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Mphasis’ Q1 net profit climbs 73%

Mphasis’ Q1 net profit climbs 73%
PTI
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First Published: Tue, Aug 07 2007. 01 52 PM IST
Mumbai: Bangalore-based IT firm Mphasis Ltd has posted 73.47% rise in its net profit to Rs48.73 crore for the quarter ended 30 June, 2007 as compared to Rs28.09 crore for the same period last fiscal.
Total income increased 49.78% to Rs346.54 crore for the quarter ended 30 June 2007 as against Rs231.36 crore during the same period a year ago, the company today informed the Bombay Stock Exchange in a communique.
The company is now majority-owned by US firm EDS Corp., and the results of Mphasis have been consolidated with EDS India.
“With the legal merger now complete we are in a position to declare the aggregate results of the organisations and the numbers are a testimony to the joint synergies,” Chairman Jerry Rao said while commenting on the results.
“As a combined group with EDS, we are growing from strength to strength and the proof of that is the fact that together we are winning in the marketplace,” he said.
Rao further said that the annualized revenue run rate was now well over half a billion dollars and the profitability was on track as well, despite the strength of the rupee.
The Group’s net profit shot up 57.36% to Rs 51.30 crore for the quarter ended 30 June as against Rs32.60 crore for the same quarter previous year.
Total income rose 33% to Rs513.90 crore for the quarter ended 30 June compared to Rs383.64 crore for the same quarter last year.
The shares of the company today closed 5.05 % down at Rs288.45 on the BSE.
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First Published: Tue, Aug 07 2007. 01 52 PM IST