Mphasis Q3 net up 21 pc to Rs 204.3 cr

IT company Mphasis today posted a 21.10 per cent rise in consolidated net profit at Rs 204.3 crore for the third quarter ended December 2016.

Mphasis' board also approved a buy-back at maximum price of Rs 635 per share, aggregating to Rs 1,103 crore, pending shareholder and regulatory approval.

Its net profit stood at Rs 168.7 crore during October- December 2015, Mphasis said in a statement.

Income from operations were higher by 1.3 per cent to Rs 1,536.1 crore in the reported quarter from Rs 1,515 crore in the year-ago period.

Last year, private equity firm Blackstone had bought a majority stake in Mphasis from Hewlett Packard Enterprise (HPE) for about USD 1.1 billion.

"We are pleased with the performance for this quarter, especially with strong total contract value (TCV) wins. We will continue to build on these and position the company for greater acceleration," Mphasis CEO and Director Nitin Rakesh said.

Mphasis saw robust new deal wins with USD 96 million TCV in direct international business, of which 51 per cent was in new generation services.

The company saw its direct core revenue grow 1.2 per cent quarter-on-quarter and 8.4 per cent year-on-year. HP business grew 1.8 per cent sequentially.

Revenues from banking and capital market during the reported quarter stood at Rs 741.9 crore, while insurance was at Rs 227.4 crore, IT, communication and entertainment at Rs 147.3 crore and emerging industries at Rs 398.6 crore.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)