21 Jan , 2022 By : monika singh
NEW DELHI: Shares of Mphasis NSE 1.80 ?ll along with the broader market, with the stock giving up 4.5 per cent in early trade on Friday despite the IT firm posting a nearly 10 per cent on-year increase in consolidated net profit at Rs 357.6 crore for the December 2021 quarter. The company's net profit stood at Rs 325.5 crore in the year-ago period.
The counter fell to a low of Rs 2,920 as against the previous close of Rs 3,051.05 on the National Stock Exchange. The scrip was last trading 2.5 per cent lower.
Adjusted for M&A charges, the company’s net profit grew 16.8 per cent year-on-year to Rs 380.2 crore, PTI reported.
Revenue from operations grew 26.2 per cent to Rs 3,123.7 crore in the reported quarter from Rs 2,474.3 crore in the year-ago period.
The company said its gross revenue grew 7.8 per cent quarter-on-quarter and 24.2 per cent year-on-year in constant currency terms, PTI’s report said, adding that earnings per share (EPS) grew 9.5 per cent y-o-y to Rs 19.1.
The company's new total contract value (TCV) wins stood at USD 335 million in Q3 FY22 in Direct business.
"We have had a third consecutive quarter of strong revenue growth in FY 22. We have also undertaken multiple expansion initiatives in areas of geography, leadership, digital competencies, New Client Acquisition (NCA), and Environmental, Social and Governance (ESG)," Mphasis CEO and Managing Director Nitin Rakesh was quoted as saying in PTI’s report.
According to Rakesh, the recent shifts in global megatrends driving increase in global tech spending, the additional discretionary spending opportunities from an OpEx-driven tech investment model as well as growth in non-traditional tech spend are opportunities for the company to sustain its growth momentum, PTI reported.
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