Patni net soars 59% in fourth quarter

The newly listed Patni Computer Systems has posted a 58.6 per cent growth in profit during the fourth quarter ended December 31 at Rs 62.9 crore as against Rs 41.67 crore in the corresponding quarter of the previous year. The company's revenues are up 34 per cent in the same period at Rs 321.28 crore when compared with Rs 252.41 crore.

Patni has posted a profit of 192.3 crore for the year ended December 31 - a growth of 17.2 per cent against Rs 172.9 crore in the previous fiscal.

The company has recorded a 33.3 per cent increase in its turnover at Rs 1143.5 crore against Rs 903.7 crore in the previous fiscal. Operating income rose from Rs 211.2 crore to Rs 215.34 crore during the fiscal, while the gross profit went up from Rs 417.13 crore to Rs 464.55 crore, a 17.3 per cent increase.

Patni's single largest client GE accounted for revenues of over $100 million in the fiscal. Financial services, insurance and manufacturing revenue contribution stood at 78.3 per cent and fixed price contracts contributed 48.1 per cent of the total revenue.

The Patni Computer Systems stock closed at Rs 250.6 on the Bombay Stock exchange yesterday. Meanwhile, Patni Computer Systems has announced to the NSE that the board of directors had recommended on March 2, 2004 a final dividend of 50 per cent for 2003.