Mphasis Q4 Review - Steady Quarter With Improving Deal Pipeline: Prabhudas Lilladher
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Prabhudas Lilladher Report
Mphasis Ltd.'s revenues came at $342.2 million, up 2.5% QoQ U.S. dollar slightly above our estimate (our estimate: 2.3%) led by lower than anticipated decline in DXC, down 7.2% QoQ U.S. dollar (our estimate: down 10%) and sustained strong growth momentum in direct channel (up 3.1% QoQ U.S. dollar).
Growth in direct channel was led by ITCE (up 15.1% QoQ U.S. dollar) and Insurance (up 5.7% QoQ U.S. dollar).
Though banking, capital markets declined this quarter due to slowdown in ramp up of a large deal, management expects strong sequential growth in Q1 FY22E and growth trajectory to sustain in FY22E.
Near-to medium term outlook to top client also remains stable.
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