BANGALORE: The company profit for the fiscal year 2002-03 touched 669.3 million, up from 409.8 million logged in the financial year ended March 31, 2002. Its consolidated revenues also posted a growth of 37 percent to 4.29 billion. MphasiS also projected a bullish business outlook in the fiscal year 2003-04, saying its revenues are expected to increase by 30 to 35 percent and profit by 40 to 45 percent in the year ending March 31, 2004. "While software has remained more or less flat this quarter as expected, the loss in Msource (the call centre arm of MphasiS BFL) does not represent a trend and we should achieve profitability in the near future," said Jerry Rao, chairman and managing director of MphasiS BFL. Terming the year "another successful year," Rao said that the results exceeded the guidance given 15 months ago "despite an adverse economic climate, an appreciation of the rupee and imposition of new taxes in India". The group added six new clients during the last fiscal year, including one in Msource, and utilisation rates remained almost flat compared with the quarter ended December 31, 2002 at 77 percent. Total cash balance increased to 924 million. The call centre subsidiary recorded revenues of 305.2 million in the January-March quarter of the last fiscal year, as against 86.8 million logged in the same period last year. The loss of 29.8 million in Msource in the last quarter was, however, mainly due to the rapid scaling up of operations. The subsidiary added 463 people taking the total headcount to 2,587 to service its 17 clients. "This means that the business is poised for another year of rapid revenue growth and increasing profitability," said a company statement. "Revenues are expected to grow by over 100 percent in Msource in the year ending March 31, 2004 with operating profit margin levels in double digits in the second half of that period," it added.
Source: IANS