Mphasis' Q1 net profit grows 23% to Rs 340 crore; revenue rises 17%

IT firm Mphasis on Thursday reported a 23.4 per cent increase in consolidated net profit at Rs 339.6 crore in June 2021 quarter.

The company's net profit stood at Rs 275.1 crore in the year-ago period, Mphasis said in a regulatory filing.

Revenue from operations grew 17.5 per cent to Rs 2,690.8 crore in the reported quarter from Rs 2,288.2 crore in the year-ago period, it added.

In constant currency, growth was 16.3 per cent on y-o-y basis, and 5.9 per cent on q-o-q basis. Its earnings per share (EPS) grew 23.1 per cent y-o-y to Rs 18.16.

The company's new TCV wins stood at USD 505 million in Q1 FY22 in Direct business, of which 85 per cent was in new generation services.

"We have had a great start to FY22 with record deal wins of USD 505 million in our direct business, the highest ever in the history of Mphasis. We are focused on staying consistent with our performance while continuing to keep our clients' transformation needs at the centre of our strategy and execution," Mphasis Chief Executive Officer and Executive Director Nitin Rakesh said.

The investments made in the company's business model over the years have been driving growth and differentiation for it and its financial performance for the quarter is the result of it, he added.