Patni System registers revenue of $161.9 Million, up by 3.3 percent

By SiliconIndia   |   Thursday, 30 July 2009, 11:09 Hrs   |    1 Comments
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Bangalore: Patni Computer Systems has registered an increase in the revenues by 3.3 percent at $161.9 million for Q2 ended June 30, on Quarter on Quarter (QoQ) basis as compared to $156.7 million recorded in the previous quarter. The revenue growth was driven by volume growth of 2.2 percent (including higher number of days) and 1.1 percent due to currency impacts.

The revenue is down on a Year on Year (YoY) basis by 11.3 percent, as the previous quarter recorded $182.6 million. The contribution from top customer remained unchanged as compared to previous quarter and was at 12.3 percent for the quarter.

The operating income for the quarter stood at $24.3 million, which is up by 51.9 percent on QoQ compared to $16 million in the previous quarter, and also on YoY basis by 44.5 percent which was accounted at $16.8 million.

"Sustained efforts on realignment of cost structures and enhanced focus on operating discipline coupled with positive currency movements helped operating margins during the quarter. We also managed our cash flows well and have a good cash position. Protecting bottom line and simultaneously investing in growth levers in newer segments, markets and service lines is our top priority in addition to acquisitive growth," said Surjeet Singh, Chief Financial Officer, Patni Computer Systems.

The profit before tax for the quarter was $35.5 million at 21.9 percent, higher by 91.9 percent as compared to $ 18.5 million at 11.8 percent during the previous quarter. The earnings per share stood at $0.22 per share.

"We are working aggressively to realign our overall operations and leverage the changing times to build sustainable competitive advantage in our business. We will continue to invest ahead to create growth beachheads and diversify our business portfolio. We remain bullish on long terms prospects and are investing in extending and deepening the management and overall talent pool of the company," said Jeya Kumar, Chief Executive Officer, Patni Computer Systems.

The company expects the revenues for Q3 to be at $163 million to $165 million and net income in the range of $22.5 million to $23.5 million.

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