Mphasis reports slight decline of 1.4% in Q1 net profit to Rs 396 cr

IT services company Mphasis has reported 1.4 per cent decline in net profit for June quarter to Rs 396 crore, according to a BSE filing.

Net profit stood at Rs 401 crore in the year-ago period (Q1FY23).

The company registered a revenue of Rs 3,252 crore, a 4.66 per cent decline from Rs 3,411.2 crore in the same period last year.

Sequentially, profit was down 2.3 per cent from Rs 405 crore in March quarter.

"While the macro-economic environment is still uncertain, we continue to broad base our growth across client segments, verticals, and geographies, with strong pipeline growth," Chief Executive Officer and Managing Director of Mphasis Nitin Rakesh said.

He also predicted a revenue growth pick-up in the remaining quarters of the year based on improved visibility driven by deal wins, bottoming of the mortgage cycle and early signs of increased activity.