Tags:
Journalism of Courage
The Mphasis BFL group came out with disappointing results for the quarter ended December 2004. The net profit for the quarter declined to Rs 26.86 crore, showing a dip of 5.7 per cent from Rs 28.50 crore during the same quarter last year.
The Mphasis results triggered a selling spree on stock markets. The BSE IT Sector index ended 26.52 points, or 1.06 per cent, lower at 2,465.40, coming off its day8217;s high of 2,514.18.
MphasiS BFL down 6.52 per cent to Rs 257.35 traded lower as selling continued after the company said it is likely to miss its full year earnings guidance. Infosys and Wipro also closed lower.
Company Chairman Jerry Rao said its earnings growth for FY 2005 would be in the range of 25-30 per cent lower than the 35-45 per cent forecast earlier. The group has recorded total revenue of Rs 191.82 crore for Q3, representing a rise of 29.1 per cent over total revenue of Rs 148.63 crore for the same quarter in the previous year.
The group8217;s consolidated revenue in Q3 has also shown a decrease of 0.6 per cent over total revenue of Rs 192.99 crore for the quarter ended September 2004. The net profit has shown a dip of 14.7 per cent over the net profit of Rs 31.51 crore for the quarter ended September 2004.
