 "Mphasis")
The consolidated net profit of Mphasis, an IT company based in Bengaluru, for the second quarter of the current financial year (Q2FY24) saw a fall of 6.33 per cent to Rs 391.95 crore, compared to Rs 418.46 crore for the corresponding quarter of the previous year, the company said in a BSE filing. Sequentially, the net profit was down 1.03 per cent. In Q1FY24, the net profit of the company was Rs 396.05 crore.
The revenue from operations for Q2FY24 came in at Rs 3,276.5 crore, compared to Rs 3,519.8 crore year-on-year (y-o-y). This is a fall of 6.91 per cent. On a quarter-on-quarter (q-o-q) basis, the revenue for operations was up 0.75 per cent. It stood at Rs 3,252 crore in Q1FY24.
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The total income for Q2FY24 came in at Rs 3,325.5 crore, compared to Rs 3,563.2 crore y-o-y, registering a fall of 6.67 per cent. On a q-o-q basis, the total income was up 0.69 per cent. It was Rs 3,302.4 crore in Q1FY24.
Nitin Rakesh, chief executive officer and managing director of Mphasis, said, "We are seeing signs of bottoming out, thanks to stability in mortgage and visibility to growth given the sustained pipeline expansion and contract closures that are starting to gain momentum. We are focused on establishing a path of AI acceleration with our full-fledged Mphasis.ai business unit, with key GTM along with solutioning AI partnerships to make the most of this opportunity."
At 10:30 am, the Mphasis stock was trading at Rs 2,207.05.
