MphasiS BFL Q1 net up 40%

BANGALORE: MphasiS BFL Group has reported a consolidated net profit of Rs 19.49 crore for the quarter ended June 30, 2003, representing an increase of 40.3 percent, as compared to a net profit of Rs 13.89 crore in the quarter ended June 30, 2002.

Revenues at Rs 130.22 crore in the current quarter have increased by 45 percent over the same quarter last year. On a sequential quarter on quarter basis, revenues have grown by 7.7 percent.

The increase in software profits over last year is due to a 24 percent increase in revenues and a reduction in selling, general and administrative expenses. There were 164 people added in the current quarter in the software services business.






During the quarter, the Group added twelve new clients including two in MsourcE, the Group call center subsidiary. Software manpower utilization rates in the quarter were marginally lower compared with the quarter ended March 31, 2003 at 75 percent. However, volumes in terms of billed hours increased by eight percent in sequential quarters. Total cash balances as at 30 June 2003 amounted to Rs 78 crore.





MsourcE recorded revenues of Rs 37.65 crore in the quarter ended June 30, 2003, as against Rs 14.58 crore in the corresponding quarter of the previous year, representing a growth in revenues of 158 percent. On a sequential quarter on quarter basis, this represents a revenue growth of 23.4 percent.





Losses in MsourcE have reduced from Rs 2.98 crore to Rs 0.75 crore this quarter despite the continued rapid scaling up of operations which is reflected in an increase of 533 people in the quarter ended June 30, 2003.