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Patni Q1 net up 3.33% at Rs162.28 crore

While the short-term results may have volatility, the long-term prospects of the combined organisation post change of control are strong and compelling, Patni CEO Jeya Kumar said

Mumbai: Mid-sized IT firm Patni Computer Systems today reported a growth of 3.33% in consolidated net profit to Rs162.28 crore for the first quarter ended 31 March 2011 over Rs157.04 crore in the same period last year, Patni said in a filing to the Bombay Stock Exchange.

“Our performance during the quarter was in line with our expectations. Continued focus on serving our customers and all stakeholders along with integration planning process with iGate were the major highlights of the quarter. Our recent deal wins are reflective of our strategy to focus on differentiating in micro verticals,” reports PTI quoting Patni CEO Jeya Kumar.

Total income rose to Rs891.69 crore during the January-March quarter, against Rs812.10 crore in the same period year-ago.

While the short-term results may have volatility, the long-term prospects of the combined organisation post change of control are strong and compelling, Mr Kumar added.

The company has won four new multi-year multi-service contracts each worth $25-$30 million and the revaluation and mark-to-market forex gain for the quarter was at $5.5 million, compared to the forex gain of $8.1 million during the previous year.

During the quarter, Pan-Asia iGate and iGate Global Solution entered into a share and securities purchase agreement with the promoter group of Patni and General Atlantic Mauritius to acquire a 63% stake in the company at a price of Rs503.50 per share.

Subsequent to the agreement, iGate has made an open offer to acquire an additional 20% shareholding in Patni Computer at a price of Rs503.50 per share. The open offer, which commenced on 8th April, is scheduled to close today.

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