UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN ISSUER

Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

For February 11, 2010

PATNI COMPUTER SYSTEMS LIMITED

Akruti Softech Park , MIDC Cross Road No 21,
Andheri (E) , Mumbai - 400 093, India

 (Exact name of registrant and address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F x        Form 40-F o

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o        No x

If “Yes” is marked, indicate below the file under assigned to the registrant in connection with Rule 12g3-2(b):

USD in lakhs except share data

Notes:

1                  The consolidated financial statements of Patni Computer Systems Limited and its subsidiaries have been prepared in accordance with the accounting principles generally accepted in the United States of America (‘US GAAP’). All inter-company transactions have been eliminated on consolidation.

2                  The Board has recommended a final dividend of 150% for the year 2009 (2008 : 150%), subject to approval of members.

3                  The subsidiaries considered in the consolidated financial statements as at 31 December 2009 are wholly owned subsidiaries, namely Patni Americas, Inc., Patni Computer Systems (UK) Limited, Patni Computer Systems GmbH, Patni Telecom Solutions Inc., Patni Telecom Solutions Private Limited, Patni Telecom Solutions (UK) Limited, Patni Life Sciences Inc., Patni Computer Systems (Czech) s.r.o, Patni Computer Systems Brasil Ltda, PCS Computer Systems Mexico SA de CV and Patni (Singapore) Pte. Ltd.

4                  The US Internal Revenue Service (“IRS”) completed its assessment of tax returns for the years ended 2003 and 2004 of Patni Americas Inc. and for the years ended 31 March 2003, 2004 and 2005 of the US branch of the Company in 2008 and during the year ended 31 December 2009, completed its assessment of tax returns for the years ended 2005 and 2006 of Patni Americas Inc. Based on the completion of assessment of these years, the Company reviewed the adequacy of the previously established tax exposure reserves with respect to these years and re-measured the established tax positions for the latter years based on the experience gained from the tax examination and accordingly, the following amounts have been included in the income statement for the fiscal year ended 31 December 2008 and 2009 as a change in estimate:

(1) Included under cost of revenues

(2) Included under Interest expense reversed

(3) Included under Other income, net

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5                  The statute of limitation period applicable to tax return of the US Branch of the Company, for the year ended March 2006, expired on 15 December 2009 i.e. on expiry of 3 years from the date of filing, which was 15 December 2006. The company has, therefore, reversed the tax exposure reserves for taxes and interest pertaining to the US branch of the Company for the year ended March 2006. Accordingly, the following amounts have been included in the income statement for the year ended 31 December 2009:

(i) Included in ‘Interest expense reversed’

6                  During the year, the Company received a favourable order from the Income Tax Appellate Tribunal allowing the set off of losses of 10A units against Business Income. Based on the same, the Company has reversed the relevant tax provisions amounting to $ 25.

7                  During 2009, due to adverse market conditions, the Company reviewed the recoverability of the carrying amount of IPR in accordance with ASC 360 (previously FAS 144), Accounting for the Impairment or Disposal of Long-Lived Assets (“ASC 360-10-05”). Based on the results of the recoverability test, the sum of the undiscounted cash flows of IPR expected to result from its use exceeded the carrying amount as at 31 December 2009. The Company estimated these undiscounted future cash flows that are directly associated with and are expected to arise as a direct result of using the IPR considering current prevailing economic conditions. The Company concluded that under ASC 360, no impairment charge should be recognized as at 31 December 2009, as the undiscounted cash flows expected to be received from the continuing use of IPR exceeded its carrying value as stated above.

8                  In December 2008, the Company received a Demand of approximately Rs. 4,587 for the Assessment Year (A.Y.) 2003-04 including an interest demand of Rs. 2,586 ($ 99 including an interest demand of approximately $ 56) and another Demand in January 2009 of approximately Rs. 11,318 for the A.Y. 2005-06 including an interest demand of approximately Rs. 4,220 ($ 243 including an interest demand of approximately $ 91). These new Demands concern the same issue of disallowance of tax benefits under Section 10A of the Indian Income Tax Act, 1961 (‘ACT’) as per earlier assessments. The Company has filed an appeal with the tax authorities and stay of demand has been granted till 28 February 2010 or settlement of appeal whichever is earlier.

