Mphasis Q1 net grows 38% to Rs 2.58 bn, gross revenue at Rs 18.21 bn

The net profit of Mphasis rose 8.7 per cent on the sequential term

Driven by good growth in key verticals such as banking and capital markets as well as IT, communication and entertainment, information technology services provider Mphasis posted on Tuesday in-line numbers with 38 per cent rise in its net profit at Rs 2.58 billion in the first quarter ended June. The net profit rose 8.7 per cent on the sequential term.

During the April-June quarter, gross revenue of the Blackstone-backed company grew 22.5 per cent to Rs 18.21 billion on year-on-year basis, while on sequential basis it grew 7 per cent. In constant current term, growth in revenue was 16.2 per cent YoY and 2.9 per cent over the preceding quarter.

The mid-tier IT firm also announced that it would conduct a buyback of shares up to Rs 9.88 billion at a maximum share price of Rs 1,350 per share. 

"We have entered this fiscal with a strong pipeline and consecutive quarters of growth across key businesses. Our investments in next-generation technologies and approach to applying these consistently for our clients is helping us win in the market place,” said Mphasis CEO Nitin Rakesh.

The company said that its new deal wins stood at $153 million which came from direct international business. Out of these wins, 78 per cent came from new generation digital services.