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Dolat Capital Report
Mphasis Ltd. Q3 results were mixed with dollar revenue growth of 2.0% QoQ (our estimate 3.7%) due to 17.5% QoQ decline in DXC revenue (13% of revenue) while direct business continued to perform well with 5.6% QoQ growth.
Operating profit margin improved by 25 basis points to 16.4% (our estimate16.2%) led by offshore leverage (up 100 basis points QoQ).
The direct biz commentary and leading indicators remain strong as they plan to invest in direct channel to sustain growth, added net new total contract of about $ 274 million (71% New-Gen Services) led by continued proactive deal wins; taking trailing twelve months TCV growth to 62% YoY at $ 1.06 billion.
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