Patni Computer Q1 net spurts 49%

By SiliconIndia   |   Wednesday, 28 April 2004, 07:00 Hrs
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MUMBAI: IT services provider major Patni Computer Systems has posted a 49 per cent rise in net profit at Rs 55.96 crore under US GAAP in first quarter ended March 31, 2004, compared to Rs 41.11 crore registered during the same quarter of the previous fiscal.

The company's revenues rose by 34.8 per cent to Rs 312.73 crore during the quarter under review, as against Rs 254.03 crore posted during the same period a year ago, while operating income increased by 58.5 per cent to Rs 66.65 crore, Patni Computers said in a release here on Wednesday.

Patni, which opted for Initial Public Offering (IPO) this year, added 24 new clients in the quarter, it said, adding, General Electric (GE) contributed 36 per cent to its revenues.

The contribution of GE was lower compared to that in the same quarter of the previous fiscal (48.9 per cent) and 37.8 of the fourth quarter of earlier fiscal, it said.

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