Mphasis Net Profit Grows 14.1% YoY to Rs 3,415 Million; Gross revenue up 17.4% year-on-year in Q2FY22

Mphasis Limited, an IT solutions provider specializing in cloud and cognitive services, announced its financial results for the second quarter ended September 30, 2021 on Thursday.

The IT company’s gross revenue increased 6.4% quarter-on-quarter and 17.4% year-on-year on a reported basis. In constant currency, growth was 6.6% quarter-on-quarter and 17.2% year-on-year. New TCV earnings of 241 million USD at T2FY22 Live, 68% of which in next-generation services. Direct revenue increased 9.8% quarter-on-quarter and 31.8% year-on-year on a reported basis. In constant currency, revenue increased 9.9% quarter on quarter and 31.5% year on year.

Net profit increased 0.5% quarter on quarter and 14.1% year on year to reach 3,415 million rupees in Q2FY22. Adjusted for merger and acquisition costs, net profit increased 5.2% quarter on quarter and 19.5% year on year to Rs3.574 million. EPS increased 0.4% qoq and 13.7% yoy to Rs18.23 in Q2FY22. Adjusted for merger and acquisition costs, EPS increased 5.1% quarter-on-quarter and 19.0% year-on-year to Rs19.09.

At around 9:55 am, Mphasis Ltd was trading at Rs 3,348.10 per coin, down Rs 48.3, or 1.42% from its previous close of Rs 3,396.40 per coin on BSE.

“Our portfolio share gains in strategic accounts, as well as our growing success with new clients, is a testament to our ability to continually expand the addressable market within our clients, going beyond traditional services. We believe that our broad success with our clients positions us well for industry-leading growth in our direct business for fiscal 22. ”said Nitin Rakesh, CEO and General Manager of Mphasis.

Winning case:

• Mphasis has reached an agreement with one of the leading financial services companies to modernize its option clearing process and technology to enable scaling. Mphasis proactively provided a modernization perspective which was accepted by the customer.
• Mphasis was chosen as a strategic partner by a large American bank to migrate several of its applications to the new data center, by modernizing the applications according to the reference architecture.
• Mphasis has partnered with a leading loyalty platform provider (new logo) as part of its digital transformation to create memorable experiences for its customers, merchants and partner companies.
• One of the main logistics providers has selected Mphasis as a partner in its flagship program to modernize its applications and infrastructure by making core technologies more flexible and able to operate at lower cost.