HP-owned IT services firm MphasiS today reported a consolidated net profit of Rs 174.79 crore for the quarter ended June 30, 2014.
The company in a BSE filing said it has changed its accounting year end from October to March, effective November 1, 2013. Consequently to this the figures reported for the corresponding period are for the three months ended July 31, 2013, which is nearest to the reported quarter.
For the three months ended July 31, 2013, MphasiS posted a net profit of Rs 192.64 crore.
Consolidated net stood at Rs 1,490.16 crore for the April-June quarter. Net sales in the three months ended July 30, 2013 were Rs 1,539.77 crore.
Commenting on the performance, MphasiS CEO Ganesh Aiyar said: "This quarter, we saw contrasting trends in our direct business. On one hand we are witnessing accelerated success in our direct organic business.
"On the other hand headwinds in the US mortgage market is impacting digital risk performance."
MphasiS today also announced the appointment of Surayanarayanan S as the company's Chief Financial Officer (CFO). He was serving as the interim CFO.
Cash and cash equivalents for the quarter ended June 30, 2014 stood at Rs 384 crore.
MphasiS shares today fell by 1.29 per cent to settle at Rs 453.75 apiece at the BSE.