Patni Computer - Topped Q1 IT Company

[VelMurugan]

Patni Computer

Like HCL, Mumbai-based Patni Computer Systems too reported its second quarter revenues ended 30th June 2008. The company's Q2 revenues stood at $182.6 million (Rs 7,837.1 million), up from $163.3 million (Rs 6,628.1 million), a 11.8 per cent growth, in the corresponding quarter last year.

The company recorded a net income of $24.2 million (Rs 1,037.2 million), down from $33.2 million (Rs 1,347.6 million) vis-a-vis the same quarter last year. This means a fall of 27.2 per cent.

Looking ahead at Q3, the company expects to gross $182 to $183 million in revenue. Net income (excluding the foreign exchange gain/loss) is expected to be in the range of $18.0 to $18.5 million, taking the operations at a constant dollar value of Rs 42 per dollar for the quarter.

Interestingly, terming the environment challenging, company's Chairman and CEO, raised a cautious alarm.

Source : IndiaTimes