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Patni Computer Q1 net profit up by 3.33 percent
By siliconindia
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Thursday, 28 April 2011, 00:38 IST
Mumbai: The IT firm Patni Computer system their Q1 results. The total revenue rose to 
891.69 crore in January - March quarter against 812.10 crore from the previous year. The net profit grew to 162.28 crore for the first quarter which is a growth of 3.33 percent against the net profit of 157.04 crore from the previous year.
The company has won four new multi-year multi-service contracts that worth $25-30 million. And the revaluation and mark-to-market foreign exchange (forex) gain for the quarter was at $5.5 million, compared to the forex gain of $8.1 million in the previous year.
Jeya Kumar, CEO, Patni said that their performance during the quarter was in line with their expectations. He said, "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."
During this 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 percent stake in the company at a price of 503.50 per share. Following to the agreement, iGate has made an open offer to acquire an additional 20 percent shareholding in Patni Computer at a price of 503.50 per share.
891.69 crore in January - March quarter against 812.10 crore from the previous year. The net profit grew to 162.28 crore for the first quarter which is a growth of 3.33 percent against the net profit of 157.04 crore from the previous year.
The company has won four new multi-year multi-service contracts that worth $25-30 million. And the revaluation and mark-to-market foreign exchange (forex) gain for the quarter was at $5.5 million, compared to the forex gain of $8.1 million in the previous year.
Jeya Kumar, CEO, Patni said that their performance during the quarter was in line with their expectations. He said, "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."
During this 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 percent stake in the company at a price of 503.50 per share. Following to the agreement, iGate has made an open offer to acquire an additional 20 percent shareholding in Patni Computer at a price of 503.50 per share.