HP-owned IT services firm MphasiS on Thursday said its net profit declined 9 per cent, while revenues grew 22 per cent for the quarter ended October 31, 2013 on the back of significant deal wins.
MphasiS, which follows November-October fiscal, posted a 9.12 per cent drop in its net profit to Rs 190.22 crore year-on-year on account of higher taxes and increase in interest costs.
The company's consolidated revenues for the reported quarter grew 22 per cent to Rs 1,594.03 crore for the quarter under review from Rs 1,306.16 crore in the year-ago period.
For the year, the company's net profit declined 6 per cent to Rs 743.8 crore, while revenues were up 7.4 per cent to Rs 5,796.3 crore.
The direct vs HP business mix stood at 60:40 at the end of the financial year significantly reducing client concentration risk.
It added 76 new logos during the year and accelerated participation in large deals resulted in significant wins totalling $250 million in total contract value in the last two quarters, MphasiS said.
"Of this, deals with TCV of $115 million were won in Q4 FY 2013," it added.
Talking about the results, MphasiS CEO Ganesh Ayyar said the company's direct business has more than doubled in the last three years.
"Our direct business in mature markets has seen a growth of 63 per cent in the last one year. Our named account strategy, niche portfolio and highly talented workforce are behind this transformational result. We will stay focused with greater level of specialisation, automation and innovation thereby generating higher revenue per employee," he added.
During the fourth quarter, the firm's banking and capital markets business grew to Rs 685.64 crore and from the insurance vertical rose to Rs 199.34 crore.