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Friday, Jan 09, 2004

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MphasiS BFL group Q3 net up 57 pc

Our Bureau

Bangalore , Jan. 8

THE MphasiS BFL group has posted a 57 per cent rise in net profit for the third quarter ended December 31, which touched Rs 28.5 crore compared to the corresponding previous period.

Revenues grew by 28 per cent year-on-year to Rs 148.63 crore during the quarter.Revenue from software services grew by 2.2 per cent sequentially to touch Rs 100.30 crore during the period under review. However, net margins in software business remained steady at close to 21 per cent.

The company added 204 staff to its software business and managed to sign nine new clients for its software business.MsourcE, the BPO subsidiary, saw its revenue increase by 84 per cent to touch Rs 48.32 crore against Rs 26.22 crore earlier.MsourcE registered a net profit of Rs. 7.55 crore against a net loss of Rs 1.89 crore in the corresponding previous quarter.Mr Jerry Rao, Chairman and CEO, said: "The group has had a very good quarter with profits at our BPO subsidiary. Client additions in the software business have been particularly encouraging and expectations are that this trend will continue in the immediate future."

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