Patni Computer Q3 net rises 33.5%

By siliconindia staff writer   |   Friday, 29 October 2004, 07:00 Hrs
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MUMBAI: Global IT services provider Patni Computer Systems Ltd has posted a 33.5 per cent increase in net income at $15.1 million (Rs 69.37 crore) in third quarter ended September 30, 2004, as against $11.32 million (Rs 51.81 crore) recorded during the same period of previous fiscal.

The company's revenues increased 21.9 per cent at $82.05 million (Rs 376.7 crore) during the quarter under review, as against $67.32 million (Rs 308.21 crore) posted during the same period a year ago, Patni Computer Systems chairman and chief executive officer Narendra K Patni said in a release here on Friday.

Patni follows a January-December fiscal and the results were prepared under the US accounting standards, it said.

General Electric contributed 31.3 per cent to Patni's revenues during the quarter, while the company added 17 new clients, apart from expanding from non-US regions, it said.

Patni added 569 people during the quarter, increasing its total staff strength to 8,431 personnel, and had announced a definitive agreement to acquire Cymbal Corporation, a US-based telecom industry focused IT services provider during the quarter, it said.

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