Patni Computer Q3 net income dips 17.2% to $35.7 mn
Global IT services provider Patni Computer on Saturday reported a decline of 17.2 percent in net income at USD 35.7 million (Rs 171.57 crore) for the third quarter ended September 30, 2009.
New Delhi: Global IT services provider
Patni Computer on Saturday reported a decline of 17.2 percent in
net income at USD 35.7 million (Rs 171.57 crore) for the
third quarter ended September 30, 2009.
Revenue, as per the US accounting standards, dipped to
USD 167.1 million (Rs 804.02 crore) in the July-September
quarter, down 8.9 percent from USD 183.4 million (Rs 852.25
crore) in the same period last year, Patni Computer said in a
"Deflationary pressure on overall global IT services
market is likely to continue for foreseeable future, however,
the off shoring and global delivery services market share
increase over time," Patni Computer CEO Jeya Kumar said.
Kumar added, "We find ourselves in a good position
competitively with our micro vertical focused strategy even as
sustained visibility to growth is at least 2-3 quarters away."
The fourth quarter revenues are expected to remain about
USD 168-169 million, while net income (excluding the hedging
gain/loss) is expected to be in the range of USD 24-25
million, the release added.
"With continued investments in geographic expansion, we
are confident of capturing faster incremental growth along
with inorganic additions besides gains on resultant absorption
benefits in our cost base over the next 12-18 months," Patni
CFO Surjeet Singh said.