MphasiS HP-owned IT services firm today reported a 2 percent fall in consolidated net profit at Rs 180.6 crore for the first quarter ended January 31, 2014. The Bangalore-based firm had posted a net profit of Rs 184.4 crore in the year-ago period, it said in a BSE filing.
Consolidated revenues for the November-January quarter of FY2013-14 rose 24.4 percent to Rs 1,564 crore against Rs 1,257 crore for the same quarter a year ago. The firm follows November-October as the fiscal year.
In the August-October quarter of 2013 fiscal, MphasiS had reported a consolidated net profit of Rs 190.2 crore and revenues of Rs 1,594 crore. Commenting on the performance, MphasiS CEO Ganesh Ayyar said: "We are building an innovation-led, high value, specialised and customer focussed organisation. We firmly believe IT services in its current state would cease to exist in times to come.The firm's cash and cash equivalents rose by Rs 159 crore in the reported quarter to Rs 2,647 crore.
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