I'd check the execution plan, not profiler. You may be able to improve performance with more/less/different indexes or some query hints (like forcing a hash match).
Or, another thought, did you update statistics after installing the patch? Could be that the estimates are way off.
Either way, first step when doing performance tuning due to performance changes is to check the execution plan before and after the change is applied.
With that one stored procedure, seeing a 150 millisecond change is not going to cause the stored procedure to take 30 seconds from a couple previously unless that one stored procedure is being called a LOT of times.