Saturday, 31 October 2009

Patni tracking to plan

(By Anthony Miller – Saturday 31st October 2009 5:30pm). I’m really not sure why Patni decided to report its Q3 results on a Saturday. It didn’t seem to be because they were trying to hide bad news – indeed the numbers were a little above guidance and the trends seemed in line with larger peers. As reported, revenues grew 3.3% qoq to $167m and margins expanded over 100bps both yoy and qoq to 16.2%. Observing rising volumes and stable pricing, management guided to a flat-plus-a-bit Q4. As I mentioned a week or so ago (see Patni – making room in the mid-tier), Patni seems to really be getting its act together; indeed its stock is the best performing among the major India-based SIs so far this year. There’ll be more in the next issue of OffshoreViews.

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