As per stay of demand order, through December 2009, the Company has paid sum of Rs. 660 ($ 14) for the A.Y. 2003-04 and Rs.1,710 ($ 37) for the A.Y. 2005-06 as regards the matter under appeal. Management considers these demands as not tenable against the Company and, therefore, no provision for this tax contingency has been established.

The tax department had earlier rejected the Company’s claim under section 10A of the Act and raised a demand of approximately Rs. 6,302 ($ 135 including an interest demand of approximately $ 40) for A.Y. 2004-05 and Rs. 2,617 ($ 56 including an interest demand of approximately $ 30) for A.Y. 2002-03 in December 2006 and December 2007, respectively. However on appeal, in 2008 the CIT (Appeals) had allowed the claim under section 10A of the Act. The Indian Income Tax department has appealed against the CIT (Appeals’) orders in respect of A.Y. 2002-03 and 2004-05 in the tribunal. Management considers these Demands as not tenable against the Company and, therefore, no provision for this tax contingency has been established.

In December 2009 the Income tax department has issued draft assessment order for A.Y. 2006-07 disallowing 10A deduction of the Indian Income Tax Act, 1961 as per the earlier assessments, as well as making a Transfer Pricing Adjustment for our BPO operations. The company has filed the objections against the draft order before the Dispute Resolution Panel (“DRP”) newly set up under the Income Tax Act, 1961. Management considers these disallowances as not tenable against the Company and, therefore, no provision for this tax contingency has been established.

Certain other income tax related legal proceedings are pending against the Company. Potential liabilities, if any, have been adequately provided for, and the Company does not currently estimate any incremental liability in respect of these proceedings. Additionally, the Company is also involved in lawsuits and claims which arise in ordinary course of business. There are no such matters pending that Patni expects to be material in relation to its business.

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

10            The above statement of financial results were reviewed by the Audit Committee and approved by the Board of Directors at its adjourned meeting held on 11 February 2010.

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Summary of financial statements prepared as per US GAAP - Convenience translation

Rs. in lakhs except share data

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.

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Audited consolidated financial results of Patni Computer Systems Limited and its subsidiaries for the year ended 31 December 2009, as per Indian GAAP.

Rs. in lakhs except share data

Notes:

1                  The consolidated financial statements of Patni Computer Systems Limited and its subsidiaries have been prepared in accordance with the principles and procedures as prescribed by the Accounting Standard on Consolidated Financial Statements, mandated by Rule 3 of the Companies (Accounting Standards) Rules, 2006 issued by the Central Government, in consultation with National Advisory Committee on Accounting Standards (‘NACAS’), the provisions of the Companies Act, 1956, and guidelines issued by the Securities and Exchange Board of India (‘SEBI’).

The financial statements of Patni Computer Systems Limited and its subsidiaries have been combined on a line-by-line basis by adding together the book values of like items of assets, liabilities, income and expenses after eliminating intra-group balances/transactions and resulting unrealized profits in full. Unrealized losses resulting from intra-group transactions have also been eliminated unless cost cannot be recovered. The amounts shown in respect of accumulated reserves comprise of the amount of the relevant reserves as per the balance sheet of the Parent Company and its share in the post acquisition increase/decrease in the relevant reserves/accumulated deficit of its subsidiaries. Consolidated financial statements are prepared using uniform accounting policies across the Group.

2                  The subsidiaries considered in the consolidated financial statements as at 31 December 2009 are wholly owned subsidiaries, namely Patni Americas, Inc., Patni Computer Systems (UK) Limited, Patni Computer Systems GmbH, Patni Telecom Solutions Inc., Patni Telecom Solutions Private Limited, Patni Telecom Solutions (UK) Limited, Patni Life Sciences Inc., Patni Computer Systems (Czech) s.r.o, Patni Computer Systems Brasil Ltda, PCS Computer Systems Mexico SA de CV and Patni (Singapore) Pte. Ltd.

