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Patni Revenue Up 10%

July 26, 2011

Patni Computer Systems Ltd. reported second-quarter revenue of $183.8 million, up 9.7 percent from revenue in last year’s second quarter of $167.6 million.

Second-quarter gross margin narrowed to 33.0 percent from 39.7 percent in the year-ago quarter. Patni posted net income of $2.4 million, down 92.4 percent from $31.7 million in the second quarter of last year.

The financial results for the most recent quarter reflect accounting changes in the wake of Patni’s acquisition by iGate Corp. (NASD: IGTE), which acquired an 82.4 percent stake in Patni on May 12, 2011.

Patni is a provider of information technology solutions and staffing and is based in Mumbai, India. In the second quarter, 79.3 percent of its revenue came from the Americas.