MphasiS crosses $1 bn revenue mark, PAT up 20%

Leading IT and BPO services firm MphasiS, an HP company, registered a consolidated revenue of Rs 5,037 crore ($1,099.3 million) for the year ended October 31, crossing $one billion mark for the first time.

Revenues grew by 18.1 per cent over last year's Rs 4,264 crore ($874.2 million), Ganesh Ayyar CEO and Director told mediapersons here today.

Net profit was up by 20 per cent from Rs 909 crore or $186.2 million to Rs 1091 crore or $238.1 million.

The company's operating profit during the year-ended October 31, 2010 was Rs 1,101 crore, a growth of 19 per cent in comparison to the previous year. Earning per share was Rs 52.00, an increase of 19.7 per cent compared to the previous year.

The Board of Directors has recommended a 40 per cent dividend for the year 2009-10.

For the quarter-ended October 31, 2010, the group recorded revenues of Rs 1,345 crore, a growth of 18.8 per cent compared to the corresponding period a year ago. During the period, net profit increased by 15.9 per cent from Rs 245 crore to Rs 284 crore.

Cash and bank balances, including short-term investments in liquid mutual funds stood at Rs 1,638 crore or $369 million as on October 31, 2010, he said, adding during the quarter ended October 31, 2010, MphasiS added 22 new clients.

"This has been a stellar year for us. Having crossed the $one billion revenue mark, MphasiS is now part of the Club of Indian IT companies who have reached this important milestone," Ayyar said.

"We are now preparing for our next phase of growth, with opportunities of a large company and yet retaining the soul and smile of a small company," he said.