Attached files

file filename
8-K - FORM 8-K - IGATE CORPd333558d8k.htm

Exhibit 99.1

 

Patni Computer Systems Limited    FAX to SE

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)

 

           

LOGO  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 LOGO 2 each)

     2,714         2,690        2,668         2,690   

Reserves excluding revaluation reserves

             333,885   

Earnings per equity share of LOGO 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 LOGO 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 and promoter group)

     100.00         100.00        100.00         100.00   

- 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   
        

 

 

    

 

 

 


Patni Computer Systems Limited    FAX to SE

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) (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 LOGO 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 LOGO 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 LOGO 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 LOGO 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 LOGO 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    FAX to SE

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     16 May 2011 through
31 December 2011
          1 January 2011 through
15 May 2011
 
     31 March 2012     31 December  2011
(Unaudited)
Successor Company
    31 March 2011         
     (Unaudited)
Successor
Company
      (Unaudited)
Predecessor
Company
    (Audited)
Successor
Company
          (Audited)
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 LOGO 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 LOGO 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 LOGO 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 LOGO 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 LOGO 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    FAX to SE

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)

 

    LOGO in lakhs except share data  
    Three months ended     16 May  2011
through
31 December 2011

Successor
Company
         1 January 2011
through 15 May 2011

Predecessor
Company
 
    31 March  2012
Successor
Company
    31 December  2011
Successor
Company
    31 March  2011
Predecessor
Company
       
             

Exchange Rate ( LOGO )

    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  


Financial and Operating Information      LOGO     

for the quarter ended March 31, 2012

  

NOTES:

 

   

Fiscal Year

Patni follows a January – December fiscal year. The current review covers the financial and operating performance of the Company for the quarter ended March 31, 2012.

 

   

U.S. GAAP

All figures in this release pertain to accounts presented as per U.S. GAAP unless stated otherwise.

 

   

Percentage analysis

Any percentage amounts, as set forth in this release, unless otherwise indicated, have been calculated on the basis of the U.S. Dollar amounts derived from our condensed consolidated financial statements prepared in accordance with U.S. GAAP, and not on the basis of any translated Rupee amount. Calculation of percentage amounts on the basis of Rupee amounts may lead to results that are different, in a material way, from those calculated as per U.S. Dollar amounts.

 

   

Convenience translation

We have translated the financial data derived from our condensed consolidated financial statements prepared in accordance with U.S. 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 elsewhere, or at all. Investors are cautioned to not rely on such translated amounts.

 

   

Reclassification

Certain reclassifications have been made in the financial statements of prior period to conform to classifications used in the current period.

 

5


  Fact Sheet Summary Index   
Ref Number   Description    Page No.
A   US GAAP Financials   
A1   Consolidated Statement of Income    7
A2   Consolidated Balance Sheet    8
B   US GAAP Financials Based on Convenience Translation   
B1   Consolidated Statement of Income    8
B2   Consolidated Balance Sheet    8
C   Operational and Analytical Information   
C1   Revenue Analysis    9
C2   Utilization    9
C3   Employee Metrics    9
C4   Currency Rates    9

 

6


Financial and Operating Information      LOGO     

for the quarter ended March 31, 2012

  

A1) CONSOLIDATED STATEMENT OF INCOME - US GAAP (US$ ‘000) for the quarter ended

 

Particulars

   Quarter ended
Mar 31 2012
Successor
Company
    Quarter ended
Mar 31 2011
Predecessor
Company
    YoY
change

%
    Quarter ended
Dec 31 2011
Successor
Company
    QoQ
change

%
 

Revenue

     184,279        190,314        -3     194,216        -5

Cost of revenues (exclusive of depreciation and amortization)

     113,709        120,130        -5     117,402        -3
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross Profit

     70,570        70,184        1     76,814        -8
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Selling, general and administrative expenses

     32,291        36,318        -11     34,221        -6

Depreciation & Amortization

     12,612        7,263        74     11,307        12

Foreign exchange Loss (gain), net

     (1,935     (5,460     -65     (385     403
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss)

