Mphasis Q4 results: Net profit declines 3% to Rs 393 crore

IT company Mphasis posted a 2.98 per cent decline in consolidated net profit to Rs 393.2 crore in the March quarter of FY24.

The company posted a net profit of Rs 405.3 crore in the same period a year ago.

The consolidated revenue from operations of Mphasis Group, however, increased marginally to Rs 3,142 crore during the fourth quarter of the previous fiscal from Rs 3,361.2 crore a year ago, the company said in a regulatory filing.

During the reporting quarter, Mphasis registered new TCV (total contract value) wins of USD 177 million (about Rs 1,475 crore).

"We are experiencing strong growth momentum in Artificial Intelligence (AI) powered deal archetypes, as we look to capture the enterprise demand for AI adoption.

"Our ability to orchestrate the ecosystem by bringing technology and people together to solve for customer needs strongly positions us for growth in FY25, while we continue to work around the uncertainties in the overall economic environment," Mphasis, Chief Executive Officer and Managing Director Nitin Rakesh said.

For the year ended March 31, 2024, Mphasis recorded a 5 per cent decline in consolidated net profit to Rs 1,558.8 crore from Rs 1,637.9 crore in 2022-23.

The annual revenue from operations dropped about 4 per cent to Rs 13,278.5 crore during FY24 from Rs 13,798.4 crore in FY23.

Mphasis reported new TCV wins worth USD 1.38 billion in FY24.

The company's board has recommended a dividend of Rs 55 per share for FY24, as against Rs 50 per share in FY23.