Gross revenue grew 14.2% YoY in Q3 2023 | Mphasis wins a total contract value (TCV) of USD 401 million in Direct business
Mumbai, 20 January 2023: Mphasis Limited (BSE – 526299; NSE – MPHASIS), an Information Technology (IT) solutions provider specializing in cloud and cognitive services, today announced its financial results for the third quarter ended 31st December 2022.
Quarter ended 31st December 2022
· Gross revenue grew 0.2% QoQ and 14.2% YoY on a reported basis. In constant currency, revenue declined 2.5% QoQ and grew 5.7% YoY
· Direct revenue remained flat QoQ and grew 15.1% YoY on a reported basis. In constant currency, revenue declined 2.8% QoQ and grew 6.4% YoY
· New TCV wins of USD 401 million in Q3 FY23 in Direct, 2nd highest on record, of which 74% in new generation services
· Five large deal wins in Q3 FY23, which is highest ever on record to date; FYTD TCV wins is over USD 1 billion
· Net profit declined 1.5% QoQ and grew 15.3% YoY to ₹ 4,123 million in Q3 FY23
· EPS declined 1.6% QoQ and grew 14.7% YoY to ₹ 21.9 in Q3 FY23.
“This quarter reflects the duality in our current business environment. On one hand, our core business continues to perform well. On the other hand, there are cyclical headwinds due to market hypersensitivity in our mortgage business, with interest rate movements. We continue to have a strong market share and wallet share gains in our chosen segments, as reflected in our TCV wins and pipeline. We are happy with the optimization efforts we undertook in 2022, including accelerated fresher adoption and enhancing operational efficiencies, enabling us to invest and still hold the EBIT margins” said Nitin Rakesh, Chief Executive Officer, and Managing Director, Mphasis.
· One of the leading American banks partnered with Mphasis to provide fraud control operations across ATMs, debit cards, online, branch, and ACH, and the engagement also included a voice-based function.
· An American healthcare service provider engaged with Mphasis in a service transformation construct for building a provider credentialing platform for its large care delivery system in the northeast United States. The program would be spread across seven years, where Mphasis takes over existing service obligations across their core employees as well as to additional vendors and transforms the business by building a new credentialing platform through the Mphasis XAAP Methodology.
· A Fortune 500 Insurance, Investment, and Retirement Solutions firm selected Mphasis for their application maintenance and support platform based on better alignment of skills and superior knowledge of the client environment.
Awards and Recognitions:
· Mphasis moves up from 69th to 74th percentile in S&P Global’s DJSI Corporate Sustainability Assessment Annual Review 2022
· Mphasis is a runner-up at the Wells Fargo Innovation Challenge 2022 – ‘Designing the Multi-X Future
· Mphasis ranked amongst the 2022 100 Best Companies for Women in India
· Kelp HR recognizes Mphasis as one of the most transformational workplaces in India for setting benchmarks in the Prevention of Sexual Harassment at the Workplace (Posh)
· Recognized as ‘Major Contender’ in Digital Claims in Property and Casualty (P&C) Insurance – Solutions PEAK Matrix® Assessment 2023
· Recognized as ‘Star Performer and Major Contender’ in Acing the Art of Platform-driven Growth: Software Product Engineering Services PEAK Matrix® Assessment 2023
· Recognized as ‘Star Performer and Major Contender’ in Open Finance IT Services PEAK Matrix® Assessment 2023
· Recognized as ‘Major Contender’ in Application and Digital Services (ADS) in Life and Annuity (L&A) Insurance – PEAK Matrix® Assessment 2023
· Recognized as ‘Major Contender’ in Risk & Compliance in BFS IT Services PEAK Matrix® Assessment 2023
· Positioned as a ‘Major Contender’ in Healthcare Customer Experience Management (CXM) Services in North America PEAK Matrix® Assessment 2023
· Positioned in ‘Horizon 1’ by HFS in HFS Horizons: Healthcare Payer Service Providers, 2022 – HFS Research
· Positioned in ‘Horizon 1’ by HFS in HFS Horizons: Cloud Native Transformation, 2022 – HFS Research
· Positioned as ‘Product Challenger and Rising Star’ by ISG in AWS Ecosystem.