Mphasis shares rally over 14 pc after Q1 earnings

Mphasis on Thursday reported a 3.9 per cent increase in consolidated net profit at Rs 275.1 crore for June 2020 quarter. The company's net profit stood at Rs 264.6 crore in the year-ago period, Mphasis said in a regulatory filing.

Shares of IT firm Mphasis zoomed over 14 per cent on Friday after the company reported a 3.9 per cent increase in consolidated net profit for June 2020 quarter. The stock jumped 14.18 per cent to close at Rs 1,118.70 on the BSE. During the day, it increased by 19.75 per cent to Rs 1,173.30 -- its 52 week-high.

On the NSE, it zoomed 14.12 per cent to settle at Rs 1,118. Mphasis on Thursday reported a 3.9 per cent increase in consolidated net profit at Rs 275.1 crore for June 2020 quarter.

The company's net profit stood at Rs 264.6 crore in the year-ago period, Mphasis said in a regulatory filing. Revenue from operations grew 10.9 per cent to Rs 2,288.2 crore in the reported quarter from Rs 2,062.5 crore in the year-ago period, it added.

The company said it has registered USD 259 million worth of total contract value (TCV) wins in direct international business, including a large deal of USD 105 million. "We have had our best quarter ever of deal wins; which, in the current environment, is a testament to the strength of our service offerings and the hard work of Mphasis teams. This sets us up nicely to keep Mphasis on the growth path this year and gain further market share," Mphasis CEO and Executive Director Nitin Rakesh said.