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Stock Report
Patni Computer Systems Ltd Quarterly net profit soars to Rs.120.69 Crores
Posted On : 2007-07-25 23:58:41( TIMEZONE : IST )
Patni Computer Systems Ltd has announced the UnAudited Financial Results for the quarter ended June 30, 2007.
The Company has posted a profit after taxes of Rs.1206.95 million for the quarter ended June 30, 2007 where as the net loss was at Rs.171.32 million for the quarter ended June 30, 2006. Total Income is Rs.3574.3 million for the quarter ended June 30, 2007 where as the same was at Rs.2563.41 million for the quarter ended June 30, 2006.
The company reported an Earnings Per Share (EPS) of Rs.8.71 for Quarter ended June 30, 2007 compared to Rs.-1.24 reported during Quarter ended June 30, 2006.
During 2006 the Company received a demand from the Income tax department for Rs 630,166 (Including Interest demand of Rs 186,850) for the Assessment Year 2004-05. The tax demand is mainly on account of disallowance of deduction claimed by the Company under Section 10A of the Income Tax Act 1961, in respect of profits earned by its various eligible undertakings. The Company has filed an appeal challenging the disallowance within the time available under the Income Tax Act. The Company has made payment of Rs 147,436 as deposit in this regard. Considering the facts and nature of disallowance and based on the advice obtained from the Company´s legal counsel, ‘management believes that the disallowance is not tenable, is confident of a favourable outcome in appeal proceedings and hence no provision for such Income tax demand is considered necessary.
In July 2007, Patni Computer Systems (UK) Ltd, a wholly owned subsidiary of the Company, acquired Logan-Orviss International (LOI), a European telecommunications consulting services company. Patni Computer Systems, Inc.(USA) a wholly owned subsidiary of the Company acquired Taratec Development Corporation ("Taratec"), a US based consulting company in Life Sciences industry. The Company has also set up a subsidiary in Brazil.
Paid up equity share capital does not include Rs 3,966 (2006: Rs 2,688) which represents share application money received from employees, on exercise of stock options, pending allotment of shares.
