Mumbai, 20 October 2023: Mphasis Limited (BSE – 526299; NSE – MPHASIS), an Information Technology (IT) solutions provider specializing in cloud and cognitive services, today announced its financial results for the quarter ended 30th September 2023.

Quarter ended 30th September 2023

•  Gross Revenue grew 0.7% QoQ and declined 6.5% YoY in Q2 FY24 on reported basis and remained flat QoQ and declined 10.1% YoY in Constant Currency.
•   Direct revenue grew 1.0% QoQ and declined 5.2% YoY on reported basis and grew 0.3% QoQ and declined 8.9% YoY in Constant Currency
• New TCV wins of USD 255 million in Q2 FY24 in Direct; of which 70% in new gen services.
• Net profit declined 1% QoQ and 6.3% YoY to ₹ 3,919 million in Q2 FY24.
• EPS declined 1.1% QoQ and 6.6% YoY to ₹ 20.8 in Q2 FY24.

“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,” said Nitin Rakesh, Chief Executive Officer, and Managing Director, Mphasis.

Deal wins:

• One of the largest banks in America is expanding its mortgage servicing partnership with Mphasis in end-to-end first mortgage.
• An American Hi-Tech manufacturer is engaging Mphasis to provide managed capacity services at its offshore development center, for various initiatives including software product development, Mobile application development including AI enabling of devices.
• An existing North American Healthcare client has chosen Mphasis to modernize their cyber security program, addressing their risk management & regulatory compliance challenges. This deal is a demonstration of the High-touch, High-Trust, and High-tech values of Mphasis, aiding the customer in achieving their strategic goals.

Awards and Recognitions:

• Mphasis recognized as one of the Best Tech Brands of 2023 by The Economic Times.
• Mphasis won Gold from Brandon Hall Group for the Hi-Tech, Hi-Touch, and Hi-Trust Candidate Experience Model.
• Mphasis recognized with the Candidate Experience Award by Talent Board for EMEA and North America.

Analyst Positioning:

• Recognized as ‘Major Contender’ in Everest Group’s Global In-house Center-focused Capabilities – Provider PEAK Matrix® Assessment 2023
• Recognized as ‘Major Contender’ in Everest Group’s Cloud Services PEAK Matrix® Assessment 2023 – North America.

• Recognized as ‘Major Contender’ in Everest Group’s Cloud Services PEAK Matrix® Assessment 2023 – Europe.
• Recognized as ‘Major Contender’ in Everest Group’s Network Transformation and Managed Services PEAK Matrix® Assessment – System Integrators (SIs) 2023.
• Recognized as ‘Major Contender’ in Everest Group’s Banking Operations – Services PEAK Matrix® Assessment 2023.
• Recognized as ‘Major Contender’ in Everest Group’s Payments IT Services PEAK Matrix® Assessment 2023.