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Dolat Capital Report
Mphasis Ltd. reported revenue growth of 6.5% QoQ (DE: 6.6%) led by continued momentum in Direct Business which grew 9.9% constant currency QoQ (DE: 8.0%) which was partly negated by DXC Business decline of 26% QoQ.
Operating profit margin declined by 81bps to 15.1% (DE: 16.6%) due to lower utilisation (down 100bps QoQ) and 70bps one time impact from M&A.
Q2 (Net New) TCV Wins stood at $241 million taking the TTM TCV to $1.23 billion (up 22.7% YoY).
The commentary highlights continued momentum in TCV and pipeline led by MPHL focused on new client acquisition program across verticals (added 5 clients in Q2, also got access to 10 Fortune logos from Blink integration).
OPM would see further contraction on account of 100bps expected impact from Blink in Q3/Q4 towards higher amortisation/retention costs, which along with supply side factor would result in near term pressure in OPM.
Mphasis is confident to achieve organic guided band of 15.5%-17% (reported could be lower by ~70bps).
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