Mphasis Q1 net profit up 73.48% to Rs.48.73 Crores

Mphasis Ltd has announced the following Audited results for the quarter ended June 30, 2007.

The Company has posted a net profit of Rs 487.382 million for the quarter ended June 30, 2007 as compared to Rs 280.930 million for the quarter ended June 30, 2006. Total Income has increased from Rs 2313.651 million for the quarter ended June 30, 2006 to Rs 3465.408 million for the quarter ended June 30, 2007.

The Consolidated results are as follows: The Group has posted a net profit of Rs 513.048 million for the quarter ended June 30, 2007 as compared to Rs 326.009 million for the quarter ended June 30, 2006. Total Income has increased from Rs 3836.489 million for the quarter ended June 30, 2006 to Rs 5139.050 million for the quarter ended June 30, 2007.

Commenting on the results Mr. Jerry Rao, Chairman, said "With the legal merger now complete we are in a position to declare the aggregate results of the organizations and the numbers are a testimony to the joint synergies. As a combined group with EDS, we are growing from strength to strength and the proof of that is the fact that together we are winning in the marketplace. Our annualized revenue run rate is now well over half a billion dollars and our profitability is on track as well, despite the strength of the rupee."

In July 2006, the Board of the Company approved the amalgamation of EDS India, a wholly owned subsidiary of Electronic Data Systems Corporation USA, into Mphasis Ltd. EDS India is primarily engaged in providing software development services which includes mainly application services and information technology enabled services containing business process outsourcing services and infrastructure services. The scheme of amalgamation was approved by the shareholders at their meeting on November 13, 2006, and by the Honble High Courts of Maharashtra and Karnataka on February 02 2007 and June 19, 2007 respectively. The necessary formalities to give effect to the amalgamation have been completed thereafter and the above results take cognizance of the same.

The company has reported an Earnings Per Share (EPS) of Rs.2.34 for the quarter ended June 30, 2007 compared to Rs.0.66 during quarter ended June 30, 2006.

The stock closed the day at Rs.288.45, down by Rs.15.35 or 5.05%. The total traded quantity was 244444 compared to 2 week average of 338368. The stock hit an intraday high of Rs.300 and low of Rs.284.

Source : Equity Bulls

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