Patni Computer Systems Ltd has announced that the company reported 140% increase in its net income in the fourth quarter of the year. Patni also released its annual results and posted a profit growth of 40% in FY 2009.

Patni Computer on Thursday reported the net profit of Rs 188 Cr for the fourth quarter ended December 31, 2009 while for the same period last year the company posted net profit of Rs 78 Cr as per the US accounting rules. The revenue of the company for the fourth quarter was reported Rs 789.61 Cr, decreasing by 8% as it was posted Rs 857 Cr in fourth quarter of 2008.

For the full year 2009, the company reported a standalone net profit of Rs. 542.73 increasing by 40% as in FY 2008 the company posted a standalone net profit of Rs. 389.15. The revenues in FY 2009 were posted Rs. 1734.86 Cr from Rs. 1541.02 Cr posted in the previous year.

Patni has also announced that the Board of Directors of the Company has recommended a final dividend of Rs. 3 per share for the year 2009. Patni, the Software services firm, is also reportedly looking at signing deals worth $150-$200 million in recent future.

"We are close to signing some large transactions in the company's history over the next 4-6 weeks and that gives us enough optimism to look beyond quarter one," Surjeet Singh, Chief Financial Officer said.