Mphasis Q1 net increases 38% to Rs 2.58 billion, gross income to Rs 18.21 billion



Driven by good growth in key verticals such as banking and capital markets as well as IT, communications and entertainment, IT service provider Mphasis released figures online Tuesday with a 38% increase of its net profit to Rs 2.58 billion in the first quarter ended in June. Net income increased 8.7 percent over the sequential term.

In the April-June quarter, the gross revenue of the Blackstone-backed company increased 22.5% to Rs 18.21 billion year-on-year, while it increased by 7% on a sequential basis. On a constant current basis, revenue growth was 16.2% year-on-year and 2.9% compared to the previous quarter.

The mid-tier IT company also announced that it will repurchase Rs 9.88 billion shares at a maximum price of Rs 1,350 per share.

READ ALSO: Mphasis gains 4% as board of directors considers share buyback proposal

“We entered this fiscal year with a strong pipeline and consecutive quarters of growth in key businesses. Our investments in next-generation technologies and our approach to applying them consistently for our customers are helping us win in the market, ”said Nitin Rakesh, CEO of Mphasis. .

The company said its new contracts amounted to $ 153 million from direct international activities. Of those gains, 78% came from next-generation digital services.

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