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Patni Reports 2012 First Quarter Results

Date : 04/10/2012 @ 5:32AM
Source : GlobeNewswire Inc.
Stock : Igate Corp. (MM) (IGTE)
Quote : 34.82  0.19 (0.55%) @ 8:10PM
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Patni Reports 2012 First Quarter Results

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Patni Computer Systems Limited (Patni or the Company), a subsidiary of iGATE Corporation, providing Business Outcomes based solutions under the brand name iGATE Patni, today announced its financial results for the first quarter ended March 31, 2011.

Patni Computer Systems Limited      
Registered Office : Level II, Tower 3, Cybercity, Magarpatta City, Hadapsar, Pune - 411 013, India.      
Corporate Office : Akruti , MIDC Cross Road No 21, Andheri (E) , Mumbai - 400 093, India.      
Unaudited financial results of Patni Computer Systems Limited for the three months ended 31 March 2012, as per Indian GAAP (Standalone)
    Rs in Lakhs except share data 
  Three months ended Year ended
  31 March 31 December 31 March 31 December
  2012 2011 2011 2011
  Unaudited Unaudited Audited Audited
Income        
Sales and service income  53,514  60,834  51,206  215,167
Other operating income   1,235  786  3,066  5,076
   54,749  61,620  54,272  220,243
Expenditure        
Personnel costs   22,206  21,422  27,344  100,793
Outsourced service charges  8,594  17,266  1,296  29,911
Selling, general and administration costs  5,901  8,511  6,151  28,337
Depreciation (net of transfer from revaluation reserves)  2,968  2,915  2,153  10,973
   39,669  50,114  36,944  170,014
         
Profit from operations before Other Income and Interest   15,080  11,506  17,328  50,229
Other income   3,912  3,825  2,010  9,463
Profit before interest   18,992  15,331  19,338  59,692
Interest costs  93  (69)  89  293
Profit before prior period items and taxation   18,899  15,400  19,249  59,399
         
Tax Expenses  3,622  403  1,574  9,040
Profit after tax and before prior period items  15,277  14,997  17,675  50,359
         
Prior period item   --   --   --   381
         
Net Profit for the period  15,277  14,997  17,675  49,978
Paid up equity share capital (Face value per equity share of Rs 2 each)  2,714  2,690  2,668  2,690
Reserves excluding revaluation reserves        333,885
         
Earnings per equity share of Rs 2 each        
- Basic  11.28  11.18  13.39  37.43
- Diluted  11.25  11.08  13.07  36.83
Dividend per share (Face value per equity share of Rs 2 each)        
Public Shareholding        
 - Number of Shares  25,630,612  24,403,418  73,316,543  24,403,418
 - Percentage of Shareholding   18.88  18.14  54.96  18.14
Promoters and Promoter group Shareholding         
a) Pledge/Encumbered         
 - Number of shares  --   --   --   -- 
 - Percentage of shares (as a % of the total shareholding of promoter group)  --   --   --   -- 
 - Percentage of shares (as a % of the total share capital of the Company)  --   --   --   -- 
b) Non-encumbered         
 - Number of shares  110,090,715  110,090,715  60,091,202  110,090,715
 - Percentage of shares (as a % of the total shareholding of promoters  100.00  100.00  100.00  100.00
 and promoter group)        
 - Percentage of shares (as a % of the total share capital of the Company)  81.12  81.86  45.04  81.86
         
1 The above unaudited statement of financial results was reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 10 April 2012. The figures of Q4 2011 are the balancing figures between audited figures in respect of full financial year and audited published year to date figures upto the third quarter. The statutory auditors have conducted a ''Limited Review" of this results in terms of Clause 41 of the Listing Agreement.
     
