Offshore IT services provider Patni Computer Systems has announced a 33% rise in revenue for the second quarter of its fiscal year 2004 compared to the year-ago period, but warned that a decline in business from its biggest customer General Electric will impede its progress in the third quarter.
The Mumbai, India-based company made sales of $79.75m in the three months to the end of June 2004, which also represented a sequential rise of 10.7% on the first quarter. Net income improved to $13.44m from $8.43m a year ago.
Its dependence on revenue from General Electric continued to decrease – down to 33.4% of total revenue, from 36.0% in the first quarter, and 43.3% a year ago. It expects business from GE to decline in the third quarter, and this, together with a deferment by another major client, means that sequential revenue growth in the third quarter is expected to fall to between 3% and 4%.
The company opened a new development center in Bangalore during the quarter, which increased its headcount by 489 to 7,862.