Mphasis' Q3 Profit Surges, Revenue Miss
Mphasis, the Indian software services company, reported a stronger-than-anticipated rise in third-quarter profit on Thursday.
* Revenue: 35.61 billion rupees ($49.54 million), a 7% increase YoY but below analyst expectations of 35.70 billion rupees.
* Net Profit: 4.28 billion rupees, a 15% jump YoY, exceeding analyst estimates of 4.26 billion rupees.
* BFS Segment: Saw a 9% revenue growth driven by increased customer spending and recovery in the mortgage business.
* TCV: Grew 46% to $351 million.
Despite the revenue miss, Mphasis attributed the strong profit growth to deal wins in the banking segment. The TMT segment also contributed with a 13% revenue increase.
Mphasis' performance reflects the cautious optimism within India's IT services industry following signs of revival in domestic spending. Indian IT companies are also hopeful about President Trump's potential tax cuts and regulatory reforms.