Hewlett-Packard-owned MphasiS announced their loss by 11% at Rs 194.8 crore for the third quarter ended July 31. Company is blaming wage hikes and steeper tax rates for the down. In the last quarter the company’s net profit was at Rs 219.29 crore.
Operating profit also down by 24% to Rs 208 crore compared to last year’s Rs 276 crore for the same period. Consolidated revenues of the company rise 2.9% at Rs 1,294 crore compared to Rs 1,257 crore in the previous quarter. Revenues increased 1.1 % compared to the corresponding quarter last year.
“Uncertainty in the external market requires a company that is adaptive. That is exactly what we did in 2009,” told Ganesh Ayyar, CEO, MphasiS. “We at HP anticipating a tough year ahead and has cut a billion dollars from its sales forecast for the year,” he adds.
Recently Hewlett-Packard announced that it will buy UK-based software firm Automony for $10 billion.
