The Hindu Business Line : MphasiS Q4 net up 27%

Bangalore May 1 The MphasiS Group has reported an increase of 27 per cent in its net profit at Rs 45.6 crore for the quarter ended March 31, 2007, compared with Rs 35.8 crore for the corresponding period in the previous fiscal. Its revenue recorded a 10 per cent growth from Rs 306 crore during Q4 of 2006 to Rs 337 crore in Q4 of 2007.

Consolidated revenues at Rs 337 crore increased by 35 per cent, despite strong rupee against dollar denting Rs 1.2 crore.

For the year ended March 31, 2007, the group recorded revenues of Rs 1,196 crore, a growth of 27 per cent over the previous year. Operating profits for the year remained almost flat. Forex losses of Rs 12.5 crore and a tax charge of Rs 13.6 crore during the year compared to forex gains of Rs 8.5 crore and a lower tax charge of Rs 5.8 crore contributed to a reduction in net profit by 20 per cent from Rs 150 crore during the previous year to Rs 120 crore during the year, said a company release.

Final dividend

The board of directors has recommended a final dividend of Rs 3 per share for 2006-07 maintaining the payout from last year.

Pending approval of the High Court of Karnataka of the merger between EDS India and MphasiS, the above numbers relate to only MphasiS.

During the year ended March 31, 2007, EDS India recorded (unaudited) revenues and a net profit of about Rs 570 crore and Rs 59 crore, respectively.

Commenting on the results, Mr Jerry Rao, Chairman, said: "This fiscal has been one of great challenges and achievements. We have grown from strength to strength after a subdued first quarter to record our highest ever profits as a company. As a combined group with EDS India, we have crossed 20,000 people and are looking at building on this solid foundation in the time to come.''

The Group had a healthy cash reserve of Rs 123 crore as on March 31, 2007. Billing rates in application services remained steady at $67 per hour onsite and $22 per hour offshore while BPO rates improved to $10 per hour, thanks to the increased share of knowledge process outsourcing services being carried out, the company said.

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