Mphasis BFL Q1 net dips 29%

Mphasis BFL has reported a 29% dip in its net profit at Rs 9.02 crore for the first quarter ended June 30, 2005 as compared to Rs 12.79 crore in Q1FY05. Total income has decreased from Rs 71.06 crore in Q1-05 to Rs 65.56 crore for the quarter ended June 30, 2005.

The Group has posted a 4.50% fall in its net profit at Rs 33.69 crore for the quarter ended June 30, 2005 as compared to Rs 35.28 crore in Q1FY05. Total income has increased from Rs 183.34 crore in Q1-05 to Rs 225.35 crore for the quarter ended June 30, 2005.

Jerry Rao, Chairman and CEO, said "We have started this year on a positive note with IT services showing strong traction. We have had good volume growth all around and billing rates have remained stable. Our operating metrics have also improved thanks to management action taken in the earlier quarters. While the BPO business has been flat this quarter, we have a strong pipeline which will stand us in good stead over the year. Overall a good quarter with a positive outlook for the rest of the year."

According to a release issued by Mphasis BFL to the BSE, the Board of Directors of the company at its meeting held on July 11, 2005, has approved, subject to necessary approvals, a proposal for merger of Kshema Technologies (a wholly owned subsidiary of the company) with itself.