MphasiS has yet again disappointed the Street with a drop of almost 18.5 per cent in its net profit for the first quarter ended January.

Mphasis has tanked by 17% at Rs 359 after reporting 18% year-on-year (y-o-y) drop in net profit at Rs 185 crore for the quarter ending January 31, 2012 (Q1). Analysts expected a net profit of Rs 203 crore from the mid-cap IT firm.

The company had posted a net profit of Rs 226.67 crore in the corresponding period last year.

Ganesh Ayyar, chief executive officer of MphasiS, refutes the claim that his company has been reducing price to largest customer and shareholder, HP. But he agrees the company needs to work on a new business model to get more business from HP.

"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

Shares of IT firm MphasiS lost over 14% in early trade on the Bombay Stock Exchange today after the company posted a 28% decline in consolidated net profit for the quarter ended July 31 at Rs 194 crore.

MphasiS has dipped 14% to Rs 339 in morning trades after reporting 28% year-on-year (y-o-y) drop in consolidated net profit at Rs 195 crore for the third quarter ended July 2011. The company reported a net profit of Rs 271 crore during the May-July

The company had a net profit of Rs 271 crore during the May-July quarter last year, MphasiS said in a filing to the Bombay Stock Exchange (BSE).

MphasiS has rallied 5% at Rs 368, bouncing back more than 21% from the day’s lows, after the company said that reports of a raid by the Central Bureau of Investigation (CBI) at its premises are "completely false and incorrect".

MphasiS has said that reports of a raid by the Central Bureau of Investigation at its premises are "completely false and incorrect", a top official told Reuters on Monday.

Mid-tier IT services firm MphasiS has entered into an agreement to acquire Wyde Corporation, a US-based insurance software services provider, in an all cash deal.

Software services provider Mphasis Ltd said on Monday it has signed a pact to acquire US-based software vendor Wyde Corp, which is the Bangalore-based co's second investment in the insurance sector.

Information technology (IT) and business process outsourcing services (BPO) provider MphasiS today said the decision of Santander UK to terminate its retail banking-related call centre contract will not have any significant impact on the company.

Mid-tier and large information technology (IT) services companies, which depend too much on one large client or a set of clients for revenues have started to feel the pinch.

IT and BPO firm Mphasis has posted a 18.69% decline in consolidated net profit at Rs 217.32 crore for the second quarter (Q2) ended April 30, 2011 as compared to the same period last fiscal.

The company gives more disclosures this time but there is limited clarity on topline or margin outlook.

MphasiS has dipped 5% at Rs 429 after reporting a 4% quarter-on-quarter (q-o-q) decline in its consolidated net profit at Rs 217 crore for the second quarter ended April 2011. On a year-on-year (y-o-y) basis, the net profit declined by 19%.

MphasiS has slipped 6% to Rs 416 after disappointing results from its US parent, Hewlett-Packard (HP), on Tuesday.

MphasiS has moved up 4% to Rs 468 on reports that the company published the results of its different verticals and average realisation rates.

The shares of MphasiS, an IT services and BPO company that Hewlett Packard (HP) bought in 2008, fell 29 per cent on Friday.