MphasiS net drops 15.5% in Nov-Jan quarter

IT and BPO company MphasiS today said its consolidated net profit dipped by 15.5% to Rs 226.67 crore in the quarter ended January 31, 2011, over the same period last year.

This is against a net profit of Rs 268.27 crore during the quarter ended January 31, 2010, MphasiS said in a filing to the Bombay Stock Exchange (BSE).

Total income also declined to Rs 1,223.63 crore for the first quarter ending January 31, from Rs 1,268.17 crore in the same period previous fiscal.

During the reported quarter, the company's headcount increased by 1,097, taking the total employee number to 41,059, the filing added.

Cash and bank balances including short-term investments in debt mutual funds and fixed maturity plans stood at $389 million as of January 31, 2011, it said.

Banking and Capital Markets business reported revenue of $68.9 million, while insurance business contributed $25.4 million to the quarter's revenues.

IT, Communication and Entertainment contributed $74.6 million, while emerging industries vertical comprised $98.3 million of the total revenues for the quarter.

MphasiS shares today closed at Rs 626.50 a piece, down 4.68% from the previous close on the BSE.