Mphasis Q3 net profit up 7.2% to Rs 173.6 cr

IT firm Mphasis today reported a 7.2 per cent increase in consolidated net profit at Rs 173.6 crore for the quarter ended December.
The company had posted a net profit of Rs 161.9 crore in the same quarter last fiscal, Mphasis said in a BSE filing.
Net sales for the quarter under review stood at Rs 1,516.7 crore, up 7.5 per cent, from Rs 1,410.7 crore in the year-ago period.
Banking and capital markets accounted for Rs 751.6 crore, while insurance; IT, communications and entertainment; and emerging industries contributed Rs 237.4 crore, Rs 151.1 crore and Rs 372 crore, respectively.

The company said it won USD 61 million TCV (total contract value) worth of deals in direct international business.
Direct international business grew 3.1 per cent quarter-on-quarter and 32 per cent year-on-year.

"The entire industry is witnessing a change in demand patterns. Digital revolution would necessitate organisations to innovate and socialise. We are enjoying the benefits of our transformation towards hyper-specialisation and customer focus," said Ganesh Ayyar CEO Mphasis.
The company's productivity improvement plan has provided stellar impact despite 160 basis points impact from wage hike, said V Suryanarayanan CFO and Executive Vice-President Mphasis.
The stock of the company closed 3.88 per cent up at Rs 450.75 apiece on the BSE.

In a separate statement, Mphasis clarified media reports that said the company is not involved in any negotiations for potential acquisition by private equity firms Blackstone and Apollo Global Management.