The Citibank fraud at its Pune center, and the hype apart, the same story of 2003-04 was repeated last year. The BPO arm at 51% grew at more than double the rate of IT services at 22%. While some reckoned this as a dilution of the company's IT services credentials, many regarded it as the perfect model of synergy established between the IT services and BPO arms of a company. Barring Wipro, Infosys and HCL, no other company in DQ Top50, not even Satyam and Polaris, had managed to achieve this.

MphasiS also actively sought to combine the branding for both IT services and BPO divisions; the first action was to rename MsourcE as MphasiS BPO. M&A was identified as a key growth driver-even as the Kshema and Onida Infotech integration were being completed, it acquired US-based healthcare BPO player Eldorado Computing for $16.5 mn.