IT solutions provider Mphasis has reported a 15.3 per cent yoy rise in net profit at ₹412.3 crore, for the quarter ended December 2022. On a sequential basis, the profits fell by 1.5 per cent from ₹418.5 crore in the last quarter.

The net revenue grew 12.2 per cent yoy at ₹35,06.2 crore. On a qoq basis, revenue declined by 0.4 per cent. In constant currency terms, the net revenue declined 3.1 per cent qoq and grew 3.8 per cent yoy. Its net margin declined 10 bps qoq and grew 30 bps yoy to 11.8 per cent in Q3 FY23.

This quarter reflects the duality in our current business environment. On one hand, our core business continues to perform well. On the other hand, there are cyclical headwinds due to market hypersensitivity in our mortgage business, with interest rate movements. We continue to have a strong market share and portfolio share gains in our chosen segments, as reflected in our TCV wins and pipeline,” said Nitin Rakesh, Chief Executive Officer, and Managing Director, Mphasis.

The earnings per share (EPS) declined 1.6 per cent qoq and grew 14.7 per cent yoy to ₹21.9 in the third quarter. During the quarter, the company reported net new total contract value (TCV) orders of $401 million. “We are happy with the optimization efforts we undertook in 2022, including accelerated fresher adoption and improving operational efficiencies, enabling us to invest and still hold the EBIT margins,” Rakesh added.

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