The company, in which private equity firm Blackstone picked up a majority stake last month, had registered a net profit of Rs 177.6 crore in the January-March 2015 quarter.
Mphasis saw net sales rising 6.17 per cent to Rs 1,517.2 crore in the reported quarter, from Rs 1,429 crore in the year-ago period, it said in a regulatory filing.
Revenues from banking and capital markets segment stood at Rs 734.3 crore while that of insurance was at Rs 245 crore in the said quarter.
For the fiscal, net profit dipped marginally to Rs 669.3 crore while revenue was higher by 5 per cent at Rs 6,087.8 crore from the previous year.
"2015-16 has been a year of successful execution on our strategy road map in terms of TCV growth and profitability. 2016-17 will see greater predictability and acceleration of our business," Mphasis CEO and Executive Director Ganesh Ayyar said.
During the reported quarter, Mphasis saw its direct international revenue growing 25.1 per cent y-o-y. The total contract value (TCV) of the deals that were bagged in the quarter stood at USD 76 million.
In April, the US-listed Blackstone had said it will invest up to Rs 7,071 crore to acquire a majority stake in mid-sized IT services exporter Mphasis from Hewlett Packard Enterprise.
Blackstone India proposed to acquire HP's 60.5 per cent stake in the company, triggering an open offer for acquiring another 26 per cent from other shareholders of Mphasis.