3                  Investor complaints for the quarter ended 31 December 2009:

4                  Statement of Utilisation of ADS Funds as of 31 December 2009

5                  Total Public Shareholding*

* Total Public Shareholding as defined under Clause 40A of the Listing Agreement (excludes shares held by founders and American Depository Receipt shareholders).

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6                  The US Internal Revenue Service (“IRS”) completed its assessment of tax returns for the years ended 2003 and 2004 of Patni Americas Inc. and for the years ended 31 March 2003, 2004 and 2005 of the US branch of the Company in 2008 and during the year ended 31 December 2009, completed its assessment of tax returns for the years ended 2005 and 2006 of Patni Americas Inc. Based on the completion of assessment of these years, the Company reviewed the adequacy of the previously established tax exposure reserves with respect to these years and re-measured the established tax positions for the latter years based on the experience gained from the tax examination and accordingly, the following amounts have been included in the income statement for the fiscal years ended 31 December 2008 and 2009 as a change in estimate:

(1) Included in Personnel costs

(2) Included in Other Income - Interest from Others

(3) Included in Selling, general and administration costs

The statute of limitation period applicable to tax return of the US Branch of the Company, for the year ended March 2006, expired on 15 December 2009 i.e. on expiry of 3 years from the date of filing, which was 15 December 2006. The company has, therefore, reversed the tax exposure reserves for taxes and interest pertaining to the US branch of the Company for the year ended March 2006. Accordingly, the following amounts have been included in the income statement for the year ended 31 December 2009:

(i) Included in ‘Other Income’

7                  During the year, the Company received a favourable order from the Income Tax Appellate Tribunal allowing the set off of losses of 10A units against Business Income. Based on the same, the Company has reversed the relevant tax provisions amounting to Rs. 1,144.

8                  Due to adverse market conditions, during the year ended  31 December 2009 the Company reviewed the recoverability of the carrying amount of the IPR. Based on Management’s estimate, the expected discounted cashflows from the use of this IPR is lower than the carrying amount and accordingly, an impairment charge of Rs. 2,376 for the year ended 31 December 2009 has been recorded and included under depreciation in the consolidated profit and loss account. The new cost basis for this IPR as of 31 December 2009 is Rs. 5,176.

9                  In December 2009 the Income tax department has issued draft assessment order for assessment year (A.Y.) 2006-07 disallowing 10A deduction of the Indian Income Tax Act,1961 as per the earlier assessments, as well as making a Transfer Pricing Adjustment for our BPO operations. The company has filed the objections against the draft order before the Dispute Resolution Panel (“DRP”) newly set up under the IT Act. Management considers these disallowances as not tenable against the Company, and, therefore, no provision for this tax contingency has been established.

In December 2008 the Company received a Demand of approximately Rs. 4,587 for the A.Y. 2003-04 including an interest demand of Rs. 2,586 and another Demand in January 2009 of approximately Rs. 11,318 for the A.Y. 2005-06 including an interest demand of approximately Rs. 4,220. These new demands concern the same issue of disallowance of tax benefits under Section 10A of the Indian Income Tax Act, 1961 as per the earlier assessments. The Company has filed an appeal with the tax authorities and stay of demand has been granted till 28 February 2010 or settlement of appeal whichever is earlier. As per stay of demand order, through December 2009, the Company has paid sum of Rs. 660 for the A.Y. 2003-04 and Rs. 1,710 for the A.Y. 2005-06 as regards the matter under appeal. Management considers these demands as not tenable against the Company and, therefore, no provision for this tax contingency has been established.

