MphasiS BFL Q2 net profit up 61 pc

Banglore

Bangalore-based MphasiS BFL Group has showed a 61 percent increase in consolidated net profit to record Rs 16.13 crore for the second quarter (Q2) ended September 30, 2002, compared to Rs 10.02 crore during the corresponding period of the previous year. The consolidated revenue for Q2 also showed an increase of 35 percent to record Rs 102.89 crore compared to Rs 76.18 crore compared to the corresponding period of the previous year.

On a sequential, quarter-on-quarter basis, net profit showed an increase of 13.2 percent over Rs 13.89 crore posted in the previous sequential quarter ended June 30, 2002, while revenues showed an increase of 14.9 percent over Rs 89.54 crore.

For the half-year ended September 30, 2002, for the financial year 2002-03, the net profit increased by 102.6 percent to Rs 30 crore compared to Rs 14.81 crore during the corresponding period of the previous year. The revenue also showed an increase of 29 percent at Rs 192.4 crore compared to Rs 148.99 crore during the corresponding period of the previous year.

Software services revenue in Q2 showed a sequential increase of 7.5 percent to record Rs 80.55 crore, while gross margins increased by 31. percent sequentially to 40.2 percent for Q2.

"This has been a quarter of growth not only on our topline, but in our margins as well. Our software business has grown after a couple of flat quarters with a marked improvement in gross margins. MphasiS BPO (the call centre subsidiary) too has been on track and recorded a profit for the second quarter in a row," Jerry Rao, Chairman and Managing Director, said.

The improvement in net profit was due to improved gross margins as well as reduction in general and administrative expenses, which reduced from 15.1 percent of revenues in the quarter-ended September 30, 2001, to 11.5 percent in Q2.

The group also added 14 clients in Q2 including three in MphasiS BPO. Software manpower utilisation rates increased to 74 percent.

MphasiS BPO recorded revenue of Rs 22.34 crore registering a net profit of Rs 1.05 crore. As of September 30, 2002, the call centre has 1,635 people on its roll.

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