Mphasis BFL Q1 net up 81%
Economic Times - July 9, 2004

MUMBAI: MphasiS BFL, a mid-sized Indian software services exporter, posted a much higher-than-expected 81 per cent rise in quarterly profit on Friday on increased technology and back-office outsourcing.

Bangalore-based MphasiS reported a consolidated net profit of Rs 35.3 crore in its fiscal first quarter ended June 30, up from Rs 19.5 crore a year earlier and much higher than the median estimate of Rs 27.6 crore in a poll.

Its revenue rose 35 per cent to Rs 176 crore, a tad higher than the poll forecast of Rs 175 crore.

The company's shares rose to the day's high of Rs 293 after the results, up nearly 9 per cent in a modestly higher broad market.

It said it added 11 clients and 762 employees in the past quarter.

Its back-office subsidiary, MsourcE, whose results are clubbed with that
of the parent, accounts for a third of total revenue and has grown robustly in recent quarters. The sector's bellwether, Infosys Technologies reports its quarterly earnings on Tuesday.

http://economictimes.indiatimes.com/articleshow/771822.cms

 
Mphasis spurts on surge in Q1 net profit
Capital Market - July 9, 2004

Shares of the IT services and BPO firm surged today after the company reported 81% jump in its Q1 June 2004 consolidated net profit.

Mphasis BFL shares were up 6% on BSE in mid-morning trades at Rs 286. The stock hit a high of Rs 293. 30,600 shares changed hands in the counter on BSE.

The stock surged today soon after the company announced its Q1 June 2004 results. The results hit the market just a few minutes back.

The stock witnessed a bout of volatility ahead of the result announcement. After bouncing back sharply in the last few days the stock pared some of those gains ahead of the results on profit taking. With effect from 26 May 2004 the stock turned ex-bonus (for 1:1 bonus).

In mid-May 2004, RBI hiked FII investment ceiling in Mphasis to 100% of its equity compared to the earlier limit of 24%. The approval for the raising of FII limit by RBI came after the company’s shareholders approved of the move. It may be recalled that FIIs hiked their stake in Mphasis to 21.65% as on 31 March 2004 from 17.8% as on 31 December 2003. During the same period, local funds pared their stake to 11.5% from 12.91%.

Mphasis BFL today reported a 81% jump in its Q1 June 2004 net profit at Rs 35.28 crore as compared to a net profit of Rs 19.49 crore in Q1 June 2003. Consolidated total income has risen 37.8% to Rs 183.34 crore from Rs 133.01 crore. The company’s BPO business under its subsidiary Msource led the growth in Q1. Msource has been the growth engine for Mphasis in recent years.

The company has declared an interim dividend of Rs 1.50 per share. The record date for the payment of interim dividend is fixed as July 30, 2004.

 
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