MphasiS slides after poor Q2 earnings

MphasiS lost 2.06% to Rs 405 at 13:05 IST on BSE after consolidated net profit fell 8.34% to Rs 160.20 crore on 1.69% decline in net sales to Rs 1464.87 crore in the quarter ended 30 September 2014 over the quarter ended 30 June 2014.

The Q2 result was announced before market hours today, 30 October 2014.

Meanwhile, the S&P BSE Sensex was up 221.18 points or 0.82% at 27,319.35.

On BSE, so far 11,000 shares were traded in the counter as against average daily volume of 21,936 shares in the past one quarter.

The stock hit a high of Rs 409 and a low of Rs 395 so far during the day. The stock had hit a 52-week low of Rs 365 on 4 February 2014. The stock had hit a 52-week high of Rs 476.50 on 18 July 2014.

The stock had underperformed the market over the past one month till 29 October 2014, sliding 4.34% compared Sensex's 1.88% rise. The scrip had also underperformed the market in past one quarter, declining 10.05% as against Sensex's 4.26% rise.

The mid-cap company has equity capital of Rs 210.16 crore. Face value per share is Rs 10.

MphasiS' Direct channel revenue declined by 2.1% sequentially or 3.3% net of rupee depreciation, impacted by slowdown in the US mortgage industry and one-time revenue reversals in India Government business, the company said. Operating margins stood at 13% impacted by certain one-time revenue reversals and sales expenditure, MphasiS said in statement.

MphasiS enables chosen customers to meet the demands of an evolving market place. Mphasis fuels this by combining superior human capital with cutting edge solutions in hyper-specialized areas.

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