Mphasis share price hits new high, spurts 12% amid strong June quarter, $505 million deal

Hitting a new 52-week high, Mphasis shares on Friday jumped over 12 per cent to Rs 2,692.35 per share on the BSE in intraday trade on the back of strong healthy first-quarter numbers in fiscal 2022.

An Information Technology (IT) solutions provider specialising in cloud and cognitive services — Mphasis reported over a 7 per cent jump in the Q1 profit to Rs 339.7 crore in FY22, as compared to Rs 316.9 crore in the previous quarter of FY21. 

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The stock at around 12:00 pm was trading around 4.5 per cent higher to Rs 2505.9 per share on the BSE as compared to a 0.16 rise in the BSE Sensex today. The stock so far in the last five sessions had been trading between Rs 2300-2400 per share however it breached the level and touched Rs 2600.

The counter in the last one month grew over 35 per cent from Rs 1986 per share, while spurted around 59 per cent in the last three months on the BSE.

The mid-cap IT company in results filing said, the gross revenue grew 6.8 per cent quarter-on-quarter QoQ and 16.1 per cent year-on-year (YoY) on a reported basis, while in Constant Currency terms, the growth was 5.9 per cent.

New total contract value (TCV) of $505 million in Direct business during the quarter, of which 85 per cent were in new-gen services, Mhpasis further said adding further it also won a single landmark deal win of $250 million.

Mphasis Chief Executive Officer and Executive Director Nitin Rakesh said in a management commentary, “We have had a great start to FY22 with record deal wins of USD 505 million in our direct business, the highest ever in the history of Mphasis.”