The Tax department had earlier rejected the Company’s claim under section 10A of the Act and raised a demand of approximately Rs. 6,302 for A.Y. 2004-05 and Rs. 2,617 for A.Y. 2002-03 in December 2006 and December 2007, respectively. However on appeal, in 2008 the CIT (Appeals) had allowed the claim under section 10A of the Income Tax Act, 1961. The Indian Income tax department has appealed against the CIT (Appeals’) orders in respect of A.Y. 2002-03 and 2004-05 in the tribunal. Management considers these demands as not tenable against the Company and, therefore, no provision for this tax contingency has been established.

Certain other income tax related legal proceedings are pending against the Company. Potential liabilities, if any, have been adequately provided for, and the Company does not currently estimate any incremental liability in respect of these proceedings. Additionally, the Company is also involved in lawsuits and claims which arise in ordinary course of business. There are no such matters pending that Patni expects to be material in relation to its business.

10            The Finance Act, 2009 has extended the availability of the 10-year income tax holiday by a period of one year such that the tax holiday will be available until the earlier of fiscal year ending 31 March 2011 or 10 years after the commencement of a Company’s undertaking. The fringe benefit tax has also been abolished.

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11    Segment Information:

As at 31 December 2009 and for the year then ended

As at 31 December 2008 and for the year then ended

The Group’s operations relate to providing IT services and solutions, delivered to customers operating in various industry segments. Accordingly, revenues represented along industry classes comprise the principal basis of segmental information set out in these consolidated financial statements. The accounting policies consistently used in the preparation of the consolidated financial statements are also consistently applied to individual segment information.

Industry segments of the Company comprise financial services, insurance services, manufacturing, retail and distribution companies, communications, media and utilities, and technology services (comprising independent software vendors and product engineering). The Company evaluates segment performance and allocates resources based on revenue growth. Revenue in relation to segments is categorized based on items that are individually identifiable to that segment. Costs are not specifically allocable to individual segment as the underlying resources and services are used interchangeably. Property, plant and equipment used in the Company’s business or liabilities contracted have not been identified to any of the reportable segments, as the property, plant and equipment and services are used interchangeably between segments.

From 1 January 2009, retail, logistics and transportation segment (previously included under “Others” in the Company’s segment information disclosures) has been merged with  the manufacturing industry practice (now renamed as Manufacturing, Retail and Distribution). This integration of industry practices is mainly due to similar service offerings, as both require large Enterprise Resource Planning (‘ERP’)  implementation with significant work towards supply chain management. Further, Energy and utilities segment (previously included under “Others” in the Company’s segment information disclosures) has been merged with the Communications, Media and Entertainment industry practice (now renamed as Communications, Media and Utilties) as the Business Support Systems (‘BSS’) platform is commonly used in case of these industry practices. With effect from 1 January 2009 “Costs and estimated earnings in excess of billings on uncompleted contracts” has been disclosed as “Unbilled revenue”.

12            The Board has recommended a final dividend of  150% for the year 2009 (2008 : 150%), subject to approval of members.

13            Previous year’s figures have been appropriately reclassified to conform to the current year’s presentations.

14           The above statement of financial results were reviewed by the Audit Committee and approved by the Board of Directors at its adjourned meeting held on 11 February 2010

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Reconciliation of significant differences between Consolidated Net Income determined in accordance with Indian Generally Accepted Accounting Principles (‘Indian GAAP’) and Consolidated Net Income determined in accordance with US Generally Accepted Accounting Principles (‘US GAAP’) (Unaudited)

Rs. in lakhs

Note:

The consolidated net income as per USGAAP shown in the table above differs from the consolidated net income shown under “Summary of financial statements prepared as per USGAAP - Convenience Translation” for reasons explained below the same table.

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Financial results of Patni Computer Systems Limited for the quarter and year ended 31 December 2009, as per Indian GAAP (Standalone)

Rs. in Lakhs except share data

Notes :

1      Investor complaints for the quarter ended 31 December 2009:

2      Statement of Utilisation of ADS Funds as of 31 December 2009

3      Total Public Shareholding*

* Total Public Shareholding as defined under Clause 40A of the Listing Agreement ( excludes shares held by founders and American Depository Receipt shareholders ).

