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Motilal Oswal Report
Mphasis Ltd.’s Q4 FY22 performance was led by a 4.7% constant currency QoQ growth in the direct business. DXC was marginally up (+1.1% QoQ constant currency) and now accounts for 5% of revenue (versus 15.2% in FY21).
The company reported a net new deal total contract of $347 million in Q4 FY22.
Mphasis’ direct business has been consistently delivering exceptional growth, with a two-year compound annual growth rate of 26.1%, which is among the best in our coverage universe.
With the management reiterating its industry-leading growth guidance in the direct business, we expect standout growth to continue in this category (FY22-24E CAGR of 17.3%).
Mphasis should benefit from a growing deal pipeline, and deal TCV. It has also added ~1700 employees and plans to ramp up fresher hiring level, which hints at good business visibility.
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