MphasiS has declared its first quarter results. The company's consolidated net profit was down 15% at Rs 227 crore versus Rs 268 crore. Its consolidated revenues were up 3% at Rs 1,230 crore versus Rs 1,190 crore.
Ganesh Ayyar, the CEO and Ganesh Murthy the CFO of MphasiS spoke about the numbers and spoke in defence on what led to the bad set of Q1 numbers. Below are excerpts of the press conference. For complete details watch the accompanying videos. Q: Can you clarify for us your relationship with HP? Ayyar: We have two types of relationship with HP, one, as the majority shareholder and the other as our partner and customer. We have absolute arms length dealing. When we talk about rates and contracts and business with HP, we deal with them exactly the same way as we deal with any other customer. We are extremely prudent when we talk about any reduction in our prices or any movement in our prices. It goes through tremendous amount of approval and governance. Ganesh Murthy, the CFO and I are the only two parties who are allowed to make these decisions. It is not delegated to anybody else. Our track record will demonstrate that we have held our ground and our profits will reflect that we have delivered on our commitments to the market place. Q: Any challenges in the environment with regards to pricing and rate cards? Ayyar: The environment is challenging, wouldnDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
