Focusing on converting TCV to revenue; BFS and TMT led the revenue growth: Mphasis CEO
total contract value (TCV) into revenue, said Nitin Rakesh, CEO and MD of Mphasis, in an exclusive interaction with ET following its Q2 earnings.
Driven by a recovery in revenue growth, Mphasis reported a 4.6% sequential rise in net profit to ₹423.3 crore for the September quarter. On a year-on-year (YoY) basis, net profit was up by 8%.
The company’s revenue for the same period grew 3.3% quarter-on-quarter (QoQ) and 7.9% YoY to ₹3,536.1 crore. The Bengaluru-headquartered firm also saw an improvement in operating margins, which rose by 40 basis points (bps) QoQ but declined by 10 bps YoY to 15.4%.
“Overall, the trend has been as expected. BFS (Banking and Financial Services) and TMT (Technology, Media, and Telecom) were the two leaders in sequential growth. Almost all verticals showed growth, barring a small decline in one vertical, which is minor (around $1 million),” said Rakesh.
He added that while growth is gradually becoming more visible, the macroeconomic environment remains fluid. “Though the interest rate cycle seems to have peaked, and the election cycle is in full swing, there’s still a lot happening. Our focus, however, has been on execution—converting TCV to revenue. This quarter was all about execution.”
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