Patni Computer Q4 net up at Rs 72 cr

On the back of appreciated margins, Patni Computer Systems on Monday a rise in net profit at Rs 72.44 crore (Rs 724. 4 million) during the fourth quarter ended December 31, 2004 as against Rs 62.94 crore (Rs 629.4 million) in the corresponding period of previous year.

The total revenue increased to Rs 401.24 crore (Rs 4.01 billion) during the quarter ended December 31, 2004 from Rs 321.39 crore (Rs 3.21 billion) in the corresponding period of 2003, the company said.

"Patni has delivered stable growth on the back of continued business expansion initiatives following our listing on the domestic exchanges," Patni chairman and CEO Narendra K Patni said.

Patni chief financial officer Deepak Sogani said the company outperformed the industry in line with expectations while margins have expanded appreciably over the previous year.

The net profit of the company for the calendar year ended December 31, 2004 reported a rise at Rs 251.77 crore (Rs 2.51 billion) against Rs 192.27 crore (Rs 1.92 billion) during the previous calendar year, the release said.

The total revenue for the calendar year ended December 31, 2004 increased to Rs 1413.11 crore (Rs 14.13 billion) from Rs 1143.50 crore (Rs 11.43 billion) in 2003, it added.