The Bangalore-based firm had posted a net profit of Rs 184.4 crore in the year-ago period, it said in a BSE filing.
Consolidated revenues for the November-January quarter of FY2013-14 rose 24.4 per cent to Rs 1,564 crore against Rs 1,257 crore for the same quarter a year ago.
Mphasis follows November-October as the fiscal year.
In the August-October quarter of 2013 fiscal, MphasiS had reported a consolidated net profit of Rs 190.2 crore and revenues of Rs 1,594 crore.
Commenting on the performance, MphasiS CEO Ganesh Ayyar said: "We are building an innovation-led, high value, specialised and customer focussed organisation. We firmly believe IT services in its current state would cease to exist in times to come.
"To deliver greater business value to our clients, we continue to invest in portfolio specialisation, thereby resulting in improved margins."
The firm's cash and cash equivalents rose by Rs 159 crore in the reported quarter to Rs 2,647 crore.
MphasiS added 11 clients during the first quarter.
"On February 13, 2014, the Group has entered into a definitive agreement subject to fulfilment of certain conditions for sale of a business devision on a slump sale basis. Accordingly, the expected loss of Rs 64.4 crore (net tax of Rs 33.2 crore) on such sale of business has been provided for and disclosed as an exceptional item," it said.
MphasiS shares today fell by 2.58 per cent to settle at Rs 394.15 apiece on the BSE Sensex