Patni computers Q3 revenue up by 11.37 pc

November 14th, 2007 - 8:09 am ICT by admin  
Commenting on the third quarter 2007 performance, Narendra K Patni, Chairman and CEO, Patni Computer Systems Limited, said, “We witnessed another quarter of good operational and financial performance. The acquisitions of Logan Orviss and Taratec were in line with our strategic intent of expanding our business coverage through inorganic means. “

“Accordingly, we will continue to invest in businesses that are in line with our growth strategy. We brought in a new head of global HR as we intensify our efforts on nurturing and retaining the best pool of employable resources. Going forward, we aim to deliver strong growth in our operating and financial performance,” he added.

Previous quarter saw higher fixed maturity treasury investments maturing during the quarter, resulting in a higher income.

Fourth quarter for the year 2007 are expected to be in the range of 170 - 171 million dollars and net income (excluding the foreign exchange gain/loss) is expected to be in the range of 17- 17.5 million dollars at a constant dollar value of Rs. 39.8 per US dollar for the quarter.

Revenues during the quarter were at 169.5 million dollars representing sequential increase of 3.7 per cent and 11.7 per cent on YoY basis.

Gross margins were at 30.9 per cent as compared to 32.2 per cent in second quarter of 2007. (ANI)

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