Mphasis Q2 Review - Topline Beat Led By Direct Channel, Margin In Line: Motilal Oswal
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Motilal Oswal Report
In USD terms, revenue grew 18% YoY above our estimate of 16% growth in Q2FY22. Adjusted EBIT (excluding a M&A charge) rose 15% YoY (est. 13%) and APAT grew 19% (est. 19%).
Revenue grew 6.1% QoQ to $385 million, above our estimate of 4.8%. In CC terms, revenue growth stood at 6.6% QoQ and 17.2% YoY.
EBIT margin (adjusted for an M&A charge) dipped 10 basis points QoQ to 15.8%, in line with our estimate of 15.8%. Reported EBIT stood at 15.1%.
Reported PAT was flat QoQ at Rs 3.6 billion. While PAT adjusted for a M&A charge grew by 5.2% QoQ and 19.5% YoY.
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