Patni Jan-Mar net drops 13.6% to Rs 153 cr

IT services company Patni Computer Systems today posted a decline of 13.56% in its standalone net profit at Rs 152.77 crore for the quarter ended March 31.

It had registered a net profit of Rs 176.75 crore in the same quarter last year.

The company's standalone income during the period under review increased marginally at Rs 547.49 crore from Rs 542.72 crore in same period year ago, it said in a filing to the BSE.

US-based iGate Corporation, along with private equity player Apax Partners, had acquired a majority stake in Patni last year for $1.2 billion last year and had paid Rs 503 per share in one of the largest IT deals in India.

iGate now holds a stake of about 82% in Patni.

After the acquisition, iGate has said it wants to delist the domestic company from the Indian bourses and New York Stock Exchange by mid-2012.

On consolidated basis, Patni's net income stood at Rs 120.63 crore, while the same stood at Rs 117.98 crore in the same period last year.

Its revenue stood at Rs 937.80 crore in the reported quarter from Rs 847.66 crore in the year-ago period.

Yesterday, iGate said it will offer Rs 520 per share to shareholders of Patni Computer Systems to get its Indian arm delisted from stock exchanges.

In addition, the remaining shareholders of Patni post the delisting will be able to offer their shares at the discovered price during the period of one year from the date of delisting.

iGate will announce its financial results on April 13.

Shares of Patni closed at Rs 505.40 apiece, up 2.04% over their previous close on BSE.