Mphasis slides after Q3 PAT slips 5% QoQ to Rs 374 cr

Mphasis fell 1.81% to Rs 2,553.15 after the company's consolidated net profit declined 4.68% to Rs 373.60 crore in Q3 FY24 as compared with Rs 391.94 crore in Q2 FY24.

Revenue from operations rose 1.88% to Rs 3,337.94 crore in Q3 FY24 as against Rs 3,276.50 crore recorded in Q2 FY24.

As compared with Q3 FY23, the company's net profit and revenue dropped 9.37% and 4.8%, respectively.

Profit before tax was at Rs 498.59 crore in quarter ended 31 December 2023 (down 4.42% QoQ and down 9.51% YoY).

The companys gross revenue rose 1.6% QoQ and declined 5.2% YoY in Q3 FY24 on reported basis and grew 1.0% QoQ and declined 6.8% YoY in constant currency

Direct revenue grew 2% QoQ and declined 3.3% YoY on reported basis and grew 1.3% QoQ and declined 5% YoY in constant currency.

New total contract value (TCV) won $241 million in Q3 FY24 in Direct; of which 85% in new-gen services.

Nitin Rakesh, chief executive officer, and managing director, Mphasis, said, We are witnessing signs of stability, despite seasonal softness in Q3 FY24. While we are still in the midst of macro headwinds, clients are also accelerating towards newer sources of value such as AI to stay ahead. Building on our track record of strong pipeline to total contract value (TCV) conversion, we continue to focus on converting TCV to revenue.

Mphasis is an information technology (IT) solutions provider specializing in cloud and cognitive services.

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