Mphasis records a total contract value (TCV) of USD 1.3 billion in FY 2023

Mphasis Limited announced its financial results for the quarter ended 31st March 2023 and financial year 2022-23. 

Year ended 31st March 2023

·      FY23 revenue grew 16.7% YoY on reported basis and 9.7% in Constant Currency to INR 138.4 billion

·      Direct revenue grew 19.3% YoY on reported basis and 12.0% in Constant Currency to INR 129.9 billion

·      New TCV wins USD 1.3 billion in FY23 in Direct

·      Net profit grew 14.5% to INR 16,379 million in FY23

·      EPS grew 14.0% to INR 87.1 in FY23

·      Mphasis Board of Directors recommended a dividend of INR 50 per share for FY23, subject to shareholder approval. 

Quarter ended 31st March 2023

•         Gross Revenue declined 4.1% QoQ and grew 4.5% YoY on reported basis to INR 33,893 million in Q4 FY23 and declined 4.5% QoQ and 3.1% YoY in Constant Currency

•         Direct revenue declined 3.1% QoQ and grew 6.1% YoY on a reported basis to INR 32,055 million in Q4 FY23 and declined 3.4% QoQ and 1.8% YoY in Constant Currency

•         New TCV wins of USD 309 million in Q4 FY23 in Direct; of which 85% in new-gen services.

•         Net profit declined 1.7% QoQ and grew 3.4% YoY to ₹ 4,053 million in Q4 FY23.

•         EPS declined 1.8% QoQ and grew 3.0% YoY to ₹ 21.5 in Q4 FY23 

Nitin Rakesh, Chief Executive Officer, and Managing Director, Mphasis, said, “The macro-economic environment remains uncertain while we continue to look for aligning with our client’s current priorities. Strategic technology spends may have slowed down, however, hasn’t been paused. Enterprises continue to invest in Cloud, Digital Transformation, and consolidation priorities. Institutionalizing cost transformation projects is enabling them free up working capital. We see these as opportunities for proactive deal making and gaining share of wallet, translating into a strong pipeline and continued deal conversion.” 

Deal wins:

·         One of the world’s largest FinTech organization has engaged Mphasis to transform multiple legacy applications, including their mainframe-based core credit cards origination and authorization system into a cloud ready neo-core, based on Mphasis’ XaaP framework.

·         An American Insurance company has selected Mphasis for Managed Services engagement where the scope includes Datacenter, Network, Cyber Security, Service Desk and End User Services and Application and Database monitoring.

·         One of the largest American banks has engaged Mphasis to modernize its monolithic applications in the online banking platform space to modern microservices based applications, and to deliver feature sets to new products being introduced to the online banking platform.

·         An American wealth management company has engaged Mphasis to support its Enterprise PMO office to fulfill enterprise wise projects.

Recognitions and Analyst Positioning:

·         Mphasis recognized as a winner of the 2023 LegalWeek Leaders in Tech Law awards under the ‘Contract Lifecycle Management’ category

·         Forbes India spotlights ‘Mphasis’ among the top mid-caps that are changing the Indian IT

·         Recognized as “Leader” in Everest Group’s Group Life Policy Administration Systems (PAS) Products PEAK Matrix® Assessment 2023 – North America

·         Recognized as “Major Contender” in Everest Group’s Advanced Analytics and Insights (AA&I) Services PEAK Matrix® Assessment 2023

·         Recognized as “Major Contender” in Everest Group’s Capital Markets Operations – Services PEAK Matrix® Assessment 2023

·         Recognized as “Major Contender” in Everest Group’s Healthcare Cloud-based Core Administration Platforms PEAK Matrix® Assessment 2023

·         Positioned in “Horizon 1” by HFS in HFS Horizons: The Best Service Providers for Retail Banks, 2023 – HFS Research

·         Ranked 2nd by Net Net in The Top 10 IT Services Companies for 2023.

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