Mumbai, 26 July 2024: Mphasis, an Information Technology (IT) solutions provider specializing in cloud and cognitive services, today announced its financial results for the quarter ended 30th June 2024.
Quarter ended 30th June 2024
• Gross Revenue grew 0.2% QoQ and 4.6% YoY in Q1 FY25 on reported basis and declined 0.1% QoQ and grew 3.1% YoY in Constant Currency
• Direct revenue grew 0.6% QoQ and 5.6% YoY on reported basis and grew 0.3% QoQ and 4.1% YoY in Constant Currency
• New TCV wins of USD 319 million in Q1 FY25 in Direct; of which 84% in new-gen services
• Net profit grew 2.9% QoQ and 2.1% YoY to ₹ 4,045 million in Q1 FY25
• EPS grew 2.8% QoQ and 1.8% YoY to ₹ 21.4 in Q1 FY25.
“As AI-enabled platforms are adopted at scale and infused across all deal archetypes and solutions; we continue to witness a strong growth momentum in Artificial Intelligence (AI) powered deals by leveraging our ‘Savings led TransformationTM’ theme. We are seeing a steady improvement in client demand, and with the strength of our deal pipeline, we remain cautiously optimistic that this trend will continue to improve in our core markets” said Nitin Rakesh, Chief Executive Officer, and Managing Director, Mphasis.
Deal wins:
• One of the world’s largest FinTech organizations has engaged Mphasis to provide transformation services on a set of existing processes and systems, through various engineering and AI – led interventions
• Mphasis is partnering with a global financial services company to transform its originations and servicing platforms in one of its key lending businesses. Through this program Mphasis will add more features to enable new business and modernize the servicing platform to a next gen system that will better serve customers
• A global employee benefits and administration partner provider has engaged Mphasis to support in setting up their technology environment and set out a long-term strategy for their modernization and customer experience objectives. Our sector experience and earlier work with the customer were key in helping us secure this win
• A leading North American TPA has selected Mphasis for existing portals and website experience transformation, contact center platform upgrade and modernization. This will also involve business case-based IT debt removal around data and analytics.
Awards and Recognitions:
• Mphasis won the NASSCOM AI Gamechangers Awards 2023-24 in the Healthcare & Pharma category for Enterprise
• Mphasis won Global Workforce L&D Award by HRAI for outstanding performance in empowering its workforce with Learning & Development initiatives
• Mphasis ranked among India’s leading ESG companies by Dun & Bradstreet’s ‘ESG Champions of India 2024’ report
• Morgan Stanley Capital International (MSCI) upgraded Mphasis’ Environmental, Social, and Governance (ESG) rating from ‘BBB’ to ‘A’.
Analyst Positioning:
• Recognized as ‘Major Contender and Star Performer’ in Everest Group’s Capital Markets IT Services PEAK Matrix® Assessment 2024
• Recognized as ‘Major Contender in Everest Group’s Healthcare Industry Cloud Services PEAK Matrix® Assessment 2024
• Recognized as ‘Major Contender’ in Everest Group’s SAP Business Application Services for Mid-market Enterprises PEAK Matrix® Assessment 2024
• Positioned in “Horizon 1” by HFS in HFS Horizons: Industry Cloud Service Providers, 2024 – HFS Research
• Positioned in Leadership Zone by Zinnov Zones in Intelligent Automation (IA) Services – Mid Tier Service Providers 2024
• Positioned in the Major Players category in 2024 IDC MarketScape for worldwide cloud professional services