IT services firm Mphasis today posted 12.83 per cent decline in consolidated net profit at Rs 189.43 crore for the second quarter ended April 30,2012,compared to the same period last fiscal.
The company’s consolidated net profit stood at Rs 217.32 crore in the quarter ended April 30,2011,Mphasis said in a filing to the BSE. On sequential basis,net profit was up 2.5 per cent.
The company’s fiscal year runs from November to October.
However,net sales for the reported quarter were up 5.71 per cent at Rs 1,328.87 crore from Rs 1,257.06 crore in the year-ago period.
The banking and capital market business contributed Rs 344.22 crore,while insurance and IT,Communications and Entertainment segments accounted for Rs 153.69 crore and Rs 349.39 crore in Q2 FY’12.
Emerging industries vertical contributed Rs 505.52 crore in the same period.
“Combination of cost optimisation and improved quality of revenue were the key drivers resulting in improved profitability. Our hyper specialisation journey continues and that is generating higher quality pipeline,” MphasiS Chief Executive Officer Ganesh Ayyar said.
Cash and cash equivalents increased by Rs 157 crore during the quarter to reach Rs 2,339 crore.
MphasiS,a part of the HP group,has over 37,000 employees globally and services clients in banking and capital markets,media and entertainment,insurance,manufacturing,communications,healthcare and life sciences among others.