MphasiS FY11 net dips, shares tank

Indian software and back-office services provider MphasiS, in which Hewlett Packard Co holds a majority stake, reported a 24.67-per cent decline in net profit at Rs821.62 crore for the financial year ended on 310 October  2011.

The company posted a net profit of Rs1,090.75 crore in the previous financial year, according to a statement issued late on Wednesday.

The company's shares tanked on BSE on Thursday, with they underperforming the benchmark index in opening trades.

The Bangalore-based firm's shares closed down 3.2 per cent at Rs314.40 rupees, while the 30-index BSE Sensex closed up 2.23 per cent at 16,483.45 points.

"While our strong domain presence is resulting in growth within banking, financial services and insurance, we are now seeing good success in the infrastructure business, especially in India," Mphasis chief executive officer Ganesh Ayyar said in a statement.

''While the global outlook has turned increasingly volatile in recent months, we have remained focused on deepening our engagements and delivering greater customer value,'' Ayyar said.