IT firm Mphasis recorded a 2.9 per cent year-on-year (y-o-y) net profit decline at ₹393.22 crore for the fourth quarter. On a sequential basis, profits rose by 5.2 per cent.

Revenue from operations stood at ₹3,412 crore, a 1.5 per cent y-o-y decline and 2.2 per cent fall on a quarter-on-quarter (q-o-q) basis. The company has announced a dividend of ₹55 per share for FY24, compared to ₹50 per share in FY23, subject to shareholder approval.

“We are experiencing strong growth momentum in artificial intelligence (AI)-powered deal archetypes as we look to capture the enterprise demand for AI adoption. Our ability to orchestrate the ecosystem by bringing technology and people together to solve customer needs strongly positions us for growth in FY25, while we continue to work around the uncertainties in the overall economic environment,” said Nitin Rakesh, Chief Executive Officer and Managing Director, Mphasis.

Mphasis recorded new total contract value (TCV) wins of $177 million in Q4 FY24 in Direct, of which 77 per cent in new-gen services. For the full year, new TCV stood at $1.38 billion in FY 2024 in Direct. The net profit margin stood at 11.5 per cent, or ₹393.22 crore, in Q4 FY24.