Mphasis Q2 net marginally up at Rs 211 cr

However, revenue declined 2.4% at Rs 1,517 cr

Mid-tier IT services provider Mphasis Ltd, majority owned by private equity major Blackstone, said second quarter profits grew marginally by 1.7 per cent at Rs 210.7 crore, while revenue declined 2.4 per cent to Rs 1,517.6 crore.

Mphasis had reported profits of Rs 190.8 crore on revenue of Rs 1,555.3 crore between July and September last year.

Blackstone completed the nearly $1.1 billion acquisition of the IT services player from HP Enterprises on September 1, which it announced in April.

Mphasis said operating margins improved by 150 basis points to 15.3 per cent as it looked at newer business outside of HP in the quarter. The company won new deals worth $ 83 million in the quarter, of which nearly half were in new generation services.

"Looking ahead, we are confident of our Direct Core business growing faster than the market." said Ganesh Ayyar, Chief Executive Officer and Executive Director, Mphasis.

Mphasis stock price closed Rs 15.85 or 3.04 per cent down to Rs 505.45 on the BSE on Thursday. The results were announced after the market hours.