2 Investor complaints for the quarter ended 31 March 2012 Pending as on 1 January 2012 Received during the quarter Disposed of during the quarter  Unresolved at the end of the quarter   
   --   8  8  --   
           
3 Statement of Utilisation of ADS Funds as of 31 March 2012          
   
  No of shares Price  As of March   
       2012   2011   
Amount raised through ADS (6,156,250 ADSs @ $ 20.34 per ADS )  12,312,500 466  57,393  57,393  
Share issue expenses      3,694  3,694  
Net proceeds      53,699  53,699  
Deployment :          
1 Held as short term investments       5,726  9,254  
2 Utilised for Capital expenditure for office facilities      47,973  44,445  
Total      53,699  53,699  
           
           
Unaudited financial results of Patni Computer Systems Limited for the three months ended 31 March 2012, as per Indian GAAP (Standalone) (Contd.)
           
4 Consequent to iGATE acquiring majority ownership in the Company, there has been change in operational and management structure of the Company. With this change, the board of directors and CEO of the Company review the performance of the Company as one primary segment. Accordingly, no segment disclosure is made for primary business segment. 
           
5 On 14 March 2012, Pan-Asia iGATE Solutions ("Acquirer") along with iGATE Global Solutions Limited ("Promoters") and iGATE Corporation issued a Public Announcement in four newspapers to the public shareholders of the Company, in respect of the proposed acquisition and delisting of the fully paid-up equity shares of the Company having a face value of Rs 2/- each ("Shares") in accordance with Regulation 10 of the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 ("Delisting Regulations") (hereinafter, referred to as the "Offer"). 
 
On 10 April 2012, the promoters issued a Public Announcement ("Post Offer Public Announcement") in four newspapers to the public shareholders of the Company, that the proposed acquisition and delisting of the fully paid-up equity shares of the Company having a face value of Rs 2/- each ("Shares") was successful. The Delisting Offer opened on 28 March 2012 and closed on 30 March 2012.  
The Acquirer has accepted the discovered price of Rs 520 per Share ("Final Price") and the shareholders of the Company who have validly tendered their Shares at or below the Final Price will also be paid the consideration of Rs 520 per Share. In terms of regulation 15(1) of the SEBI Regulations, the discovered price (i.e., the price at which maximum number of equity shares were tendered by the Public Shareholders) was determined through the book building process using the electronic facility of the BSE, in accordance with the SEBI Regulations is Rs 520/- (Rupees Five Hundred and Twenty only) per Share. The dispatch of consideration to Shareholders whose shares have been accepted under the Offer will be completed on or before 17 April 2012. Post completion of the Offer, the company will apply to the BSE / NSE to delist the shares in India. 
 
In accordance with the provisions of regulation 21 of the SEBI Regulations, the remaining shareholders of the Company post the delisting will be able to offer their Shares to the Acquirer at the Final Price during the period of one year following the date of delisting of the Shares of the Company from the BSE and NSE ("Exit Offer"). A separate offer letter in this regard will be sent to the shareholders who have either not participated in the Offer or whose Shares have not been accepted under the Offer. Such shareholders may participate in the Exit Offer and will be required to submit the requisite documents to the Registrar to the Offer within the stipulated time as set out in such offer letter.
           
6 Previous period figures have been appropriately reclassified / regrouped to conform to the current period's presentation.
           
      By Order of the Board  
      for Patni Computer Systems Limited   
           
Place : Pune     Mr. Phaneesh Murthy  
Date : 10 April 2012     CEO & Managing Director   
       
Patni Computer Systems Limited and Subsidiaries      
Registered Office : Level II, Tower 3, Cybercity, Magarpatta City, Hadapsar, Pune - 411 013, India.    
Corporate Office : Akruti , MIDC Cross Road No 21, Andheri (E) , Mumbai - 400 093, India.    
Summary of Consolidated financial results of Patni Computer Systems Limited and subsidiaries for the quarter ended 31 March 2012, prepared as per US GAAP
    US $ in lakhs except share data
  Three months ended    
  31 March 2012 31 December 2011 31 March 2011  16 May 2011 through  31 December 2011 1 January 2011 through 15 May 2011
  (Unaudited) (Unaudited) (Unaudited) (Audited) (Audited)
  Successor Company Successor Company Predecessor Company Successor Company Predecessor Company
           
