Mphasis tanks 17% on poor Q1 earnings

MphasiS has tanked by 17% at Rs 359 on reporting 18% year-on-year (y-o-y) drop in net profit at Rs 185 crore for the quarter ending January 31, 2012 (Q1).

Analysts expected a net profit of Rs 203 crore from mid-cap IT firm.The company had posted a net profit of Rs 227 crore in the corresponding period last year. However, consolidated revenues grew 10% at Rs 1,367 crore on y-o-y basis.

A combined 159,666 shares have changed hands on the counter on opening deals on both the exchanges.