Patni's Q1 CY2008 Revenues Up 13.1% at US$ 176.4 million

Patni Computer Systems Limited (Patni) today announced its financial results for the first quarter ended 31st March 2008.
Performance Highlights for the quarter ended March 31, 2008

-- Revenues for the quarter at US$ 176.4 million (Rs. 7,061.2 million)

-- Up 13.1% YoY from US$ 156.0 million (Rs. 6,724.1 million)

-- Up 1.3% sequentially from US$ 174.1 million (Rs. 6,861.9 million)

-- Contribution from top customer at 11.1% for the quarter from 12.5% during the previous quarter

-- New client acquisitions during the quarter were 34 as compared to 37 of previous quarter. Number of active clients was 331 at the quarter end as compared to 318 in Q4 2007



-- Offshore leverage in the current quarter was 70.8% compared to 70.3% in the previous quarter. On YoY basis offshore leverage has increased by 2.4%.

-- Operating Income for the quarter at US$ 17.3 million (Rs. 693.4 million)

-- Down 42.9% YoY from US$ 30.3 million (Rs. 1,307.8 million)

-- Down 36.0% sequentially from US$ 27.1 (Rs. 1,066.3 million)

-- Net Income for the quarter at US$ 18.1 million (Rs. 724.6 million)

-- Down 35.0% YoY from US$ 27.8 million (Rs. 1,200.3 million)

-- Down 28.4% sequentially from US$ 25.3 million (Rs. 997.2 million)

-- EPS for the quarter at US$ 0.13 per share (US$ 0.26 per ADS)

-- Stock based expenses in Q1 CY2008 were at US$ 1.1 million compared to US$ 1.3 million in the previous sequential quarter