Biznextindia: IT solutions provider Mphasis has reported 6.3% (YoY) drop in net profit at Rs. 391 crore in the July-August quarter (Q2) of 2023-24 financial year.
During the quarter, Gross Revenue declined by 6.5% YoY to Rs.3276 crore on reported basis and declined 10.1% YoY in Constant Currency. Direct revenue also declined by 5.2% YoY on reported basis and declined 8.9% YoY in Constant Currency. Earnings per share (EPS) also declined by 6.6% (YoY) Rs.20.8. New TCV wins of USD 255 million in Q2 FY24 in Direct; of which 70% in new gen services.
We are seeing signs of bottoming out, thanks to stability in mortgage and visibility to growth given the sustained pipeline expansion and contract closures that are starting to gain momentum. We are focused on establishing a path of AI acceleration with our full-fledged Mphasis.ai business unit, with key GTM along with solutioning AI partnerships to make the most of this opportunity, said Nitin Rakesh, Chief Executive Officer, and Managing Director, Mphasis.