The Telegraph
Since 1st March, 1999
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MphasiS zooms in profit run

Mumbai, April 12: MphasiS today logged a 23 per cent rise in its quarterly net profit at Rs 30.96 crore, beating analysts' expectation of around Rs 30 crore and foreshadowing robust numbers from infotech majors like Infosys.

The bottomline bounty was topped up with a lollypop for shareholders, who will savour a 1:1 bonus issue. As wraps came off the numbers, there also lay a gleaming crystal ball ' the forecast that profits will go up by 30 per cent and group revenues by around 25 per cent.

'Our IT business has grown at a healthy rate and we have expanded our portfolio of services as well as our geographic footprint, besides increasing our headcount substantially. In BPO, we have grown exponentially, helped by our first-mover advantage. The year ahead will be one of consolidation on the back of our recent acquisitions that have expanded our scale and depth of offerings,' chairman and chief executive Jerry Rao said.

Excitement over the rosy numbers rippled through to the bourses, where the MphasiS stock peaked at Rs 278.80 before ending with a gain of Rs 16.25 at Rs 250.85. Close to 7.10 lakh shares changed hands on a turnover of Rs 18.26 crore.

The performance raised hopes that other technology big names will reel off similar sets of heady figures when they unveil their scorecards over this week and the next. That optimism fuelled a recovery in the BSE sensex, which closed with a gain of 67 points ' the first in several days. The index opened at 6407.39 and hit a high of 6472.04 before ending at 6464.61 against Monday's close of 6397.52, a rise of 67.09 points, or 1.05 per cent.

The consolidated net profit of MphasiS stood at Rs 124.62 crore, an increase of 26 per cent over Rs 98.58 crore in the previous year. Consolidated revenues for the year rose 32 per cent to Rs 765.67 crore from Rs 580.58 crore. On a stand-alone basis, the net profit was Rs 21.32 crore for the quarter ended March over Rs 18 crore same time last year.

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