Patni Computer Q3 net dips 14%

IT firm Patni Computer reported a decline of 14 per cent in its consolidated net profit at Rs 144 crore for the third quarter ended September 30.

As per Indian accounting standards, the company had a net profit of Rs 168 crore during July-September quarter last fiscal, Patni Computer Systems (Patni.NS : 463.9 -1.8 down ) said in a filing to the Bombay Stock Exchange (^BSESN : 20005.37 -216.02 Down)

However, total income increased to Rs 871.58 during the third quarter of current fiscal, against Rs 818.8 crore in the same period last year.

Looking ahead, the company expects USD 180-181 million in revenue and net income (excluding the hedging gain/loss) to be in the range of USD 22.5-23 million for the fourth quarter of this fiscal.

During the quarter, the revaluation and mark to market foreign exchange gain for the quarter were at Rs 21.6 crore as compared to foreign exchange gain of Rs 19.7 crore during the previous quarter.

The company has over all cash and cash equivalents (including short term investments) post revaluation gain of USD 10.7 million, at Rs 1,416 crore, as compared to Rs 2,165.5 crore at the close of previous quarter.

Shares of Patni Computers were trading at Rs 460.10 on the BSE, down 1.11 per cent from the previous close.