MphasiS net profit grows 14% to Rs 209 cr

The revenues in the quarter at Rs 1,306 cr saw a marginal decline

Mid-size IT services company MphasiS reported a 14.35% increase in its net profit to Rs 209.31 crore in the fourth quarter of its reporting year ended 31 October, 2012 as compared with the corresponding quarter previous year.

The revenues in the quarter at Rs 1,306.16 crore saw a marginal decline as compared with the corresponding quarter in the previous fiscal.

For its fiscal ended October 31, 2012, the Bangalore-based company reported 3.6% decline in net profit to Rs 792.32 crore on a year-on-year basis while the revenues went up by 5% at Rs 5,357 crore.

The company said it continued to grow its direct business in the year which helped to reduce dependency on its parent Hewlett-Packard. At the end of the year, the contribution of HP as a client as well as a sales partner came down to 54% of its overall revenues as compared to 62% reported at the end of this year.