Mphasis hits record high after Q1 PAT rises 7% QoQ to Rs 340 cr

Mphasis surged 7.77% to Rs 2,583 after the IT firm reported a 7.17% jump in consolidated net profit to Rs 339.68 crore in Q1 June 2021 (Q1 FY22) over Rs 316.93 crore in Q4 March 2021 (Q4 FY21).

Consolidated revenue from operations grew 6.59% to Rs 2,690.83 crore in Q1 June 2021 from Rs 2,524.28 crore in Q4 March 2021. In constant currency, growth was 5.9% QoQ and 16.3% YoY.

Profit before tax climbed 8.12% to Rs 458.05 crore in Q1 FY22 as against Rs 423.62 crore in Q4 FY21. The Q1 result was declared after trading hours yesterday, 22 July 2021.

Mphasis' consolidated net profit surged 23.5% to Rs 339.68 crore on a 17.6% increase in net sales to Rs 2,690.83 crore in Q1 June 2021 (Q1 FY22) over Q1 June 2020 (Q1 FY21).

The gross revenue grew 6.8% Q-o-Q (quarter-on-quarter) and 16.1% Y-o-Y (year-on-year) on a reported basis. In constant currency, growth was 5.9% Q-o-Q and 16.3% Y-o-Y. New TCV (Total Contract Value) wins amounted to $505 million in Q1 FY22 in direct, of which 85% in new generation services.

Direct revenue grew 10.8% Q-o-Q and 31.7% Y-o-Y on a reported basis. In constant currency, revenue grew 9.8% Q-o-Q and 32.5% Y-o-Y. DXC revenue declined 17.7% Q-o-Q and 46.6% Y-o-Y on a reported basis. In constant currency, revenue declined 18.1% Q-o-Q and 48.7% Y-o-Y.

Nitin Rakesh, the chief executive officer (CEO) and executive director (ED) of Mphasis, has stated that: "We have had a great start to FY22 with record deal wins of $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 center of our strategy and execution. The investments we have made in our business model over the years have been driving growth and differentiation for us and our financial performance for the quarter is the result of it."

Mphasis applies next-generation technology to help enterprises transform businesses globally.

The scrip hit an all time high of Rs 2,692.35 in intraday trade.

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