Global IT services provider Patni Computer on Saturday reported a decline of 17.2 per cent in net income at $35.7 million (Rs 171.57 crore) for the third quarter ended September 30, 2009.
Revenue, as per the US accounting standards, dipped to $167.1 million (Rs 804.02 crore) in the July-September quarter, down 8.9 per cent from $183.4 million (Rs 852.25 crore) in the same period last year, Patni Computer said in a
press release.
"Deflationary pressure on overall global IT services market is likely to continue for foreseeable future, however, the off shoring and global delivery services market share will increase over time," Patni Computer CEO Jeya Kumar said.
Kumar added, "We find ourselves in a good position competitively with our micro vertical focused strategy even as sustained visibility to growth is at least 2-3 quarters away."
The fourth quarter revenues are expected to remain about $168-169 million, while net income (excluding the hedging gain/loss) is expected to be in the range of $24-25 million, the release added.
"With continued investments in geographic expansion, we are confident of capturing faster incremental growth along with inorganic additions besides gains on resultant absorption benefits in our cost base over the next 12-18 months," Patni CFO Surjeet Singh said.