Mphasis rises after Q1 results

Mphasis rose 1.20% to Rs 931.50 at 15:15 IST on BSE after consolidated net profit fell 0.54% to Rs 264.70 crore on a 1.85% increase in net sales to Rs 2,062.56 crore in Q1 June 2019 over Q4 March 2019.

The result was announced after market hours yesterday, 25 July 2019.

Meanwhile, S&P BSE Sensex was up 48.76 points or 0.13% at 37,879.74.

On BSE, 10,000 shares were traded in Mphasis counter, compared to a 2-week average of 17,000 shares. The stock hit an intraday high of Rs 938.15 and an intraday low of Rs 890.60. It hit a 52-week high of Rs 1,278 on 3 September 2018 and a 52-week low of Rs 855 on 17 January 2019.

The IT firm announced new deal wins amounting to $151 million in direct international business, of which 80% are in New-Gen Services.

Mphasis' chief executive officer and executive director, Nitin Rakesh, said "Over the past two years, we have executed around the twin themes of 'Consistency and Transformation'. There is no better validation, than our client's continued trust in rewarding us with growth; with consecutive years of double-digit increase in both Direct Core and DXC/ HP businesses. Our growth has been broad based across all segments as we continue to play a strategic role in helping our clients with their business transformation."

Mphasis is an Information Technology (IT) solutions provider specializing in cloud and cognitive services.

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