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Patni lowers net income guidance

Our Bureau

Mumbai , Nov. 23

PATNI Computer Systems Ltd, a software services company, said it is launching an initial public offering of 6.87 million American Depository Shares (ADS) and has filed a registration statement with the Securities and Exchange Commission (SEC).

The proposed ADS offering comprises 5.125 million primary ADS and 1.75 million secondary ADS and an additional 1.03 million primary ADS under the green-shoe given to the underwriters.

The company also said that it has revised its net income guidance for 2005 to $63-64 million. The company had earlier said that its net income would be $64-65 million.

Patni continues to maintain its 2005 revenue guidance in the range of $448-450 million. "Primarily due to fluctuations in the foreign exchange rates and an increase in subcontractor expenses, the company has adjusted its 2005 operating margin guidance from 16-16.5 per cent to 15.75-16.25 per cent," Patni said.

The company expects to see good business momentum and margin expansion.

The `Invitation to Participate' in the secondary offering is to start on November 24 and close on December 1.

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