4      Promoters and Promoter group Shareholding

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Financial results of Patni Computer Systems Limited for the quarter and year ended 31 December 2009, as per Indian GAAP (Standalone) (Contd.)

5                  In December 2008 the Company received a Demand of approximately Rs. 4,587 for the Assessment Year 2003-04 including an interest demand of Rs. 2,586 and another Demand in January 2009 of approximately Rs. 11,318 for the Assessment Year 2005-06 including an interest demand of approximately Rs. 4,220. These new demands concern the same issue of disallowance of tax benefits under Section 10A  of the Indian Income Tax Act,1961 as per the earlier assessments. The Company has filed an appeal with the tax authorities and stay of demand has been granted till 28 Feb 2010 or settlement of appeal whichever is earlier.  As per stay of demand order, till December 2009 the Company has paid sum of Rs. 660 for the Assessment Year 2003-04 and Rs. 1,710 for the Assessment year 2005-06 as such the matter is under appeal. Management considers these demands as not tenable against the Company and, therefore, no provision for this tax contingency has been established.

The Tax department had earlier rejected our claim under section 10A and raised a demand  of Rs. 6,302 for AY 2004-05 and Rs. 2,617 for AY 2002-03 in December 2006 and December 2007 respectively. However on appeal in 2008, the CIT (Appeal) had allowed the claim under section 10A of the Income Tax Act, 1961.The Indian Income tax department has appealed against the CIT (Appeals’) orders in respect of assessment year 2002-03 and 2004-05 in the tribunal. Management considers these demands as not tenable against the Company and, therefore, no provision for this tax contingency has been established.

In December 2009 the Income tax department has issued draft assessment order for A.Y.2006-07 disallowing 10A deduction  of the Indian Income Tax Act,1961 as per the earlier assessments, as well as making a Transfer Pricing Adjustment for BPO operations of the Company. The Company has filed the objections against the draft order before the Dispute Resolution Panel (DRP) newly set up under the Income Tax Act, 1961. Management considers these disallowances as not tenable against the Company and in absence of any demand raised at this juncture, no provision is required.

Certain other income tax related legal proceedings  are pending against the Company. Potential liabilities, if any, have been adequately provided for, and the Company does not currently estimate any incremental liability in respect of these proceedings. Additionally, the Company is also involved in lawsuits and claims which arise in ordinary course of business. There are no such matters pending that Patni expects to be material in relation to its business.

6      During the year ended 31 December 2008, the US Internal Revenue Service (‘IRS’) completed its assessment of tax returns for the years ended 31 March 2003, 2004 and 2005 of the US branch of the Company. Based on the completion of assessment of these years, the Company reviewed the adequacy of the previously established tax exposure reserves with respect to these years and re-measured the established tax positions for later years based on the experience gained from the tax examination and accordingly, the following amounts have been included in the income statement for the year ended 31 December 2008 as change in estimate:

The Statute of limitation period for the March, 2006 tax return of the US Branch of the Company expired in December, 2009 i.e. on expiry of 3 years from the date of filing which was 15th December, 2006. Hence the company has reversed the provision for that year on account of taxes & interest in December, 2009. Accordingly the following amounts have been included in the Income Statement for the year ended 31st December, 2009 on account of above:

(i) Included in ‘Other Income’

7                 During the year, the Company received a favorable order from the Income Tax Appellate Tribunal allowing the set off of losses of 10A units against Business Income. Based on the same, the Company has reversed the relevant tax provisions amounting to Rs. 1,144.

8                 The Finance Act,2009 has extended the availability of the 10-year income tax holiday by a period of one year such that the tax holiday will be available until the earlier of fiscal year ending 31 March 2011 or 10 years after the commencement of a Company’s undertaking. The fringe benefit tax has also been abolished.

9                 The Board of directors at the adjourned meeting held on 11 February 2010 recommended a final dividend of 150% for the year 2009, subject to approval of the members.

10            Previous period figures have been appropriately reclassified / regrouped to conform to the current period’s presentations.

11            The above statement of financial results were reviewed by the Audit Committee and approved by the Board of Directors at the adjourned meeting held on 11 February 2010.

