Mphasis Nov-Jan net up 28 p.c

MUMBAI, INDIA: Indian IT services provider MphasiS Ltd today reported a nearly 28 per cent rise in its quarterly net profit helped by new outsourcing contracts won mainly due to its partnership with Hewlett-Packard Co.

The company, 61 per cent owned by Hewlett-Packard, said on Wednesday net profit in the quarter ended January 31, 2010 rose to 268.3 crore rupees from 210 crore a year ago, which is a rise of 27.7 per cent. The group’s consolidated revenue increased by 21.9 per cent to Rs 1,191.6 crore for the reporting quarter from Rs 977.7 crore for the corresponding quarter in the previous year.

EPS increased to Rs 12.80 from Rs 10.05 over the same period last year, recording a growth of 27.3 per cent.

“I am thrilled to see that we have crossed the $250 million mark in the very first quarter of 2010. Our customer acquisition engine worked well. We continue to focus on operational excellence to deliver value to our customers.” said Ganesh Ayyar, CEO MphasiS.

During the quarter ended 31 January 2010, the Group added 19 new clients, across 6 verticals -11 from the HP Channel, it said in a statement. The clients include one of the largest home improvement specialty retailer and a major brokerage house.

This quarter the Group recorded a net headcount increase of 2,166 to take the total employee number to 35,690.

Last November, MphasiS changed its financial year from April-March to November-October to align with Hewlett-Packard.