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Tuesday, Oct 31, 2006

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Forex loss, tax charge dent MphasiS BFL net

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Bangalore , Oct. 30

The MphasiS BFL Group has reported a 54 per cent rise in consolidated net profit at Rs 23.4 crore for the quarter-ended September compared to Rs 15.2 crore in previous quarter.

Consolidated revenues grew 12 per cent to Rs 291.9 crore compared to Rs 260 crore in the previous quarter.

On a year-on-year basis, the consolidated net profit declined by 42 per cent while the revenues grew 28 per cent over corresponding quarter last year. The net profits this quarter were impacted by a forex loss of Rs 6.9 crore and a tax charge of Rs 3.9 crore compared to a forex gain of Rs 4 crore and tax charge of Rs 90 lakh in the corresponding quarter last year.

Revenues from IT services business grew 12.6 per cent to Rs 205.7 crore, while the BPO business grew by 10.6 per cent to Rs 86 crore over previous quarter. Operating margins improved to 11.2 per cent during the quarter from 6.3 per cent in the previous quarter.

Mr Jerry Rao, CEO and Chairman designate, said: "We have crossed the Rs 500-crore mark in revenues in six months this year. While the year-on-year revenue growth is back on track, we are still some way from getting back to historical margin trajectories. Business from EDS has started flowing and the integration with EDS India is progressing well".

MphasiS has added over 1300 people this quarter to increase overall headcount to cross the 12,000-mark. Ten new clients in software services and one in BPO were added during the quarter. MphasiS stock closed almost flat at Rs 231.30 on the BSE on Monday.

Recently, EDS made an open offer for approximately 32.95 million shares of MphasiS. The offer is slated to open on November 27 and close on December 18.

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