Infotech company MphasiS Ltd has posted a 40.3 per cent rise in its consolidated net profit at Rs 19.49 crore (Rs 194.9 million) for the first quarter ended June 30, 2003 as against Rs 13.89 crore (Rs 138.9 million) in the same quarter of 2002-03.
The revenues for the reporting quarter grew by 45 per cent at Rs 130.22 crore (Rs 1.302 billion) over the Q1 of 2002-03, the company said in a release in Mumbai on Wednesday.
Commenting on the first quarter performance, company chairman and managing director Jerry Rao said: "We have had a good quarter across the group with healthy growth in revenues and profits."
However, the software margins have reduced as anticipated due to an increase in salaries, addition of people to support future growth and an appreciation of the Indian rupee, he said.
"MsourcE, a group entity, continues to ramp-up rapidly and is on a sustained growth track, placing it on course for improved margins in the coming quarters," Rao said.
The increase in software profits over last year is due to a 24 per cent increase in revenues and a reduction in selling, general and administrative expenses, it said.