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Mphasis share price rises 20% on highest value of deal wins in Q1

Mphasis share rose 19.76% to Rs 1,173.30 against previous close of Rs 979.95 on BSE

twitter-logoBusinessToday.In | July 24, 2020 | Updated 16:56 IST
Mphasis share price rises 20% on highest number of deal wins in Q1

Share price of IT firm Mphasis zoomed 20% on Friday post announcement of Q1 earnings. The share rose 19.76% to Rs 1,173.30 against previous close of Rs 979.95 on BSE. The firm reported a 3.9% rise in net profit to Rs 275.1 crore against Rs 264.6 crore profit in the year-ago period. Revenue from operations climbed 10.9 per cent to Rs 2,288.2 crore in the reported quarter from Rs 2,062.5 crore in the year-ago period.

The firm secured total contract value (TCV) wins of $259 million in Q1 of FY21, highest ever for Mphasis.

The company won one large deal of over $100 million TCV during the quarter. The record deals won by the firm took the stock to a fresh 52-week high today. The stock opened with a gain of 2.59% at Rs 1,005 today. Mphasis share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Mphasis stock has gained 23% in one year and risen 22.24% since the beginning of this year. In one month, the IT stock has climbed 30.4%.

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Market cap of the firm rose to Rs 20,754 crore. In constant currency terms, revenue grew 10.8 per cent y-o-y and declined 0.5 per cent quarter-on-quarter (q-o-q).

Direct core revenue rose 15.5 per cent y-o-y and 0.5 per cent sequentially on a reported basis. In constant currency, growth was 6.9 per cent on y-o-y basis, and declined 2.1 per cent on q-o-q basis. Earnings per share (EPS) grew 3.8 per cent y-o-y to Rs 14.75.

"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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