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Gross revenue grew 9.8% YoY in FY 2021

Gross revenue grew 9.8% YoY in FY 2021 1

Mphasis Limited (BSE – 526299; NSE – MPHASIS), an Information Technology (IT) solutions provider specializing in cloud and cognitive services, today announced its financial results for the fourth quarter and financial year ended 31st March 2021.

Quarter ended 31st March 2021

•        Gross Revenue grew 1.8% QoQ and 6.7% YoY on a reported basis. In Constant Currency, growth was 2.0% QoQ and 4.9% YoY.

•        New TCV wins of USD 245 million in Q4 FY21 in Direct; of which 69% in new generation services. In addition, closed a landmark deal of US$250 million in Q1 FY22.

•        Direct revenue grew 3.1% QoQ and 21.3% YoY on a reported basis. In Constant Currency, revenue grew 3.5% QoQ and 19.9% YoY.

•        DXC revenue declined 7.2% QoQ and 43.3% YoY on a reported basis. In Constant Currency, revenue declined 7.7% QoQ and 46.2% YoY.

•        Net profit declined 2.6% QoQ to INR 3,169 million, excluding one-time income tax benefit of ₹ 424 million in Q4 FY 20.

•        EPS declined 10.5% YoY to INR 16.96; excluding one-time income tax benefit of ₹ 2.3 in Q4 FY 20, EPS grew 1.7% YoY.

Year ended 31st March 2021

•        Overall gross revenue grew 9.8% on a reported basis and 4.9% in Constant Currency.

•        USD 1,112 million TCV wins in Direct business of which 73% in new-generation services; TCV growth of 51%.

•        Direct revenue grew 22.5% on reported basis and 17.2% in Constant Currency, highest growth in the Direct Business in any financial year.

•        DXC revenue declined 29% on reported basis and 33% in Constant Currency, and now 15% of revenue

•        Net profit grew 2.7% to INR 12,168 million. Excluding one-time income tax benefit of ₹ 424 million in FY 20, net profit grew 6.5%

•        EPS grew 2.5% to ₹ 65.18 in FY 21. Excluding one-time income tax benefit of ₹ 2.3 in FY 20, EPS grew 6.3%

•        Mphasis Board of Directors recommended a dividend of INR 65 per share (inclusive of special dividend of INR 27) for FY 21, subject to shareholders approval.

“The accelerated digital transformation journey for businesses globally has translated to continued growth for Mphasis in FY 21. This has been a break-out year in terms of growth. Mphasis has recorded the highest ever TCV wins in Direct of USD 1,112 million and our Direct Business growth of 22.5% on a reported basis, was a historical high. Our engineering-led DNA and client centricity has helped us stay consistent with our performance and we continue to invest in accelerating our targeted go-to-market and delivery guilds,” said Nitin Rakesh, Chief Executive Officer and Executive Director, Mphasis.

Deal wins:

·         A large European bank has partnered with Mphasis to accelerate digital transformation within the asset finance space.

·         An American fast food restaurant company has partnered with Mphasis to do a well architected assessment, cloud operations optimization including cost, data operations and ongoing support for five years.

·         One of America’s premier financial services company engaged Mphasis for modernization of its core platform and to bring it to parity with its recent acquisition.

Recognitions and Analyst Positioning:

•        Recognized Mphasis for its Triple-A Trifecta capabilities in Enterprise Automation, Digital, and Cognitive services by HFS Research.

•        Recognized in HFS’ Market Analysis of Disruptive Hyperscaler Cloud Service Providers 2021.

•        Positioned as Major Contender in Everest Group – Application and Digital Services (ADS) in Life and Annuities (L&A) PEAK Matrix® Assessment 2021.

•        Recognized in IDC Fintech Rankings Top 100 – as one of the top vendors that derive more than one-third of their revenue from financial institutions.

•        Positioned as Major Contender in Everest Group’s Pega Services PEAK Matrix® Assessment 2021.

•        Positioned as a Major Contender in Everest Group’s Insurance Business Model Innovation Enablement Services PEAK Matrix® Assessment 2021.

•        Positioned as a Contender in Novarica’ s IT Services Providers for Insurers 2021.

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