The Hindu Business Line : MphasiS BFL net up 20 pc

MphasiS BFL Ltd reported a 20-per cent growth in its consolidated net profit for 2005-06 whereas its revenues grew by 23 per cent for the same period. The company reported a net profit of Rs 149.86 crore on revenues of Rs 940.11 crore as compared with a net of Rs 124.6 crore on revenues of Rs 765.67 crore in the previous year.

The board has recommended a final dividend of Rs 3 per share for the year. Revenues from software business grew by 33 per cent to Rs 642.15 crore during the year, while the BPO business saw a muted growth of 4.8 per cent to Rs 297.96 crore.

Net profits for the quarter-ended March 31, 2006 grew 14 per cent to Rs 35.16 crorewhile revenues were up 22 per cent to Rs 250.50 for the same period. On a sequential basis, the net profit growth declined 13.9 per cent on account of tax charges while revenues were up 3.3 per cent quarter-on-quarter for the March quarter.

MphasiS added 14 new clients including two in the BPO business during the quarter. The company saw its onsite billing rates increase to $65 per hour while offshore rates dipped marginally to $20. The BPO rates remained flat at $9. Total cash balances as of March 31, 2006 have improved to about Rs 100 crore.

Buy-back off

MphasiS said that it has called off its securities buy-back offer. The company informed the Bombay Stock Exchange that the board of directors had decided not to proceed with the buy-back of securities proposed earlier, in view of the conditional open offer by global IT services company, EDS for acquiring 52 per cent stake in the company.

MphasiS shares closed 5 per cent lower at Rs 203.30 on the BSE on Wednesday.

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