     27,602        32,063        -14     31,671        -13
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other income, net

     6,774        4,772        42     7,856        -14
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before income taxes

     34,376        36,835        -7     39,527        -13

Income taxes

     10,673        10,347        3     11,955        -11
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income/(loss)

     23,703        26,488        -11     27,572        -14
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share - GAAP

          

- Basic

   $ 0.17      $ 0.20        -13   $ 0.21        -15

- Diluted

   $ 0.17      $ 0.20        -11   $ 0.20        -14

Weighted average number of common shares used in computing earnings per share

          

- Basic

     135,468,357        131,991,860          134,115,493     

- Diluted

     135,930,895        134,910,508          135,405,670     
  

 

 

   

 

 

     

 

 

   

NON GAAP Adjustments

          

Amortization of Intangible assets

     2,932        1,580          2,672     

Stock Based Compensation

     521        2,316          658     

Delisting expenses

     553        —            268     
  

 

 

   

 

 

     

 

 

   

Total NON GAAP Adjustments

     4,006        3,896          3,598     
  

 

 

   

 

 

     

 

 

   

Tax on above

     1,244        115          1,088     
  

 

 

   

 

 

     

 

 

   

Non-GAAP Net Income

     26,465        30,269        -13     30,082        -12
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share - NON GAAP

          

- Basic

   $ 0.20      $ 0.23        -15   $ 0.22        -13

- Diluted

   $ 0.19      $ 0.22        -13   $ 0.22        -12

NON GAAP Adjustments

          

Stock Based Compensation

     521        2,316          658     

Delisting expenses

     553        —            268     
  

 

 

   

 

 

     

 

 

   

Total NON GAAP Adjustments

     1,074        2,316          926     
  

 

 

   

 

 

     

 

 

   

Non-GAAP EBITDA

     39,353        36,182        9     43,519        -10
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Note : 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.

 

7


Financial and Operating Information      LOGO     

for the quarter ended March 31, 2012

  

A2) CONSOLIDATED BALANCE SHEET USGAAP (US$ ‘000)

 

Particulars

   31-Mar-12
(Unaudited)
Successor
Company
     31-Dec-11
(Audited)
Successor
Company
     31-Mar-11
(Unaudited)
Predecessor
Company
 

Assets

        

Cash and cash equivalents

     49,863         42,301         52,931   

Short-term investments

     353,356         322,353         324,766   

Goodwill

     505,104         484,257         69,840   

Intangible assets, net

     164,176         160,217         31,059   

Property and equipment, net

     131,916         131,102         136,412   

Leashold land

     94,046         90,339         23,927   

Others

     250,451         246,676         272,258   

Total assets

     1,548,912         1,477,245         911,193   

Liabilities

        

Billings in excess of costs and estimated earnings on uncompleted contracts

     14,130         18,704         17,573   

Accrued expenses

     39,296         48,666         54,792   

Accounts payable

     5,383         5,618         5,271   

Others

     135,982         140,378         96,970   

Total liabilities

     194,791         213,366         174,606   

Total shareholders’ equity

     1,354,121         1,263,879         736,587   
  

 

 

    

 

 

    

 

 

 

Total liabilities & shareholders’ equity

     1,548,912         1,477,245         911,193   
  

 

 

    

 

 

    

 

 

 

B1) UNAUDITED CONSOLIDATED STATEMENT OF INCOME (RS. ‘000): BASED ON CONVENIENCE TRANSLATION

 

For the quarter / period ended                   

Particulars

   Quarter
ended
Mar 31 2012
Predecessor
Company
    Quarter
ended
Mar 31 2011
Predecessor
Company
    Quarter
ended
Dec 31 2011
Successor
Company
 

Exchange rate$1 = INR

     50.89        44.54        53.01   

Revenues

     9,377,958        8,476,575        10,295,390   

Cost of revenues (exclusive of depreciation and amortization)

