Patni Computer posts 37.51-% fall in net profit in September quarter
19 Oct 2011
Patni Computer Systems posted a 37.51-per cent fall in consolidated net profit of Rs 90.27 crore for quarter ended 30 September 2011, but retained a "cautious" outlook for 2012 budgets in some verticals.
The company, which follows a calendar year finncial reporting period, posted a net profit of Rs144 crore for the same period a year ago.
The IT firm's percentage of revenue derived from top 10 customers fell to 46.4 per cent during the quarter from 48.5 per cent a year ago. Its non-GAAP EBITDA for the quarter fell 1.4 per cent to $35.7 million during the quarter from $36.2 million in the corresponding quarter of 2010, it said.
''Our integration efforts with iGATE (iGATE Corporation) are progressing smoothly. Measurable outcomes like attrition rate and pipeline building are trending in the right direction,'' Phaneesh Murthy, Chief Executive Officer and Managing Director, Patni, said.
''While we do not see any cut back in the existing projects, we still retain a cautious outlook for the 2012 budgets in some verticals,'' he added.
Most of the Indian IT firms are likely to witness a muted net profit and margins squeeze in July-Sept quarter, impacted by the wage hikes, lateral hiring and the crisis in Europe.