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Patni Computer Apr-June consolidated net rises

Patni Computer Apr-June consolidated net rises
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First Published: Wed, Jul 28 2010. 11 35 AM IST
Updated: Wed, Jul 28 2010. 11 35 AM IST
Mumbai: Indian software services firm Patni Computer Systems on Wednesday reported a 7.6% rise in April-June consolidated net income to Rs1.47 billion and said sustaining growth continued to pose a challenge.
The firm’s quarterly consolidated revenues came in at Rs7.63 billion, it said.
For the third quarter ending September, Patni forecast net income (excluding a hedging impact) of $22.5 to $23 million on revenues of $176-$177 million.
It expects a mark-to-market foreign exchange gain in the range of $1 million during the third quarter. This may change depending on further currency movements and will impact earnings accordingly, Patni said.
“While there is a general improvement in demand environment, predictability and sustainibility of growth is still challenging,” Patni said in a statement.
“We experienced the same in the current quarter as some of the projects starts were behind expected schedules in our portfolio,” Patni said.
At 11:30 a.m., Patni shares were down 3.08% at Rs495 in a choppy Mumbai market.
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First Published: Wed, Jul 28 2010. 11 35 AM IST