In the fourth quarter of FY24, IT company Mphasis witnessed a 2.98% decline in consolidated net profit, amounting to Rs 393.2 crore compared to Rs 405.3 crore in the corresponding period last year. Despite this decrease in net profit, the company’s consolidated revenue from operations experienced a marginal increase, reaching Rs 3,142 crore during Q4 FY24 compared to Rs 3,361.2 crore in Q4 FY23, as disclosed in a regulatory filing.
During the reporting quarter, Mphasis secured new total contract value (TCV) wins amounting to USD 177 million (approximately Rs 1,475 crore). The company highlighted its strong growth momentum in AI-powered deal archetypes, emphasizing its commitment to meeting enterprise demand for AI adoption. Mphasis’ Chief Executive Officer and Managing Director, Nitin Rakesh, expressed confidence in the company’s ability to leverage technology and human expertise to address customer needs, positioning it for growth in FY25 amidst economic uncertainties.
For the fiscal year ended March 31, 2024, Mphasis recorded a 5% decline in consolidated net profit, amounting to Rs 1,558.8 crore compared to Rs 1,637.9 crore in the previous fiscal year. Similarly, annual revenue from operations decreased by approximately 4% to Rs 13,278.5 crore during FY24 compared to Rs 13,798.4 crore in FY23. However, Mphasis reported significant new TCV wins worth USD 1.38 billion in FY24, underscoring its competitive position in the market.
In light of its financial performance, Mphasis’ board recommended a dividend of Rs 55 per share for FY24, representing an increase from Rs 50 per share in FY23.
