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Reliance Securities Report
Mphasis Ltd. (MPHL) reported Q2 FY22 revenue at Rs 28.7 billion, which was 1.5% above our estimate of Rs 28.3 billion. Constant currency growth rate came in at 6.6% QoQ versus our estimate of 5.7% QoQ.
Revenue from direct channel (92% of revenue) grew by a strong 9.9% QoQ in constant currency, while the revenue from DXC business declined by 24.5% QoQ in CC. DXC contributes a mere 6% to the revenue now. Ebit margin stood at 15.1% (adjusted Ebit margin of 15.8%), which was below our estimate of 15.5%
Net income came in at Rs 3.42 billion, 0.3% ahead of our estimate of Rs 3.40 billion, driven by a revenue growth outperformance.
New TCV wins in direct business came in at $241 million, with 68% of the deal wins in the new generation services versus $505 million in Q1 FY22.
The company targets an industry-leading FY22 revenue growth in the direct business, and expects a strong 3Q FY22 with minimal impact of seasonality.
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