 million.

Patni is entering the capital market with its initial public offering (IPO). The company said it would use the proceeds of the IPO for strategic initiatives, primarily acquisitions and increasing sales, marketing and promotion activities.

The IPO, open from January 27 to February 5, will comprise fresh issue of 1.34 crore shares and sale of 0.53 crore of shares, aggregating to 1.87 crores of equity shares, valued at Rs. 2 each.

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