Patni Q3 revenues at 183.5 million dollars, in line with guidance

Mumbai, Oct 23 (ANI/Business Wire India): Patni Computer Systems Limited (Patni) today announced its financial results for the third quarter ended September 30, 2008.

Performance Highlights for the quarter ended September 30, 2008

-- Revenues for the quarter at US 183.5 million dollars (Rs. 8,522.5 million)

- Up 8.3% YoY from US$ 169.5 million (Rs. 6,735.7 million) Up 0.5% sequentially from US 182.6 million dollars(Rs. 7,837.1 million) Contribution from top customer marginally changed at 10.5% for the quarter as compared to 10.4% during previous quarter

-- Operating Income for the quarter at US$ 27.6 million (Rs. 1,283.9 million)

- Down 4.6% YoY from US$ 29.0 million (Rs. 1,151.4 million)

- Up 64.6% sequentially from US 16.8 million dollars (Rs. 720.7 million)

- Operating Income adjusted for Extra Ordinary items is at US$ 24.9 million for the quarter, sequential increase by 48.1% and is lower by 14.1% on YoY basis.

-Net Income for the quarter at US 43.1 million dollars(Rs. 2,001.9 million)

- Up 56.0% YoY from US 27.6 million dollars (Rs. 1,097.8 million)

- Up 78.4% sequentially from US 24.2 million dollars (Rs. 1,037.2 illion)

- Net Income adjusted for Extra Ordinary items is at US 24.4 million dollars for the quarter, sequential increase by 1.0% and is lower by 11.6% on YoY basis.

-- EPS for the quarter at US dollars 0.32 per share (US dollars 0.63 per ADS). EPS adjusted for one time Extra Ordinary items is at US dollars 0.18 per share ( US dollars 0.36 per ADS)

-- Share Buy back Programme completed

Future Outlook:

-- Q4 CY2008 Revenues are expected to be at US$ 176 to US$ 177 million and Net Income (Excluding the Foreign Exchange Gain/Loss) is expected to be in the range of US dollars 22.0 to US dollars 22.5 million

-- This guidance is based on Constant Rupee -USD rate of Rs 47 and constant GBP -USD rate of 1.85 , EURO-USD rate of 1. 35

-- Mark to Market Forex loss during Q4 2008 is expected o be in the range of 10m dollars based on current estimates. This may change depending on further currency movements during the quarter and will impact our Net Earnings accordingly.

Commenting on the quarter, Narendra K Patni, Chairman and CEO, Patni Computer Systems Ltd., said, " We are witnessing deep global meltdown in the markets and this will impact our business in short term. We expect the environment to remain uncertain and volatile and with low visibility.

However we remain bullish on mid term prospects of our business and continue to invest to enhance our position in the market place across all dimensions of our business."

Loek van den Boog, Executive Director, said, "Current financial crisis will have indirect impact on our industry. In short run we expect to see volatility. However we are very confident that as the environment settles the overall demand for global outsourcing will increase. We are working very closely with our customers in this tough times and remain positive of our mid to long term prospects."

Speaking on the occasion, Surjeet Singh, Chief Financial Officer said, "The currency benefit due to sharp depreciation of Rupee was seen at operating level as Dollar appreciated against all major currencies. We are managing our business tightly on operating parameters. Our cash position is healthy and we continue to remain acquisitive to expand our services portfolio and geographical presence. We continue to remain focused on managing the business tightly and efficiently."

ANI