iGate Q2 net income dips 65% to $3.9 mn on interest cost
iGate's net income stood at $11.15 million in the same quarter of 2010, the company said in a statement. "We have successfully completed the first phase of integration, integrating the go-to market functions of both the organisations and are well underway into the delivery and shared services integration," iGate Patni CEO Phaneesh Murthy said.
Earlier this year, the US-based iGate had acquired nearly 83 per cent stake in Patni Computers for about $1.22 billion. The transaction was completed in May. It was announced that Patni would continue to be listed on the Indian stock exchanges as a subsidiary of iGate, while iGate will be listed on the Nasdaq. Both the companies jointly go to market under the brand name iGate Patni.
iGate's results for the second quarter include Patni's results of operations since May 16, 2011, the statement said.
“We believe that the integration programme is progressing more smoothly than planned. We are seeing customers respond positively to our joint value proposition and are starting to sense some larger opportunities," Murthy said.
Consolidated revenues for iGate in the reported quarter was up two-fold at $170.41 million as against $66.84 million in Q2, 2010. Organic revenues grew 14.7 per cent, with acquisition adding 140.4 per cent to the total revenues, it said.
"The blending of iGATE and Patni results
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