Mphasis has an emphatic fall

The market is pretty disappointed with the performance of Mphasis though it was well within the expectations. The company posted a 9% (QoQ) growth in consolidated net profit at Rs.258 crore and revenue rose 7% at Rs.1820 crore. In constant currency, revenue growth was 3%.

The company added 12 clients in the quarter, with seven additions in the emerging industries vertical.

The company also announced a buyback at maximum price of Rs 1,350 per share, which represents 3.79% of the total paid up equity share capital.

The company's promoter group has also expressed interest to participate in the share buyback. Marble II, a unit owned by PE firm Blackstone, which recently sold 8% stake in the IT company at Rs 960 per share, is the promoter of the company with 52.37% stake.

The stock price is down in the red today, figuring among the top five losers on the BSE. The price slipped almost 4% to the day’s low point till now at Rs.1148.65.