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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, â€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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