MphasiS quarterly net more than doubles

BANGALORE, INDIA: MphasiS Ltd reported a more than doubling of its quarterly net profit as the mid-sized Indian IT services provider bagged new outsourcing contracts despite a challenging global economic environment.

The company, majority owned by U.S.-based Electronic Data Systems Corp, a unit of Hewlett-Packard Co, said net profit in the quarter ended July rose to 2.29 billion rupees ($47 million) from 1.01 billion a year ago.

MphasiS has changed its financial year from April-March to November-October with effect from Nov. 1, 2008 to align with Hewlett Packard.

The company said its revenue jumped 43 percent to 11.06 billion rupees, as it added 7 new clients during the quarter, including a consumer products maker, a healthcare services provider and a telecoms operator.

Brokerage Motilal Oswal had expected the company to post a net profit of 1.81 billion rupees on revenue of 10.46 billion rupees.