MphasiS BFL Q1 consolidated net drops 55%Our Bureau / Bangalore August 1, 2006The MphasiS BFL Group's net profit for the first quarter of fiscal 2006-07 declined sharply by 55%, on account of salary hikes, to Rs 15.16 crore as against a net profit of Rs 33.70 crore in the quarter-ended June 30, 2006. The consolidated revenue for the quarter rose 19% to Rs 260.68 crore over Rs 219.70 crore in the quarter-ended June 30, 2005. On a sequential quarter-on-quarter basis, the revenue grew 4.1%. "This has been a challenging quarter for us with cost increases from salary hikes eroding our margins. This was aggravated by slow-downs at the front-end due to the long process around the open offer. We are, however, positive about the company
