Mphasis Q2 net down 19% at Rs 217 cr

IT and BPO firm Mphasis has posted a 18.69% decline in consolidated net profit at Rs 217.32 crore for the second quarter (Q2) ended April 30, 2011 as compared to the same period last fiscal.

The company's consolidated net profit stood at Rs 267.28 crore in the quarter ended April 30, 2010, Mphasis said in a filing to the Bombay Stock Exchange (BSE).

Mphasis fiscal runs from November to October.
    
However, revenue for the reported quarter was up 3% at Rs 1,257.06 crore from Rs 1,220.50 crore in the year-ago period.
    
"Our strategy of growing Direct business is reflected well both in revenue growth and client additions. Emerging market performance especially India business has been exciting," MphasiS Chief Executive Officer Ganesh Ayyar said.
    
Cash and cash equivalents increased by Rs 78.7 crore during the quarter to reach Rs 1,864.2 crore.
    
The Group added 680 (net) people during the quarter, growing the headcount to 41,739 as on April 30, 2011.
    
MphasiS is a $1 billion global service provider and part of the HP group. It has over 41,000 employees globally and services clients in banking and capital markets, media and entertainment, insurance, manufacturing, communications, healthcare and life sciences among others.
    
For the six months ended April 30, the company had a net profit of Rs 443.99 crore, a 17% decline from Rs 535.55 crore in corresponding period previous fiscal.
    
During the period, the company's revenue stood at Rs 2,490.57 crore, up from Rs 2,412.06 crore in the six months ended April 30, 2010.