Patni Q4 net income dips 3% to Rs 177 cr

Patni Computer Systems today reported a decline of of 2.71% in net income for the quarter ended December 31, 2010, to $39.4 million (Rs 177.3 crore), as per the United States' GAAP accounting standards.

The company had registered a net income of $40.5 million (Rs 182.25 crore) in the same period last year, Patni Computer Systems said in a filing to the Bombay Stock Exchange.

Net revenue of the software provider rose to $183 million (Rs 823.5 crore) in the October-December quarter from $170.2 million (Rs 765.9 crore) in the corresponding period of the previous year, it added.

"Our performance during the quarter was in-line with our expectations. Despite several challenges, internal and external, we have continued our focus on client wins and momentum in the market place," Patni Computer Chief Executive Officer Jeya Kumar said.

"Patni's deep strengths in chosen micro verticals and service lines with client-centric culture will enable enhanced growth and maximisation of take holder value," he added.

Patni Computer Systems Chief Financial Officer Surjeet Singh said, "Excellent cash generation, forex risk management, operating discipline to manage cost levers have resulted in profit growth despite top-line challenges."

Shares of the company were being quoted at Rs 467.60 in early trade on the BSE, up 0.82% from the previous close.