Comments
Patni Computer Systems has reported a decline of 2.71 per cent in net income for the fourth quarter ended December 31, 2010, to $39.4 million (Rs 177.3 crore), as per the US GAAP accounting standards.
The company had registered a net income of $40.5 million (Rs 182.25 crore) in the same period previous year, Patni Computer Systems said in a filing to the Bombay Stock Exchange.
Net revenue of the software provider rose to $183 million (Rs 823.5 crore) during the October-December quarter from $170.2 million (Rs 765.9 crore) in the corresponding period previous year, it added.
“Our performance during the quarter was in line with our expectations. Despite several challenges, internal and external, we have continued our focus on client wins and momentum in the market place,” the company Chief Executive Officer, Mr Jeya Kumar, said.
The Patni Computer Systems Chief Financial Officer, Mr Surjeet Singh, said: “Excellent cash generation, forex risk management and operating discipline to manage cost levers have resulted in profit growth despite top-line challenges.”
The company shares were being quoted at Rs 467.60 in the early trade on the BSE, up 0.82 per cent from the previous close.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.