Comments
Close on the heels of winning mandate to acquire Patni Computer Systems Ltd, Mr Phaneesh Murthy, Chief Executive Officer of the Nasdaq-listed iGATE, and Mr Shashank Singh of Apax Partners, have been inducted onto its board.
Patni, which announced results on Wednesday for the quarter and full-year ended December 31, 2010, has announced the induction with immediate effect.
Following the share purchase agreement sealed in January, Mr Gajendra Kumar Patni (Non-Executive Director) and Mr William O Grabe (Non-Executive Director, representing the investment firm General Atlantic) have resigned as the Directors of the company with immediate effect.
Results
Patni Computer Systems has showed a marginal decline of net profit at Rs 195.46 crore in the fourth quarter ended December 31, 2010, as against Rs 207 crore in the same quarter previous year. Total income grew to Rs 561 crore (Rs 500 crore) in the quarter, according to unaudited results for the quarter. For the year ended December 31, 2010, it reported a net profit of Rs 655 crore against Rs 543 crore in the previous financial year. Total Income has increased to Rs 2,107 crore (Rs 1,804 crore) in the year.
The consolidated results put the profit after tax at Rs 623 crore (Rs 586 crore) in the year on an income of Rs 3,407 crore (Rs 3,230 crore) in the year.
“The performance in the quarter was in tune with our expectations. Despite internal and external challenges, we could continue our focus on client wins and momentum. We signed a five-year contract from a European service provider and another European insurance firm,” Mr Jeya Kumar, Chief Executive Officer of Patni, said.
For the full year, the company could gain Rs 98.6 crore on account of foreign exchange in 2010 against a loss of Rs 45 crore in 2009.
While contribution from Americas and EMEA declined at 81.8 per cent (80.50 pc) and 11.3 pc (14 pc) respectively in the quarter, APAC region gained at 6.9 per cent (5.5 per cent) The company's share closed at Rs 462.40 on Bombay Stock Exchange, showing a decline of 0.30 per cent.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.