Mphasis Q1 profit slips 6.5% to Rs187.1 crore
New Delhi: IT company Mphasis on Wednesday reported a 6.5% fall in consolidated net profit at Rs187.1 crore for the period ended 30 June 2017.
The company had posted a net profit of Rs200.3 crore in the same period a year ago, Mphasis said in a statement.
Revenue from operations increased 1.3% to Rs1,535.9 crore for the quarter under review, as against Rs1,516.6 crore in the April-June 2016 quarter. Net of rupee appreciation, growth was 4.8% quarter-on-quarter and 5.8% year-on-year, the statement said.
“Our focused investments in new-generation services, combined with world-class partnerships has accelerated the pace of growth across all channels,” Mphasis CEO and executive director Nitin Rakesh said.
The pipeline of new deals and innovation has never been more robust, and Mphasis continues to emphasise on delivering elevated partner experience, he added.
The company also said the buyback of 17.4 million shares with a total outlay of Rs 1,103 crore has been by Blackstone.
Mphasis booked new deal wins worth USD 183 million (total contract value) in Direct International business, of which 88% in focus areas of digital, NextGen and governance, risk and compliance (GRC).
During the reported quarter, the company completed buyback of 17.4 million shares with a total outlay of Rs1,103 crore, the statement said.
Shares of the company closed 3.06% higher from the previous close on BSE at Rs594.80 apiece.