Mphasis Ltd shares rallied 12 per cent to hit a new high of Rs 2,692.35 on the BSE in intra-day trade on Friday after the company reported a healthy set of June quarter (Q1FY22) numbers. The company is an Information Technology (IT) solutions provider specializing in cloud and cognitive services. Its revenue increased 6.8 per cent quarter-on-quarter (QoQ) and 16.1 per cent year-on-year (YoY) to $362.9, mainly led by a 10.8 per cent QoQ increase in Direct revenues (91 per cent of revenues). In Constant Currency (CC) terms, growth was at 5.9 per cent QoQ and 16.3 per cent YoY.

EBIT (earnings before interest tax) margin declined by 20 basis points (bps) QoQ to 15.9 per cent. Profit after tax (PAT) increased 7.2 per cent QoQ to Rs 339.7 crore mainly due to higher other income.

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Mphasis reported a total contract value (TCV) of $505 million in Direct business during the quarter, the highest ever in the company’s history. Of the TCV, 85 per cent were in new-gen services. This includes a single landmark deal win of $250 million.

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