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The stock prices of the company fell more than 3% during the Wednesday trading session even after announcement of the proposal to buy-back equity shares worth up to Rs.988.27 crore. Mphasis said in the BSE filing that the company’s board has approved the buy-back of shares from all the existing shareholders at the maximum price of Rs.1350 per equity share.The resultant equity shares to be brought back at the maximum price is 73,20,555 equity shares.
The IT services company based in bangalore, released their June end quarterly financial report of current fiscal year with a consolidated profit of Rs.258.3 crore as compared to Rs. 237.6 crore of previous march end quarter, a 8.7 % hike in profit levels. Their revenue showed a 4.3% increase to Rs.1820.2 crore against Rs. 1744.5 crore of the previous year same period.
The company also reported a 38% increase in profit against Rs. 187.19 crore of the June end quarter of previous fiscal period (2017). The company’s EBITA (earnings before interest, tax and amortization) rose 34.4% to Rs. 347.39 crore. Last year Mphasis had completed the buy-back of 1,73 crore shares with the total outlay of Rs.1103 crore.
