IT company Mphasis today reported 18.45% decline in net profit to Rs 184.84 crore for the quarter ending January 31, 2012.
The company had posted a net profit of Rs 226.67 crore in the corresponding period last year.
Consolidated revenues of the company rose by 10% to Rs 1,367.18 crore from Rs 1,233.50 crore in the same period last year.
"Our Q1 results reflect our strategic thrust of growing direct business and business from emerging market," Mphasis Chief Executive Director Ganesh Ayyar said in a statement.
The banking and capital market segment contributed Rs 356.86 crore, while the insurance segment's revenues stood at Rs 158.23 crore in the reported quarter.
Information technology, communication and entertainment vertical segment contributed Rs 378.31 crore, while emerging industries' vertical accounted for Rs 499.50 crore in the quarterly revenues.
Cash and cash equivalents increased by Rs 116 crore during the quarter to reach Rs 2,182 crore, the statement added.
Ayyar said the company embarked on a transformation journey of hyperspecialisation 15 months ago and the journey is focussed on enhancing quality of revenue through new platform business model.
The company has also appointed two non-executive directors -- Antonio F Neri, HP Technology Services Senior Vice President and General Manager, and Ravichandran, HP Vice President Global Business Services.