Patni Computer Q1 net falls 14% YoY to Rs 153 cr

Moneycontrol Bureau

Software services provider Patni Computer Systems' first quarter standalone net profit declined near 14% year-on-year to Rs 153 crore as expenses rose. Sales for the January-March quarter were up 4.5% at Rs 535.14 crore. On a sequential basis, Patni's net profit was up 2%, while sales fell 12%. Nasdaq-listed IGate had acquired a majority stake in Patni for Rs 503 a share last year. On Monday it agreed to pay Patni's minority shareholders Rs 520 a share, which will allow it to delist the company from the stock exchanges and merge it with itself. The delisting price is at 5% premium over Monday