Patni Computer net dips 9%, declares 150% dividend

Patni Computer net dips 9%, declares 150% dividend
PTI
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First Published: Thu, Feb 12 2009. 02 05 PM IST
Updated: Thu, Feb 12 2009. 02 05 PM IST
Mumbai: Patni Computer Systems on Thursday reported a 9.44% dip in consolidated net profit at Rs438.01 crore for the quarter ended 31 December 2008.
The company had a consolidated net profit of Rs483.63 crore in the last fiscal, Patni Computer Services said in a filing to the Bombay Stock Exchange.
However, consolidated total income of the IT firm rose to Rs3,247.61 crore in FY 08 from Rs2,775.03 crore of FY 07.
“The effect of the global meltdown has been more than expected for everyone and this is impacting our business in the short run.”
“However, our global delivery model will only strengthen further in these tough times and we will remain bullish in our long-term strategy and are making prudent investments in our business,” Patni Computer chairman and CEO Narendra K. Patni said.
On a standalone basis, the company registered a profit after tax (PAT) of Rs389.15 crore in the latest fiscal, a nominal growth compared to Rs387.52 crore of last year.
Meanwhile, in Q4 ended 31 December, Patni posted a PAT of Rs68.66 crore against Rs85.90 crore, a 20.06% dip over the same quarter last year.
Patni Computer also announced a dividend of 150%, or Rs3 per share, for the year 2008.
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First Published: Thu, Feb 12 2009. 02 05 PM IST