Patni defies sentiment; Q1 net income up 93 pc

NEW DELHI: Patni Computer Services Ltd on Wednesday reported 92.8 per cent increase in its net income for the first quarter ended March 31, at $27.8 million (Rs 120.03 crore) compared to $14.4 million (Rs 64.25 crore) in same period last year.

The company's revenue during the quarter under review grew 20.2 per cent at $156 million (Rs 672.41 crore) compared to 129.8 million dollars (Rs 577.55 crore) in the same quarter of previous fiscal, Patni said in a statement.

"The quarter under review was one of stable growth and profitability enhancement...our thrust is to drive aggressive profitable growth and escalate our business across newer verticals and service lines," Patni Computer Chairman and Chief Operating Officer Narendra K Patni said in the statement.

Patni reported a 21.2 per cent increase in its gross profit for quarter at 55.9 million dollars (Rs 251.55 crore) as against 46.1 million dollars (Rs 207.45 crore) in the corresponding quarter previous fiscal.

The company said it acquired 26 new clients during the quarter and the number of active clients stood at 252 at the end of last quarter compared to 239 clients in Q4 2006.

EPS for the quarter was up 92.1 per cent at 0.20 dollars, it said.