Net revenues  1,843  1,942  1,903  4,795  2,799
Cost of revenues (exclusive of depreciation and amortization)  1,137  1,174  1,201  3,029  1,797
Gross profit   706  768  702  1,766  1,002
Selling, general and administrative expenses  323  342  364  952  680
Depreciation and amortization  126  113  72  289  110
Foreign exchange (gain) loss, net   (19)  (4)  (55)  32  (92)
Operating income  276  317  321  493  304
Interest and dividend income  57  38  38  96  48
Interest income (expense)  (2)  1  (1)  (4)  (2)
Interest expense reversed  --   8  --   8  -- 
Gain on sale of investments, net  18  25  9  29  11
Other income (expense), net  (5)  6  1  11  5
Income before income taxes   344  395  368  633  366
Income taxes  107  119  103  160  104
Net Income  237  276  265  473  262
Earnings per share          
 - Basic $0.17 $0.21 $0.20 $0.35 $0.20
 - Diluted $0.17 $0.20 $0.20 $0.35 $0.19
Weighted average number of common shares used in computing earnings per share           
 - Basic 135,468,357 134,115,493 131,991,860 134,645,493 131,464,575
 - Diluted 135,930,895 135,405,670 134,910,508 135,444,474 135,165,637
Total assets  15,489  14,772  9,112  14,772  
Cash and cash equivalents  499  423  529  423  
Investments  3,534  3,224  3,248  3,224  
           
Notes:          
1 The above summary of consolidated unaudited financial results was taken on record by the Board of Directors at its meeting held on 10 April 2012.
 
2 On 12 May 2011, the Company was acquired by iGATE Corporation ("iGATE") through two of its wholly-owned subsidiaries, Pan-Asia iGATE Solutions, ("iGATE Mauritius"), and iGATE Global Solutions Limited ("iGS" and, together with iGATE Mauritius, the "Purchasers"). As of 31 March 2012, iGATE Corporation holds 81.12% of outstanding shares.
 
3 On 14 March 2012, Pan-Asia iGATE Solutions ("Acquirer") along with iGATE Global Solutions Limited ("Promoters") and iGATE Corporation issued a Public Announcement in four newspapers to the public shareholders of the Company, in respect of the proposed acquisition and delisting of the fully paid-up equity shares of the Company having a face value of Rs 2/- each ("Shares") in accordance with Regulation 10 of the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 ("Delisting Regulations") (hereinafter, referred to as the "Offer"). 
 
On 10 April 2012, the promoters issued a Public Announcement ("Post Offer Public Announcement") in four newspapers to the public shareholders of the Company, that the proposed acquisition and delisting of the fully paid-up equity shares of the Company having a face value of Rs 2/- each ("Shares") was successful. The Delisting Offer opened on 28 March 2012 and closed on 30 March 2012.  
The Acquirer has accepted the discovered price of Rs 520 per Share ("Final Price") and the shareholders of the Company who have validly tendered their Shares at or below the Final Price will also be paid the consideration of Rs 520 per Share. In terms of regulation 15(1) of the SEBI Regulations, the discovered price (i.e., the price at which maximum number of equity shares were tendered by the Public Shareholders) was determined through the book building process using the electronic facility of the BSE, in accordance with the SEBI Regulations is Rs 520/- (Rupees Five Hundred and Twenty only) per Share. The dispatch of consideration to Shareholders whose shares have been accepted under the Offer will be completed on or before 17 April 2012. Post completion of the Offer, the company will apply to the BSE / NSE to delist the shares in India. 
 