     5,786,651        5,350,573        6,223,480   

Gross Profit

     3,591,307        3,126,002        4,071,910   

Selling, general and administrative expenses

     1,643,289        1,617,595        1,814,055   

Depreciation & Amortization

     641,825        323,513        599,384   

Foreign exchange Loss (gain), net

     (98,472     (243,171     (20,409

Operating income (loss)

     1,404,665        1,428,065        1,678,880   

Other income, net

     344,729        212,558        416,447   

Income (loss) before income taxes

     1,749,394        1,640,623        2,095,327   

Income taxes

     543,149        460,862        633,735   

Net income (loss)

     1,206,245        1,179,761        1,461,592   

Earnings per share

      

- Basic

     8.90        8.94        10.90   

- Diluted

     8.87        8.74        10.79   

Weighted average number of common shares used in computing earnings per share

      

- Basic

     135,468,357        131,991,860        134,115,493   

- Diluted

     135,930,895        134,910,508        135,405,670   

B2) UNAUDITED CONSOLIDATED BALANCE SHEET USGAAP (RS. ‘000): BASED ON CONVENIENCE TRANSLATION

 

Particulars

   31-Mar-12
(Unaudited)
Successor
Company
     31-Dec-11
(Audited)
Successor
Company
     31-Mar-11
(Unaudited)
Predecessor
Company
 

Exchange rate$1 = INR

     50.89         53.01         44.54   

Assets

        

Cash and cash equivalents

     2,537,528         2,242,376         2,357,567   

Short-term investments

     17,982,287         17,087,933         14,465,071   

Goodwill

     25,704,743         25,670,464         3,110,693   

Intangible assets, net

     8,354,917         8,493,103         1,383,351   

Property and equipment, net

     6,713,205         6,949,717         6,075,805   

Leashold land

     4,786,001         4,788,870         1,065,710   

Others

     12,745,429         13,076,294         12,126,312   

Total assets

     78,824,109         78,308,757         40,584,509   

Liabilities

        

Billings in excess of costs and estimated earnings on uncompleted contracts

     719,076         991,499         782,702   

Accrued expenses

     1,999,773         2,579,785         2,440,434   

Accounts payable

     273,941         297,810         234,763   

Others

     6,920,101         7,441,438         4,319,018   

Total liabilities

     9,912,891         11,310,532         7,776,917   

Total shareholders’ equity

     68,911,218         66,998,225         32,807,592   

Total liabilities & shareholders’ equity

     78,824,109         78,308,757         40,584,509   

 

8


Financial and Operating Information      LOGO     

for the quarter ended March 31, 2012

  

C1 ) REVENUE ANALYSIS

 

Revenue By Geographical Segments

   Mar 31 2012     Dec 31 2011     Mar 31 2011  

Americas

     78.0     77.8     78.0

EMEA

     15.0     15.2     14.6

APAC

     7.0     7.0     7.5
  

 

 

   

 

 

   

 

 

 

Total

     100.0     100.0     100.0
  

 

 

   

 

 

   

 

 

 

C2) UTILIZATION

 

      Mar 31 2012     Dec 31 2011     Mar 31 2011  

Utilization

     75.6     77.2     74.3

C3) EMPLOYEE METRICS

 

     Mar 31 2012      Dec 31 2011      Mar 31 2011  

Offshore

     15,287         14,966         14,926   

Onsite

     3,328         3,307         3,636   

Total Employees

     18,615         18,273         18,562   

Net Additions

     342         420         97   

 

* Total employees restated to include sub contractors and to reflect organization structure

C4) RUPEE - CURRENCY RATES AGAINST US DOLLAR

 

     Mar 31 2012      Dec 31 2011      Mar 31 2011  

Rupee

        

Period end rate

     50.87         53.06         44.58   

Period average rate

     51.20         50.92         45.23   

Other Currencies (Average Rate)

        

AUD

     1.05         1.01         1.00   

EURO

     1.31         1.34         1.37   

GBP

     1.57         1.57         1.60   

YEN

     0.01         0.01         0.01   

 

9