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Mid-tier IT firm Mphasis recorded a 6.3 per cent year-on-year (y-o-y) profit decline at ₹391.9 crore. Sequentially, profit dipped a mere 1 per cent.
Revenue from operations stood at ₹3,276.5 crore, a 0.7 per cent decline on a quarter-on-quarter basis, and a 6.9 per cent decline on y-o-y basis.
“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,” said Nitin Rakesh, Chief Executive Officer, and Managing Director, Mphasis.
New total contact value (TCV) wins stood at $255 million, of which, 70 per cent were in the new-gen services.
“We are focussed 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,” Rakesh added.
The company notes that it has has a strong pipeline in H2 FY24, led by AI, cloud and transformation deals. The mortgage segment has bottomed out with signs of order book pick-up, the revenue diversification of non-BFS outside of top accounts is bearing results, it said. It aims to maintain the margin target band of 15.25 to 16.25 per cent.
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