Patni Q2 net rises 59.5% to Rs 61.80 cr

BS 200 SCORECARD

Patni Computer System has posted a 59.5 per cent growth in profit at Rs 61.80 crore in the second quarter ended June 30, 2004, against Rs 39.09 crore in the same period of the previous year.

Total revenue is up 33.6 per cent at Rs 366.75 crore (Rs 277.07 crore). Gross profit rose 46.5 per cent to Rs 144.76 crore (Rs 99.72 crore.

Operating income grew 60.1 per cent at Rs 67.96 crore while profit before tax increased 56.4 per cent at Rs 73.64 crore. Profitability has been impacted by the annual salary revision and forex losses, said Deepak Sogani, chief financial officer, Patni.

According to Sogani, strong expansion in non-GE revenues, increased offshore proportion of business, better utilisation, improved price realisation, rapid new customer additions, more million-dollar relationships, and greater traction from new service lines have been the highlights of the company's performance in the second quarter.