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Press Release

Patni’s Net Income* up 21 % for the quarter and 17.5% for 2009

Mumbai, India, February 11, 2010: Patni Computer Systems Limited (Patni) today announced its financial results for the fourth quarter and year ended 31st December 2009

*Important Note: During the current quarter, based on reviews of certain tax positions for previous years, an amount of US$ 11.0 million has been written back. Similarly as stated in our earnings release of Q3 2009 and year 2008, based on prior years tax reviews, provisions of US$ 11.4 million and US$ 18.2 million were reversed in these periods respectively. Consequently, profit after tax has increased by US$ 22.0 million for 2009 and by US$ 18.2 million in 2008. These Variations are referred to as “Extra Ordinary Items” in this press release and have been separately shown as exclusion for non-GAAP presentation in respective lines of gross profit, other income, tax expense and net income, for comparative purposes and should be read together with the reported US GAAP results.

Performance Highlights for the quarter and year ended December 31,2009

·                  Revenues for the quarter at US$ 170.2 million (Rs.7,896.1 million)

·                  Up 1.8% QoQ from US$ 167.2 million (Rs.8,040.2 million)

·                  Revenues for the year at US$ 655.9 million (Rs.30,434.6 million) , down 8.8 % compared to US$ 718.9 million (Rs. 34,923.4  million) for the previous year.

·                  Top Customer contribution towards revenue decreased to 11.1% in Q4 from 11.9% from Q3

·                  Revenue concentration of Top 10 customer also reduced sequentially to 50.9% from 51.4% in Q3.

·                  Operating Income for the quarter at US$ 33.3 million (Rs.1,545.6 million)

·                  Up 22.9% QoQ from US$ 27.1 million (Rs.1,303.1 million)

·                  Operating Income adjusted for Extra Ordinary items was sequentially higher by 28.4% from US$ 25.9 million.

·                  For the year operating income higher by 31.4% at US$ 100.6 million  (Rs.4,669.6 million) against US$ 76.6 million  (Rs. 3,720.1 million) for 2008.

·                  Operating income adjusted for Extra Ordinary items is at US$ 99.5 million for the year, higher by 34.8% against US$ 73.8 million for 2008.

·                  Net Income for the quarter at US$ 40.5 million (Rs.1,878.4 million)

·                  Up 13.5% QoQ from US$ 35.7 million (Rs. 1,715.7 million)

·                  Net Income adjusted for Extra Ordinary items is at US$ 29.4 million for the quarter and was sequentially higher by 21.1% from US$ 24.3 million.

·                  For the year Net income higher by 18.1% at US$ 119.8 million  (Rs.5,557.8 million) against US$ 101.4 million (Rs.4,927.0 million) for 2008.

·                  Net income adjusted for Extra Ordinary items is at US$ 97.8 million for the year, higher by 17.5% against US$ 83.2 million for 2008.

www.patni.com

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·                  EPS for the quarter at US$ 0.31 per share (US$ 0.63 per ADS).

·                  EPS adjusted for Extra Ordinary items is at US$ 0.23 per share (US$ 0.46 per ADS)

·                  EPS for the year at US$ 0.93 per share (US$ 1.86 per ADS) as compared to US$ 0.75 per share (US$ 1.50 per ADS) of the previous year.

·                  EPS adjusted for Extra Ordinary items for the year is at US$ 0.76 per share (US$ 1.52 per ADS) as compared to US$ 0.61 per share (US$ 1.23 per ADS)

·                  Dividend of 150 %  recommended for the year 2009

Future Outlook:

·                  Q1 CY2010 Revenues are expected to be at US$ 170 million to US$ 174 million and  Net Income (Excluding the hedging  Gain/Loss) is  expected  to  be  in  the  range  of  US$ 28 million to US$ 29 million

·                  This guidance is based on constant Rupee -USD rate of Rs.46.5.

