Mphasis reports marginal growth in net profits

Mphasis reports marginal growth in net profits
15 Nov, 2019

Bengaluru based IT services firm Mphasis reported a marginal increase in consolidated net profits at Rs 273.3 crore for the quarter ended September 2019.

Revenues from operations grew 12.7% to Rs 2,158 crore against Rs 1,915 crore during the corresponding quarter last year.

The company also said in its regulatory filing that it had closed new deal wins worth $174 million in international business, with 77% of those coming in for new generation services offerings.

Mphasis also stated that its earnings per share grew by 4.7% year-on-year to Rs 14.70, a quarter-on-quarter increase of 3.2%.

“There is accelerated demand for agility and nimbler solutions by our clients, to help reduce the technical debt that comes with legacy,” CEO and executive director Nitin Rakesh said. 

Rakesh also stated that the trend for agile solutions has been amplified with the need for customer centricity for end consumers demanding highly personalized products and services.

“This has been a very fertile ground for companies with the right solutions and propositions in the enterprise world,” added Rakesh.