Patni, Polaris report lower profits
Facebook Twitter google+ RSS Feed

Patni, Polaris report lower profits

By agencies   |   Friday, 28 April 2006, 07:00 Hrs
Printer Print Email Email
MUMBAI: IndiaÂ’s sixth largest software exporter Patni Computer Systems has reported a marginal fall in standalone net profit for the first quarter ended March 31. Net profit fell to $11.3 million, down from $11.52 million during the corresponding quarter of the previous fiscal.

Total income rose to $52.5 million, up from $42.27 million. According as U.S. GAAP, the Mumbai based Patni Computer Systems Ltd has reported a 7.7 percent drop in consolidated net profit, despite a 30.6 percent jump in revenues for the first quarter ended March 31.

Meanwhile the Chennai based Polaris Software Lab has reported a reduced net profit of $4.81 million on revenues of $55.08 million for the quarter ended March 31 compared to a net profit of $5.31 million on revenues of $44.5 million for the corresponding quarter last year.

For the year ended March 31, 2006 the net profit declined to $48.4 million on increased revenues of $187.5 million compared to a net profit of $13.46 million on revenues of $177.5 million for the corresponding fiscal.

The company added ten new clients, including five wins for Intellect Suite. Revenue contribution from the U.S. was 38.42 percent, Europe 28.53 percent, Asia Pacific 21.76 percent and India 11.29 percent.

Revenue from Citigroup increased to 58.21 percent compared to 57.24 percent during the December 2005 quarter.


Write your comment now
Submit Reset
SPOTLIGHT