·                  Mark to Market foreign exchange gain during Q1 2010 is expected to be in the range of US$ 1 million based on current estimates. This may change depending on further currency movements during the quarter and will impact our Net Earnings accordingly.

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Management Comments

Mr.Jeya Kumar, Chief Executive Officer, said, “ We are pleased with our execution during 2009 which saw most uncertainty caused by global recession. As the economies globally stabilize we are prepared well and poised for growth. We are now looking at 2010 and beyond with renewed optimism as we expand our services and geographical reach. We remain cautiously optimistic of our growth prospects and are managing our business with due focus on operating and strategic priorities.”

Speaking on the occasion, Mr. Surjeet Singh, Chief Financial Officer, said, “ We have managed our cost structure and risks well during the year 2009 which is reflected in our operating results. While the market is still thwart with risks of double dip recession, we are positioned well to reap the opportunities. We are working aggressively on creating sustainable competitive advantage and increase market share. We have adequate financial and management scale to grow our business faster through acquisitions.”

Corporate Developments

Appointments:

·                  Derek Kemp takes on role of President - EMEA at Patni to drive regional growth

Patni recently announced the appointment of Derek Kemp as President - EMEA region. In his new role, Derek will spearhead growth in the region, across all verticals, and will be a part of the Executive Leadership team of the company. Prior to being appointed for this role, Derek has been working as Global Industry Head for Communication, Media and Utilities (CMU) at Patni.

·                  Patni appoints Dr. Anil Gupta as EVP and Global Head of Business Operations

Patni recently announced the appointment of Dr. Anil Gupta as Executive Vice President and Global Head of Business Operations to its Leadership Team. At Patni, Anil will be responsible for driving key functions including Sales Operations, Enterprise Resource Planning, Business Continuity, Enterprise Risk Management, Global Travel, IT, Procurement and Facilities.  He will work closely with the CEO, Jeya Kumar, to augment business operations globally in line with Patni’s strategy of IP led verticalised growth and a renewed focus on emerging geographies.

Innovation:

·                  Patni Expands Actuarial BPO Service Offerings

Patni recently announced expansion of its “Actuarial Centre of Excellence” (ACE™) to provide consulting, risk management and actuarial services for Insurance and Financial services companies in an onshore and offshore delivery model. ACE™ provides proven Actuarial expertise and a rich pool of seasoned actuarial consultants in the US, India and Europe to provide customers an optimized and cost-effective solution for improved financial performance.

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·                  Patni Introduces Hosted Reconciliation Solution for Global Financial Institutions

Patni announced a new solution to complete the lifecycle management of financial data for diversified, global financial institutions. The Overnight Global Reconciliation Factory (GRF), offered in conjunction with Patni’s Operational Fund Accounting Services (OFA) and Financial Control and Reporting Program (FRP) as a suite of solutions, will alleviate the daunting back office reporting requirements that challenge asset management firms. The solutions, available as a package or individually, enable financial institutions to cut costs and manage fixed expenses, while maintaining a focus on continued growth.

Client Initiatives:

·                  Edwards chooses Patni to provide global enterprise IT support

Edwards, a vacuum equipment manufacturer for the scientific industries, has selected Patni to become a global IT services partner. As part of the deal, Patni has already successfully completed a finance process migration and is currently working with Edwards to provide ongoing IT & BPO services. Edwards will also work with Patni on IT migration projects and other BPO opportunities. In addition, Patni will deliver skills and knowledge in developing and moving complex processes as Edwards reorganises its business operations globally.

·                  Cable & Wireless International and Patni announce successful go live of new customer information system

Cable & Wireless International (CWI) and Patni recently announced the completion of Project Liberate - a system modernisation programme for the CWI full-service telecoms business operating in 38 countries. The programme involved a complete re-engineering of CWI’s existing CIS system.  As a trusted technology partner, Patni was tasked with modernising not only the applications but also the associated processes.

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(Figures in Million US$ except EPS and Share Data)

A1) CONSOLIDATED STATEMENT OF INCOME - US GAAP FOR THE YEAR ENDED DECEMBER 31st