Mid-sized IT firm Patni Computer Systems today reported a growth of 3.33% in consolidated net profit to Rs 162.28 crore for the first quarter ended March 31, 2011.
As per Indian accounting standards, the company registered a net profit of Rs 157.04 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," Patni CEO Jeya Kumar said. Total income rose to Rs 891.69 crore during the January-March quarter, against Rs 812.10 crore in the same period year-ago.
While the short-term results may have volatility, the long-term prospect of the combined organisation post change of control are strong and compelling, 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. Shares of Patni were trading at Rs 456.95 on the BSE, up 0.05% from the previous close in morning trade.
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 Rs 503.50 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 Rs 503.50 per share. The open offer, which commenced on April 8, is scheduled to close today.