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Mphasis Gross revenue grew 1.6% QoQ in Q3 FY24

Mumbai, 02 February 2024:

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 quarter ended 31st December 2023.

Quarter ended 31st December 2023
· Gross Revenue grew 1.6% QoQ and declined 5.2% YoY in Q3 FY24 on reported basis and grew 1.0% QoQ and declined 6.8% YoY in Constant Currency

· Direct revenue grew 2.0% QoQ and declined 3.3% YoY on reported basis and grew 1.3% QoQ and declined 5.0% YoY in Constant Currency

· New TCV wins USD 241 million in Q3 FY24 in Direct; of which 85% in new-gen services. FYTD TCV wins of USD 1,203 million, grew 20% YoY

· Net profit margin at 11.2% at ₹ 3,736 million in Q3 FY24

· Reported EPS at ₹ 19.8.

“We are witnessing signs of stability, despite seasonal softness in Q3 FY24. While we are still in the midst of macro headwinds, clients are also accelerating towards newer sources of value such as AI to stay ahead. Building on our track record of strong pipeline to total contract value (TCV) conversion, we continue to focus on converting TCV to revenue,” said Nitin Rakesh, Chief Executive Officer, and Managing Director, Mphasis.

Deal wins:
· A leading American telecommunications major has engaged Mphasis to lead its vendor consolidation and partnership strategy across enterprise technology solutions, digital and cyber security

· A leading American financial services company has chosen Mphasis to help engineer, enable, and leverage the cloud

· A leading American financial services company is engaging Mphasis as part of a multi-year deal to lead centralized

· production support services. Mphasis’ capabilities around AI-led transformation were key in securing this win.

Awards and Recognitions:
· Mphasis recognized by BusinessWorld in India’s Most Sustainable Companies (IMSC)

· Recognized as one of the Best Tech Brands 2023 | The Economic Times

· Wins Bronze Stevie in the Business Technology category under Product Management & New Product Awards at the 21st Annual American Business Awards®

· Secures gold from Brandon Hall Group for the Hi-Tech, Hi-Touch and Hi-Trust Candidate Experience Model.

· Wins Talent Board the Candidate Experience Award for EMEA and North America

· Wins GOLD at the Meytier Equitable Hiring Awards for equitable and inclusive hiring practices.

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