Patni net up 15% to Rs 72.45 cr

BS 200 SCORECARD

Patni Computer Systems has registered a 15.1 growth in net profit at Rs 72.45 crore in the quarter ended December 31, 2004 against Rs 62.94 crore in the corresponding period of the previous year.

Revenue, during the period, grew by 24.84 per cent to Rs 4,01.24 crore from Rs 3,21.39 crore. Gross profit was at Rs 1,51.71 crore, 17.84 per cent up from Rs 1,28.74 crore.

During the financial year ended December 31, 2004 (the company has Jan-December financial year) Patni posted a 30.98 per cent growth in net profit to Rs 251.77 crore from Rs 192.27 crore. Revenue grew to Rs 1,413.11 crore from Rs 1,143.50 crore. Diluted earnings per share (EPS) for the year was at Rs 20.29 a share, up from Rs 17.31 per share in the fiscal year ended December 31, 2003.

The release added that the company generated 31.7 per cent of revenue from in the year ended December 2004 as compared to 41.2 per cent in corresponding previous year.

Patni added 60 new clients added during the year and addited 2,586 people thereby taking total staff strength to 9,682 people. During the year Patni acquired Cymbal Corporation, a US-based telecom industry focused IT services provider, for $ 68 million.

The acquisition that has brought with it 600 resources and 14 marquee customers. The acquisition has also provided Patni access to 14 customer relationships including Virgin Mobile, Hutchison Telecom and Comcast.

During the year Patni announced its plans to establish the 50-acre 'Patni Knowledge Park' to seat 17,000 people at Airoli (near Mumbai). The Park will have the capacity to accommodate 5,000 professionals in its first phase, which is scheduled to be completed over calender year 2005 and calender year 2006 at an investment of Rs. 2.3 billion.

The Park will create the infrastructure to support Patni's growth initiatives over the next few years. In additon Patni announced its plans to expand operations in Chennai.

Patni will set up a center at the Siruseri IT Park which, upon completion, will have a 10,000-employee seating capacity created with an investment of about Rs. 4.5 billion. The 1,200-person, Rs. 600 million Phase I is expected to be operational in the first quarter of 2005.