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Mphasis records highest ever Total Contract Value (TCV) wins of USD 707 Million

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 June 2023.


Quarter ended 30th June 2023

  1. Gross Revenue declined 3.5% QoQ and 3.5% YoY in Q1 FY24 on reported basis and declined 3.5% QoQ and 8.4% YoY in Constant Currency

  2. Direct revenue declined 3.2% QoQ and 2.1% YoY on reported basis and declined 3.2% QoQ and 7.2% YoY in Constant Currency

  3. New TCV wins of USD 707 million in Q1 FY24 in Direct; of which 71% in new-gen services.

  4. Net profit declined 2.3% QoQ and 1.5% YoY to ₹ 3,961 million in Q1 FY24.

  5. EPS declined 2.3% QoQ and 1.8% YoY to ₹ 21 in Q1 FY24.

We are very pleased with the record-breaking TCV as well as large deal wins this quarter, aided by strong wins in the newly launched Mphasis.ai Business Unit. While the macro-economic environment is still uncertain; we continue to broad base our growth across client segments, verticals, and geographies, with strong pipeline growth. We also believe that based on improved visibility driven by deal wins, bottoming of the mortgage cycle and early signs of increased activity, we should see revenue growth pick-up progressively through the remainder of FY 2024.” said Nitin Rakesh, Chief Executive Officer, and Managing Director, Mphasis.

Deal wins:

  1. A Canadian healthcare provider has engaged Mphasis to address the requirements of rapid growth and expansion, regulatory and reporting pressure, and maximizing user engagement and experience with critical business services and IT platforms.

  2. An American fast-food restaurant chain partnered with Mphasis to transform and modernize its POS hardware and software to increase its ability to offer competitive programs to franchisees, consolidate execution control and reduce their overheads to manage operations.

  3. One of the largest American banks partnered with Mphasis to help in its QA to QE transformation in alignment with its agile transformation plan. This strategic and multiyear initiative is to establish QE practice that helps deliver quality products. In a two-phased approach, Mphasis will help the client improve its efficiency through automation, leverage the right tool sets and deploy the right skilled resources.

Awards and Recognitions:

  1. Mphasis won the ‘Technology Company of the Year’ category at the 5th UK-India Awards 2023 by India Global Forum

  2. Recognized as one of ‘India’s 50 most sustainable companies 2022-23’ by Business World

  3. Wins Bronze Stevie in the Business Technology category under Product Management & New Product Awards at the 21st Annual American Business Awards®

  4. Recognized by the PeopleFirst HR Excellence Awards 2023 for exceptional practices in Talent Management

  5. Nitin Rakesh was featured in the Visionary CEOs of 2023 by the HR Association of India (HRAI)

  6. Manish Dugar was recognized by The Financial Express at the CFO Awards under the ‘CFO of the Year’ in the Large Enterprises – Services Industry category.

Analyst Positioning:

  1. Recognized as ‘Major Contender’ and ‘Star Performer’ in Everest Group’s Application Automation Services PEAK Matrix® Assessment 2023

  2. Recognized as ‘Major Contender’ in Everest Group’s Enterprise Blockchain Services PEAK Matrix® Assessment 2023

  3. Recognized as ‘Major Contender’ in Everest Group’s Asset and Wealth Management IT Services PEAK Matrix® Assessment 2023

  4. Recognized as ‘Major Contender’ in Everest Group’s Healthcare Payer Operations PEAK Matrix® Assessment 2023

  5. Recognized as ‘Major Contender’ in Everest Group’s Intelligent Process Automation (IPA) PEAK Matrix® Assessment 2023

  6. Positioned in ‘Horizon 2’ in HFS Horizons: Digital Marketing and Sales Service Providers, 2023 by HFS Research

About Mphasis

Mphasis’ purpose is to be the “Driver in Driverless Car” for Global Enterprises by applying next-generation design, architecture, and engineering services, to deliver scalable and sustainable software and technology solutions. Customer centricity is foundational to Mphasis, and is reflected in the Mphasis’Front2Back™ Transformation approach. Front2Back™ uses the exponential power of cloud and cognitive to provide hyper-personalized (C=X2C2TM=1) digital experience to clients and their end customers. Mphasis’ Service Transformation approach helps ‘shrink the core’ through the application of digital technologies across legacy environments within an enterprise, enabling businesses to stay ahead in a changing world. Mphasis’ core reference architectures and tools, speed and innovation with domain expertise and specialization, combined with an integrated sustainability and purpose-led approach across its operations and solutions are key to building strong relationships with marquee clients.

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