IT services provider Mphasis, a HP company, today said its Q2 revenues declined 1.7 percent q-o-q to Rs 1,465 crore.
The company reported a net profit of Rs 160 crore. The Q2 revenue and profit are significantly lower as compared with October 2013. During October 2013 quarter, Mphasis achieved a revenue of Rs 1,594 crore and profit of Rs 190 crore.
Since the Bangalore-based Mphasis changed its financial year from 31 October to 31 March, the company has not shared comparison.
Mphasis in a statement said its direct channel revenue declined 2.1 percent q-o-q in Q2 for quarter ended September 2014, impacted by slowdown in the US mortgage industry and one-time revenue reversals in India Government business.
Operating margins of Mphasis stood at 13 percent impacted by certain one-time revenue reversals and sales expenditure.
“We continue to see good traction in our direct organic business. Our focus on GRC, digital and AMS is paying off,” said Ganesh Ayyar, chief executive officer of Mphasis.
Mphasis said direct organic business revenues in mature markets recorded a sequential growth of 2.5 percent in Q2 FY15.
Direct business stood at 64 percent of consolidated net revenues in Q2 FY15.
