Mphasis will hold a meeting of the Board of Directors of the Company on 18 October 2018 to consider and approve the audited financial results of Mphasis Limited and Group for the quarter and half year ending 30th September, 2018.

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Net profit of MphasiS rose 3.59% to Rs 170.71 crore in the quarter ended June 2018 as against Rs 164.80 crore during the previous quarter ended June 2017. Sales rose 4.90% to Rs 824.54 crore in the quarter ended June 2018 as against Rs 785.99 crore during the previous quarter ended June 2017.

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Net profit of MphasiS rose 37.99% to Rs 258.31 crore in the quarter ended June 2018 as against Rs 187.19 crore during the previous quarter ended June 2017. Sales rose 18.51% to Rs 1820.22 crore in the quarter ended June 2018 as against Rs 1535.97 crore during the previous quarter ended June 2017.

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The result was announced after market hours yesterday, 7 August 2018.

Meanwhile, the S&P BSE Sensex was up 161.64 points, or 0.43% to 37,827.44.

On the BSE, 26,000 shares were traded in the counter so far compared with average daily volumes of 52,000 shares in the past two weeks. The stock had hit a high of Rs 1214 and a low of Rs 1143.15 so far during the day. The stock hit a record high of Rs 1,237.30 on 25 July 2018. The stock hit a 52-week low of Rs 560 on 11 August 2017.

Separately, MphasiS announced after market hours yesterday, 7 August 2018, that its board approved a proposal for buyback of equity shares from all the existing shareholders of the company on a proportionate basis through the tender offer method at a maximum price of Rs 1350 per equity share, aggregating to an amount not exceeding Rs 988.27 crore. The resultant shares to be bought back with the maximum price is 73,20,555 equity shares of Rs 10 each (representing 3.79% of the total paid up equity share capital of the company). The buyback offer size of Rs 988.27 crore, is 25% of the total paid-up equity capital and free reserves of the company as per the audited financials as at 30 June 2018. The board also recorded the intentions of the promoter to participate in the proposed buyback.

MphasiS is an Information Technology (IT) solutions provider specializing in cloud and cognitive services.

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