1. Patni Computers ( PTI) is a provider of IT services from its globally integrated delivery centers in India and abroad. Revenue during the first quarter of 2011 was $190 million, up 4% sequentially, and in line with analysts' estimate. Strong volume growth of 3.6% led to higher earnings in the quarter. Patni clinched four deals valued $30 million each during the quarter. The company has $379 million in cash. Lower general and administrative costs improved operating margin 16 basis points sequentially, although higher-than-expected tax expenses reduced profit. Geographically, growth in Patni's Europe, Middle East and Africa markets topped at 33.6% followed by Asia-Pacific at 10.9%, while the Americas de-grow during the quarter. Patni's BPO posted a strong 7.6% quarter-over-quarter growth, while the media & utilities vertical was up 28.9% during the March quarter. Patni added 14 clients during the quarter, widening the active client list to 299. Higher dependence on the U.S. market and integration with iGate are key challenges, going forward. The stock is trading at 10.5 times its fiscal 2012 earnings, and is estimated to provide an upside of 20% over the next one year. >>To see these stocks in action, visit the 7 India Stocks With Upside portfolio on Stockpickr.