HP-owned IT services firm MphasiS today reported a marginal dip in consolidated net profit to Rs 184.4 crore for the quarter ended January 31,2013.
This is against a net profit of Rs 184.84 crore for the November 2011-January 2012,MphasiS said in a statement.
The company’s revenues declined 8.05 per cent to Rs 1,257.08 crore for the reported quarter as against Rs 1,367.18 crore for the corresponding period last year.
The banking and capital market segment contributed Rs 315.98 crore to the quarter’s revenues,while insurance accounted for Rs 154.18 crore.
IT,Communication and Entertainment vertical contributed Rs 317.06 crore and Emerging Industries segment accounted for Rs 493.21 crore of the quarter’s revenues.
The consolidated revenues for the first quarter were down by 3.8 per cent sequentially primarily on account of annual holiday shutdown at various clients,it said.
Direct business revenues grew seven per cent year-on-year to Rs 621 crore.
“Direct business is gaining traction and we are seeing pipeline building in the US and India. Digital Risk has joined our family and that further enhances our hyperspecialisation,” MphasiS CEO Ganesh Ayyar said.
The direct vs HP business mix shifted from 42:58 in Q1 FY’12 and 46:54 in Q4 FY12 to 48:52 in Q1 FY’13 further reducing client concentration risk,it said.
Cash and cash equivalents increased by Rs 170 crore during the quarter to reach Rs 3,110 crore on January 31,2013.
The company said Balu Doraisamy and Francesco Serafini have resigned as Directors of the Company with effect from February 14,2013.
James Mark Merritt has been appointed as additional director and Narayanan Kumar has been appointed as an Independent additional director,effective February 15,2013.
In addition,Lakshmikanth K Ananth has been appointed as an additional director effective February 28,2013.