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Press Release > Mphasis records Total Contract Value (TCV) wins of USD 255 million in Q2 FY 2024

Mphasis records Total Contract Value (TCV) wins of USD 255 million in Q2 FY 2024

Dais World | 20/10/2023 11:43 AM

Mphasis Limited (BSE - 526299; NSE - MPHASIS), an Information Technology (IT) solutions provider specialising in cloud and cognitive services, today announced its financial results for the quarter ended 30th September 2023.

Quarter ended 30^th September 2023

Gross Revenue grew 0.7% QoQ and declined 6.5% YoY in Q2 FY24 on a reported basis and remained flat QoQ and declined 10.1% YoY in Constant Currency
Direct revenue grew 1.0% QoQ and declined 5.2% YoY on a reported basis and grew 0.3% QoQ and declined 8.9% YoY in Constant Currency
New TCV wins of USD 255 million in Q2 FY24 in Direct; of which 70% in new-gen services
Net profit declined 1% QoQ and 6.3% YoY to ₹ 3,919 million in Q2 FY24
EPS declined 1.1% QoQ and 6.6% YoY to ₹ 20.8 in Q2 FY24.

“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. We are focused 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,” said Nitin Rakesh, Chief Executive Officer, and Managing Director, Mphasis.

Deal wins

One of the largest banks in America is expanding its mortgage servicing partnership with Mphasis in end-to-end first mortgage
An American Hi-Tech manufacturer is engaging Mphasis to provide managed capacity services at its offshore development centre, for various initiatives including software product development, Mobile application development including AI enabling of devices
An existing North American Healthcare client has chosen Mphasis to modernise their cyber security program, addressing their risk management & regulatory compliance challenges. This deal is a demonstration of the High-touch, High-Trust, and High-tech values of Mphasis, aiding the customer in achieving their strategic goals.

Awards and Recognitions

Recognised as one of the Best Tech Brands of 2023 by The Economic Times
Won Gold from Brandon Hall Group for the Hi-Tech, Hi-Touch, and Hi-Trust Candidate Experience Model
Recognised with the Candidate Experience Award by Talent Board for EMEA and North America.

Analyst Positioning

Recognised as ‘Major Contender’ in Everest Group’s Global In-house Centre-focused Capabilities – Provider PEAK Matrix® Assessment 2023
Recognised as ‘Major Contender’ in Everest Group’s Cloud Services PEAK Matrix® Assessment 2023 – North America
Recognised as ‘Major Contender’ in Everest Group’s Cloud Services PEAK Matrix® Assessment 2023 – Europe
Recognised as ‘Major Contender’ in Everest Group’s Network Transformation and Managed Services PEAK Matrix® Assessment – System Integrators (SIs) 2023
Recognised as ‘Major Contender’ in Everest Group’s Banking Operations – Services PEAK Matrix® Assessment 2023
Recognised as ‘Major Contender’ in Everest Group’s Payments IT Services PEAK Matrix® Assessment 2023

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-personalised (C=X2C2™=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 specialisation, combined with an integrated sustainability and purpose-led approach across its operations and solutions are key to building strong relationships with marquee clients.