Mphasis net profit grew 3.9% YoY in Q1 FY21

Mphasis announced its financial results for the quarter ended 30th  June 2020. 

Quarter ended 30th June 2020

  • Gross Revenue grew 11.8% YoY and declined 1.9% QoQ on reported basis. In constant currency, growth was 3.8% YoY and declined 4.6% QoQ
  • USD 259 million TCV wins in Direct International business, including a large deal of $105 million, of which 79% in new-generation services; highest ever deal wins in a Quarter.
  • Direct International grew 19.8% YoY and 2.1% QoQ on a reported basis. In constant currency, revenue grew 10.8% YoY and declined 0.5% QoQ
  • Direct Core revenue grew 15.5% YoY and 0.5% QoQ on a reported basis. In constant currency, growth was 6.9% YoY and declined 2.1% QoQ
  • Net profit grew 3.9% YoY to INR 2,751 million; EPS grew 3.8% YoY to INR 14.75
  • In addition to the Q1 TCV declared wins, another new $216 million deal signed in July 2020.

Nitin Rakesh, Chief Executive Officer and Executive Director, Mphasis, said, “Our clients have been overwhelmingly supportive over the past few months, and we have seen unprecedented levels of collaboration leading to opportunities to further step up the value pyramid. We have had our best quarter ever of deal wins; which, in the current environment, is a testament to the strength of our service offerings and the hard work of Mphasis teams. This sets us up nicely to keep Mphasis on the growth path this year and gain further market share.”

Recent deal wins:

  • One of America’s largest home improvement retailer signed Mphasis to help setup an implementation factory and operations Center of Excellence (COE). A new logo for Mphasis, this addresses client’s priorities of reducing cyber risk, and brings synergies across portfolios
  • In a large deal with one of America’s top banks, Mphasis will help the client in managing the Home preservation applications process that is receiving increased volumes emanating from mortgage loans going into forbearances, and bring Mphasis domain, technology & operations teams together to deliver a bundled approach
  • Large Tier-1 bank in America, chose Mphasis as their partner to deliver several strategic programs such as – modernization initiatives, accelerating cloud adoption projects and new business programs
  • One of America’s life insurance and annuity provider signs Mphasis to setup a testing COE that will help client conduct testing on this annuity product platform. This will enable the client to be nimble and launch new products in the market at a faster rate.

Recognitions and Analyst Positioning:

  • The USPTO has approved the patent for Mphasis’ solution ‘DeepInsights’ titled ‘System and Method for Optimizing Aggregation and Analysis of Data Across Multiple Data Sources’. In addition, the European Patent Office has granted Mphasis a patent for InfraGraf – AppGraf titled ‘An Adaptive System and A Method for Application Error Prediction and Management’
  • Mphasis named one of the UK’s Top 50 fastest-growing Indian companies
  • Recognized as Star Performer in Everest’s Property and Casualty (P&C) Insurance BPO PEAK Matrix® Assessment 2020
  • Recognized as Star Performer and Major Contender in Everest Group’s Banking BPS Services PEAK Matrix® Assessment with Service Provider Landscape 2020
  • Recognized as Major Contender in the Everest Group 2020 PEAK Matrix® Assessment for BFS Risk and Compliance IT Services
  • Recognized as Major Contender in Everest Group’s Healthcare Payer Operations – Services PEAK Matrix® Assessment 2020

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