Patni Computer Systems announced financial results, reporting 9 per cent decline in net profit, for the period ended December 31, 2008.

Patni's net stood at Rs 483.01 crore in the reporting period, due to decline in demand in Information Technology segment under the impact of global slowdown, as compared to Rs 483.63 crore in the same period last year.

Patni Computer Chairman and CEO, Mr. Narendra K Patni said, "The effect of the global meltdown has been more than expected for everyone and this is impacting our business in the short run."

Firm's total income stood at Rs 3,247.61 crore in the financial year 2008 as compared to Rs 2,775.03 crore of FY'07. Similarly, a profit after tax (PAT) stood at Rs 389.15 crore in last financial year as compared to a PAT of Rs 68.66 crore for the period ended December 31.

Mr. Patni said, "Our global delivery model will only strengthen further in these tough times and we will remain bullish in our long-term strategy and are making prudent investments in our business."

Meanwhile, the firm expects net income between $13.5 million to $14.5 million during the first quarter despite volume and pricing pressure.

Surjeet Singh, chief financial officer of company said, "The guidance is based on current visibility. We find volumes softening and customers are looking at pricing relief."