Mphasis Q2 net up 61% to
Rs 16 crore

By siliconindia   |   Monday, 14 October 2002, 19:30 IST
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Mphasis BFL on Monday said that its net profit increased to Rs 16.13 crore for the second quarter ended September 30, 2002 from Rs 10.02 crore in the quarter ended September 30, 2001, a jump of 61 percent year-on-year.

MUMBAI: Jerry Rao, chairman and managing director of MphasisBFL, said the company would not revise its guidance on a quarter-on-quarter basis, but it would meet the guidance given at the beginning of the fiscal. Rao attributed the growth in the Q2 to focus on India offshore-centric model and has nothing to do with an increase in IT spending. The company expects pricing pressure to continue even as it sees growth coming from volumes. The company also expects the global IT spending to improve from the second half of 2003. The onsite business contributed 67 percent to the turnover during the September 2002 quarter. The company has added 100 employees onsite, taking the total strength to 402 employees in September 2002 quarter from 319 in June 2002 quarter. Also, the offshore employee strength declined 20 per cent sequentially to 798 in September 2002 from 988 in June 2002, chiefly because the company sub-contracts seven to eight per cent employees, depending on the availability of the projects. The company added 14 new clients during the quarter under review. While the client attrition rate was zero, the number of dormant clients during the September 2002 quarter was nil. MphasiS added eight clients in the financial services segment.