MphasiS Q2 net up 58%

By : |October 9, 2003 0

BANGALORE: MphasiS BFL Limited has reported a 58 percent rise in quarterly earnings on rising outsourcing demand from overseas clients looking to cut costs.

The company, which has discount brokerage giant Charles Schwab Corp and U.S. financial titan Citigroup Inc among its main clients, said its July-September net profit rose to Rs 25.46 crore from Rs 16.13 crore a year earlier. Revenue rose 39 percent to Rs 143 crore.

A Reuters poll of 17 brokerages had forecast the Bangalore-based mid sized software exporter company to report a net profit of Rs 20.8 crore on a revenue of Rs 141 crore.

MphasiS’ shares rose as much as 8.3 percent to Rs 530 in early trade while the Bombay Stock Exchange’s main 30-share index was up about half a percent.

They had rallied around 41 percent in the past three months to Wednesday’s close, outperforming a 31 percent rise in the infotech index.

The firm, an early entrant into the booming call centre and back-office services sector, said it was retaining its growth forecast for full-year net profit at 40 to 45 percent and for revenue at 30 to 35 percent.

MphasiS said in a statement its gross margins in the software business had improved despite an appreciation in the rupee.

It said its business process outsourcing division MsourcE had also posted a profit during the quarter.

© Reuters

No Comments so fars

Jump into a conversation

No Comments Yet!

You can be the one to start a conversation.