Nov. 2, 2009 (The Hindu Business Line) --

Mumbai, Nov. 2 Mid-size IT solutions company Patni Computer Systems (NYSE:PTI) has reported a 6.5 per cent dip in its net profit for the quarter ended September 30 to Rs 168.5 crore from Rs 180.2 crore reported in the same quarter a year ago.

On a sequential basis, however, Patni’s net profit was up by 24 per cent.

Revenues for the Mumbai-based company declined by 1.5 per cent to Rs 834 crore (Rs 847 crore).
Outlook cautious

Though the company is seeing signs of stability in the demand environment, the outlook continues to remain cautious.

“Discretionary budgets are not opening up yet. The demand environment is stable but we are not yet out of the woods,” Mr Surjeet Singh, Chief Financial Officer of Patni told Business Line. However, he admits that the deal pipeline has improved and that several project related discussions are moving towards the ‘request for proposal’ stage.