MphasiS slips over 2% as Q1 net profit declines to Rs 180.6 crore

NEW DELHI: MphasiS Ltd plunged as much as 2.2 per cent in trade on Friday, after HP-owned IT services firm reported a 2 per cent fall in consolidated net profit at Rs 180.6 crore for the first quarter ended January 31, 2014.

The firm follows November-October as the fiscal year.

At 09:50 a.m.; MphasiS was trading 1.4 per cent lower at Rs 388.50. It hit a low of Rs 385.25 and a high of Rs 393.90 in trade today.

The Bangalore-based firm had posted a net profit of Rs 184.4 crore in the year-ago period, it said in a BSE filing. Consolidated revenues for the November-January quarter of FY2013-14 rose 24.4 per cent to Rs 1,564 crore against Rs 1,257 crore for the same quarter a year ago.

In the August-October quarter of 2013 fiscal, MphasiS had reported a consolidated net profit of Rs 190.2 crore and revenues of Rs 1,594 crore, PTI said in a report.

Commenting on the performance, MphasiS CEO Ganesh Ayyar said: "We are building an innovation-led, high value, specialised and customer focussed organisation. We firmly believe IT services in its current state would cease to exist in times to come.