Software provider Patni Computer Systems today said Gajendra Kumar Patni and William O Grabe have resigned as directors of the company with immediate effect. Pursuant to the share purchase agreement and the securities purchase agreement between Patni Computer and US-based iGate, on January 10, 2011, these two non-executive directors) had quit, the company said in a filing to the Bombay Stock Exchange. iGATE Corporation President and CEO, Phaneesh Murthy, and Shashank Singh, co-head of the India office of Apax Partners, have been appointed additional directors with immediate effect, the filing added.
Net income dips 2.71%
Patni Computer Systems today reported a decline of of 2.7 per cent in net income for the quarter ended December 31, at $39.4 million (Rs 177.3 crore), by the United States’ GAAP accounting standards.
The company had registered a net income of $40.5 million (Rs 182.3 crore) in the same period last year, Patni Computer Systems said in a filing to the Bombay Stock Exchange.
The company’s net revenue rose to $183 million (Rs 823.5 crore) from $170.2 million (Rs 765.9 crore) in the corresponding period of the previous year, it added.
“Our performance during the quarter was in-line with our expectations. Despite several challenges, internal and external, we have continued our focus on client wins and momentum in the market place,” Patni Computer Chief Executive Officer, Jeya Kumar, said.