MphasiS net rises 18%

MphasiS, the information technology and business process outsourcing (BPO) services provider, has posted an 18.3 per cent growth in net profit to Rs 271.2 crore ($58.5 mn) in the third quarter ended July 31, when compared with the corresponding period last year.

A subsidiary of HP (which owns 61 per cent of it), it saw major growth in divisions such as manufacturing, healthcare and BFSI (banking, financial services and insurance). The HP connection helps considerably, with many clients passed on. Operating profit during the quarter saw 14.5 per cent growth on a year-on-year basis, to Rs 276 crore.

Consolidated revenue grew by 15.7 per cent to Rs 1,279 crore ($275.6 mn) as compared with the same period last year. At this rate, the company should achieve the $1-billion revenue mark this year, for the first time. In the previous accounting year, MphasiS had reported a revenue of about $870 million.

“We have crossed over $250 mn quarterly revenue for three quarters in a row. We are now transforming ourselves in preparation for the next lap of growth,” said Ganesh Ayyar, CEO.

When compared with the quarter ended April 30 (sequential quarter basis), net profit grew marginally by 1.5 per cent and revenue grew by 4.8 per cent. The company added 22 clients during this quarter, including 16 through the HP channel.