In accordance with the provisions of regulation 21 of the SEBI Regulations, the remaining shareholders of the Company post the delisting will be able to offer their Shares to the Acquirer at the Final Price during the period of one year following the date of delisting of the Shares of the Company from the BSE and NSE ("Exit Offer"). A separate offer letter in this regard will be sent to the shareholders who have either not participated in the Offer or whose Shares have not been accepted under the Offer. Such shareholders may participate in the Exit Offer and will be required to submit the requisite documents to the Registrar to the Offer within the stipulated time as set out in such offer letter.
 
4 Certain reclassifications of the amounts and presentation for the three month period ended 31 March 2011 have been made to conform to the presentation adopted for the current period in line with iGATE's presentation in financial statements.
 - Depreciation and amortization expense is reclassified from cost of revenues and selling, general and administrative expenses, respectively, and disclosed separately on the face of the Statement of Income.
 - Certain costs relating to office rent, electricity, water, diesel, repair and maintenance are reclassified from cost of revenues and included as part of selling, general and administrative expenses.
     
Patni Computer Systems Limited and Subsidiaries    
Registered Office : Level II, Tower 3, Cybercity, Magarpatta City, Hadapsar, Pune - 411 013, India.    
Corporate Office : Akruti , MIDC Cross Road No 21, Andheri (E) , Mumbai - 400 093, India.    
Summary of financial statements prepared as per US GAAP - Convenience translation (Unaudited)    
    Rs in lakhs except share data
  Three months ended    
  31 March 2012 31 December 2011 31 March 2011  16 May 2011 through  31 December 2011 1 January 2011 through 15 May 2011
  Successor  Company Successor  Company Predecessor Company Successor  Company Predecessor  Company
Exchange Rate (Rs) 50.89 53.01 44.54 53.01 44.86
Net revenues  93,780  102,954  84,766  254,156  125,555
Cost of revenues (exclusive of depreciation and amortization)  57,867  62,235  53,506  160,552  80,586
Gross profit   35,913  40,719  31,260  93,604  44,969
Selling, general and administrative expenses  16,433  18,141  16,176  50,472  30,513
Depreciation and amortization  6,418  5,994  3,235  15,331  4,922
Foreign exchange (gain) loss, net   (985)  (204)  (2,432)  1,674  (4,111)
Operating income  14,047  16,788  14,281  26,127  13,645
Interest and dividend income  2,880  2,047  1,701  5,093  2,133
Interest income (expense)  (98)  59  (47)  (212)  (96)
Interest expense reversed  --   433  --   433  -- 
Gain on sale of investments, net  920  1,323  424  1,540  473
Other income (expense), net  (255)  302  47  550  236
Income before income taxes   17,494  20,952  16,406  33,531  16,391
Income taxes  5,431  6,337  4,608  8,447  4,646
Net Income  12,063  14,615  11,798  25,084  11,745
Earnings per share          
 - Basic 8.90 10.90 8.94 18.63 8.93
 - Diluted 8.87 10.79 8.74 18.52 8.69
           
Total assets  788,241  783,088  405,845  783,088  
Cash and cash equivalents  25,375  22,424  23,576  22,424  
Investments  179,823  170,879  144,651  170,879  
           
Disclaimer:          
We have translated the financial data derived from our consolidated financial statements prepared in accordance with US GAAP for each period at the noon buying rate in the City of New York on the last business day of such period for cable transfers in Rupees as certified for customs purposes by the Federal Reserve Bank of New York. The translations should not be considered as a representation that such US Dollar amounts have been, could have been or could be converted into Rupees at any particular rate, the rate stated above, or at all. Investors are cautioned not to rely on such translated amounts.
      By Order of the Board
      for Patni Computer Systems Limited 
           
Pune     Phaneesh Murthy
10 April 2012     CEO & Managing Director
CONTACT: Investor Contact:
         Araceli Roiz
         +1 (510) 896 3007
         Araceli.roiz@igatepatni.com
         
         Media Contact:
         Prabhanjan Deshpande "PD"
         +91 80 4104 5006
         PD@igatepatni.com



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