Mphasis posts robust 15.5% topline growth in Q3

Bengaluru-based information technology services firm Mphasis reported an industry-leading topline growth of 15.5% for the December quarter on a consolidated basis. It also reported new deal wins worth $189 million in direct international business, with 87% of the deal wins in new-generation services, it said in a statement.

The company, which specialises in cloud and cognitive solutions, reported revenues at Rs 2,277 crore during the third quarter of the current financial year (2019-2020), against Rs 1,971 crore during the same period of the previous financial year.

The Blackstone-backed software service firm also saw revenues grow 5.5% quarter-on-quarter, much higher than top IT services firms such as TCS, Infosys and HCL. 

The third quarter is usually a slow period for Indian IT services firms due to the long holiday season in the US and European markets, which generate around 75% of the industry’s revenue.

Mphasis reported net profits at Rs 294 crore for Q3, a growth of 5.8% over the Rs 278 crore it reported during the same period of the previous fiscal. Net profits also grew 7.7% sequentially.

“We continue to see a healthy deal pipeline. We are focused on consistent performance while continuing to keep our clients’ transformation needs at the centre of our strategy and execution,” Nitin Rakesh, CEO and executive director of Mphasis, said.

Mphasis has partnered with Israeli enterprise technology firm QEDIT to enable data compliance without infringing on privacy regulations by deploying the latter’s blockchain technology.