Plans to focus on productivity based savings to fund operating investments
Patni Computer Systems has reported revenue of INR7.75bn for the first quarter of 2010, a increase of 10% compared to INR7.97bn for the same period last year. On sequential basis, revenues increased by 1.3%.
The company posted gross profit of INR2.97bn, compared to INR2.63bn for the same period last year. Operating income increased by 126.6% to INR1.63bn from INR812m for the first quarter of 2009. Operating income rose 8.7% sequentially.
The company posted a net income of INR1.5bn for the first quarter of 2010, an increase of 122.7% compared to INR760m for the same period last year. On a sequential basis, net income increased by 13.1% (excluding extra ordinary items).
Surjeet Singh, CFO of Patni Computer Systems, said: “Our operating margins management efforts have paid off with well managed cost structures and efficient forex and treasury management as reflected in the numbers. Growth investments and initiatives are in place and are being executed.
“We will continue to focus on productivity based savings to fund operating investments as we scale our business through organic and in organic means.”