Patni Q1 net up 21% at Rs 68.22 cr

Patni Computers on Tuesday announced a 21.9 per cent increase in its net income for the first quarter ending March 31, 2005 at Rs 68.22 crore (Rs 682.2 million) as compared to Rs 55.96 crore (Rs 559.6 million) during the same period in the previous fiscal.

Revenues during this period grew by 38.69 per cent to Rs 433.74 crore (Rs 4.33 billion) as against Rs 312.73 crore (Rs 3.12 billion) in Q1 of previous fiscal, the company said in a release on Tuesday.

Chairman and CEO Narendra K Patni said the company continued to make significant investments to enhance the front-end capability and delivery infrastructure which should start giving optimal returns in the medium term.

Chief Financial Officer Deepak Sogani said the performance was based on volume growth in an essentially stable price environment.

During the quarter, margins were influenced by some non-recurring investments and prior period tax of about $1 million but the intrinsic business showed some increase in direct contribution, he added.