MphasiS wins Rs 250-cr contracts from US

IT services provider MphasiS, an EDS company, is reported to have won a clutch of contracts worth $50 million (around Rs 250 crore) from US companies in the areas of systems integration and infrastructure technology outsourcing (ITO).

“The contracts reflect the resolve of American companies to strengthen their technology associations with Indian IT companies. The possibilities for offering integrated IT-BPO services on some of these contracts is high,” a source said. The ITO division is currently MphasiS’ fastest growing business with over 4,500 people servicing over 50 clients globally.

An MphasiS spokesperson declined to comment on the contract wins, saying the company is currently working on its its first quarter results, which will be announced on February 27.

Controlled by Hewlett-Packard, which had acquired MphasiS’ holding company EDS in May last year, the Bangalore-based company provides applications services, remote infrastructure services, BPO and KPO services to worldwide clientele. MphasiS has also opened an Office of Technology and IP Strategy to foster inhouse innovation via a combination of technology know-how, domain and process expertise.

Over 28,300 people are on MphasiS’ rolls currently, servicing clients in the financial services, consumer, healthcare, government, transportation and retail industries. The company posted a consolidated net profit after tax of Rs 295 crore for the seven-month period ending October 2008, from Rs 140 crore posted in the corresponding period a year ago. Revenues in the April-October period touched Rs 1,907 crore as against Rs 1,353 crore posted a year earlier.

MphasiS’ blue chip clients include JP Morgan Chase, Royal Bank of Scotland, Fedex, Merrill Lynch and Citi. The company has said that it witnessed record EPS growth of 111 per cent in 2008 with operating profit increasing 72 per cent.