MphasiS defies slowdown, posts 4-fold rise in net

MpahsiS Group, Indian software services subsidiary of global technology major Hewlett Packard, riding on improved efficiencies has reported four times jump in net profit to Rs 210 crore for its first quarter ended January 31, 2009 as compared to corresponding quarter of last year.

MphasiS operates a November - October accounting year. MphasiS has reported a topline surge of 58 per cent to Rs 977 crore as its boosted its volumes effectively. Operating profit also shot up nearly 4 times to Rs 210 crore as synergies of leveraging HP global network started to flow in.

On a sequential quarter, the net profit was up almost 15 per cent, while the topline moved by a little over 9 per cent. During the last quarter ended January 2009, MpahsiS added 9 new clients including 6 relationships from HP.

"The MphasiS team moved has produced good results after careful planning in the last few quarters, keeping out costs down and aggresively seeking business across all sales channels. In today's challenging market, we will intensify our focus on operational excellence and productivity enhancement," said Ganesh Ayyar, CEO, MphasiS.

The company added a total of 1,193 people during the quarter taking the total headcount to just short of 30,000.