Gross Revenue grew 2.1% QoQ in Constant Currency in Q4 FY24

~EPS grew 5.1% QoQ to INR 20.8

Mumbai, 26 April 2024: Mphasis Limited (BSE – 526299; NSE – MPHASIS), an Information Technology (IT) solutions provider specializing in cloud and cognitive services, today announced its financial results for the quarter ended 31st March 2024 and financial year 2023-24.

Year ended 31st March 2024
• FY 2024 revenue declined 3.7% YoY on reported basis and 6.5% in Constant Currency to INR 133.3 billion

• Direct revenue declined 2.3% YoY on reported basis and 5.2% in Constant Currency to INR 126.9 billion

• New TCV wins USD 1.38 billion in FY 2024 in Direct

• Net profit margin at 11.7% at INR 15,548 million in FY 2024

• EPS declined 5.3% to INR 82.4 in FY 2024

• Mphasis Board of Directors recommended a dividend of INR 55 per share for FY24, compared to Rs. 50 per share in FY 2023, subject to shareholder approval.

Quarter ended 31st March 2024
• Gross Revenue grew 1.9% QoQ and grew 0.8% YoY on reported basis to INR 34,150 million in Q4 FY24 and grew 2.1% QoQ and declined 0.4% YoY in Constant Currency

• Direct revenue grew 1.9% QoQ and grew 1.6% YoY on a reported basis to INR 32,571 million in Q4 FY24 and grew 2.0% QoQ and grew 0.4% YoY in Constant Currency

• New TCV wins of USD 177 million in Q4 FY24 in Direct; of which 77% in new-gen services.

• Net profit margin at 11.5% at INR 3,932 million in Q4 FY24

• EPS grew 5.1% QoQ and declined 3.3% YoY to INR 20.8 in Q4 FY24.

“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 for customer needs strongly positions us for growth in FY 2025, while we continue to work around the uncertainties in the overall economic environment,” said Nitin Rakesh, Chief Executive Officer, and Managing Director, Mphasis.

Deal wins:
• One of the top 5 US Investment Banks has engaged Mphasis to provide modernization and cloud services as part of its transformation program.

• A leading player in the alternative investment industry has selected Mphasis to help set up its shared services operations, and to develop and manage their business-critical apps.

• A leading American financial services company has chosen Mphasis as its technology partner to develop features in sales, marketing, and core apps platforms in identified areas of business growth in the coming year.

• A large North American logistics company has signed a strategic data transformation and integration deal with Mphasis. As part of this transformation, Mphasis will work with the client to improve customer experience, provide better visibility on real time performance, and monitor and optimize service costs.

• A leading employee benefits and administration partner provider has engaged Mphasis to help scale up and improve operational efficiencies in its acquired businesses. Mphasis’s Javelina platform capabilities were key in securing this win.

Recognitions and Analyst Positioning:
· Mphasis recognized as a ‘Major Contender and Star Performer’ in Everest Group’s Intelligent Process Automation (IPA) Solutions PEAK Matrix® Assessment 2024

· Recognized as ‘Major Contender’ in Everest Group’s Application Transformation Services PEAK Matrix® Assessment 2024 – Europe

· Recognized as ‘Major Contender’ in Everest Group’s Navigating the Platform Odyssey: Software Product Engineering Services PEAK Matrix® Assessment 2024

· Recognized as ‘Major Contender’ in Everest Group’s Pega Services PEAK Matrix® Assessment 2024

· Recognized as ‘Major Contender’ in Everest Group’s Financial Crime and Compliance (FCC) Operations Services PEAK Matrix® Assessment 2024

· Recognized as ‘Major Contender’ in Everest Group’s Application Transformation Services PEAK Matrix® Assessment 2024 – North America

· Recognized as ‘Major Contender’ in Everest Group’s Advanced Analytics And Insights Everest_Group_-_Advanced_Analytics_and_Insights__AA_I__Services_PEAK_Matrix_Assessment_2023_-_Focus_on_Mphasis

· Mphasis positioned as ‘Leader’ in ISG Provider Lens: 202404 Application Mainframe Modernization Services U.S.