Mphasis rallies 20% after June quarter profit rises to Rs 264
Published On: Friday, July 24, 2020 | By: Team KnowMyStock
Shares of Mphasis rallied 20 per cent to Rs 1,174.7,hits fresh 52 Week high on the BSE on Friday after the company’s April-June quarter (Q1FY21) earnings came in-line with Street estimate. The company reported a 3.9 per cent increase in consolidated net profit at Rs 275.1 crore in the June 2020 quarter. Its net profit stood at Rs 264.6 crore in the year-ago period, Mphasis said in a regulatory filing. The company’s revenue from operations grew 10.9 per cent to Rs 2,288.2 crore in the quarter under review from Rs 2,062.5 crore in the year-ago period. The company announced new TCV (total contract value) wins of USD259m in 1QFY21 in Direct International. This is the highest ever TCV win for a quarter for Mphasis and comprises one large deal win of over USD100m TCV.
"We have had our best quarter ever of deal wins, which, in the current environment, is a testament to the strength of our service offerings and the hard work of Mphasis teams. This sets us up nicely to keep Mphasis on the growth path this year and gain further market share," Mphasis Chief Executive Officer and Executive Director Nitin Rakesh said.
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