Our Bureau in Bangalore
The MphasiS BFL Group has posted a 189 per cent increase in net profit in the first quarter of 2002-03 at Rs 13.85 crore, over the corresponding period of last year.
The net profit for the current quarter also represents an increase of 4.5 per cent over the Rs 13.26 crore posted in the last quarter of 2001-02.
Consolidated revenues at Rs 89.52 crore in the current quarter have increase 23 per cent over the same quarter last year.
The improvement in net profit over last year is due to improved gross margins and a reduction in selling, general and administrative expenses that have come down to 12.3 per cent of the revenue earned in this quarter, compared to 17.4 per cent in the corresponding period last year.
�The software business has been flat and margins are under pressure but we have been able to control our costs and take steps to maintain our profit growth,� said Jerry Rao, the group�s chairman and managing director.
During the first quarter, the group added 15 new clients, including one in MphasiS BPO, the group�s call centre subsidiary.
Commenting on the results, Rao said, �The MphasiS BPO story is unfolding well and we have recorded a profit for the first time�one quarter ahead of our estimate.�
MphasiS BPO recorded a 274 per cent growth in revenues at Rs 14.58 crore in the first quarter, as against Rs 3.90 crore in the corresponding period in the previous year.