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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 quarter ended 30^th September 2023.

Quarter ended 30^th September 2023

• Gross Revenue grew 0.7% QoQ and declined 6.5% YoY in Q2 FY24 on reported basis and remained flat QoQ and declined 10.1% YoY in Constant Currency
• Direct revenue grew 1.0% QoQ and declined 5.2% YoY on reported basis and grew 0.3% QoQ and declined 8.9% YoY in Constant Currency
• New TCV wins of USD 255 million in Q2 FY24 in Direct; of which 70% in new gen services
• Net profit declined 1% QoQ and 6.3% YoY to ₹ 3,919 million in Q2 FY24
• EPS declined 1.1% QoQ and 6.6% YoY to ₹ 20.8 in Q2 FY24.

“We are seeing signs of bottoming out, thanks to stability in mortgage and visibility to growth given the sustained pipeline expansion and contract closures that are starting to gain momentum. We are focused on establishing a path of AI acceleration with our full-fledged Mphasis.ai business unit, with key GTM along with solutioning AI partnerships to make the most of this opportunity,” said Nitin Rakesh, Chief Executive Officer, and Managing Director, Mphasis.