Net income up 24.5% sequentially
Patni Computer Systems has reported revenue of INR8.04 billion for the third quarter of 2009, a decrease of 8.9% compared to INR8.52 billion for the same period last year. On sequential basis, revenues increased by 3.3%.
Operating income decreased by 2% to INR1.3 billion from INR1.28 billion for the third quarter of 2008. Operating income rose 11.7% sequentially. Gross profit increased to INR2.98 billion from INR2.85 billion for the same period last year.
The company has posted a net income of INR1.72 billion for the third quarter of 2009, a decrease of 17.2% compared to INR2 billion for the same period prior year. On a sequential basis, net income increased by 24.5%.
Surjeet Singh, CFO of Patni Computer Systems, said: “Volumes were up during the quarter and pricing was stable. All customer categories grew on volumes and marginal forex change. Cost realignment gains continued during the quarter as our operating earnings remained ahead of our expectations. 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.”