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Result review
Mphasis – 3QFY2011
Mphasis announced its 3QFY2011 results which were below street as well as our
expectations. The revenues came in at US$290mn, up merely 2.9% qoq on the back of
6.6% qoq growth in revenues from Application services and 4.0% qoq growth in revenues
from ITO services. In rupee terms also growth was 2.9% qoq to `1,294cr. This includes
one-time revenues of `66.5cr so excluding that revenues came in at `1,227cr, down 2.4%
qoq. On the operating front, the company again did reversals in cost of revenues as well
as in SG&A expenses to protect its margins, total amounting to `26.7cr. Excluding all the
reversals, EBITDA margin came in at 12.9% vs. 16.3% in 2QFY2011, down 337bp qoq,
majorly impacted by wage hikes given in the quarter (10.5% to offshore employees and
2.5% to onsite employees). Reported PAT came in at `195cr, however, PAT excluding the
reversals in various costs comes down to only `168cr. The stock is currently under review.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Result review
Mphasis – 3QFY2011
Mphasis announced its 3QFY2011 results which were below street as well as our
expectations. The revenues came in at US$290mn, up merely 2.9% qoq on the back of
6.6% qoq growth in revenues from Application services and 4.0% qoq growth in revenues
from ITO services. In rupee terms also growth was 2.9% qoq to `1,294cr. This includes
one-time revenues of `66.5cr so excluding that revenues came in at `1,227cr, down 2.4%
qoq. On the operating front, the company again did reversals in cost of revenues as well
as in SG&A expenses to protect its margins, total amounting to `26.7cr. Excluding all the
reversals, EBITDA margin came in at 12.9% vs. 16.3% in 2QFY2011, down 337bp qoq,
majorly impacted by wage hikes given in the quarter (10.5% to offshore employees and
2.5% to onsite employees). Reported PAT came in at `195cr, however, PAT excluding the
reversals in various costs comes down to only `168cr. The stock is currently under review.
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