Mphasis experiences 2.9% y-o-y revenue decline at 393.22 cr

IT agency Mphasis recorded a 2.9 per cent year-on-year (y-o-y) internet revenue decline at ₹393.22 crore for the fourth quarter. On a sequential foundation, income rose by 5.2 per cent.

Income from operations stood at ₹3,412 crore, a 1.5 per cent y-o-y decline and a pair of.2 per cent fall on a quarter-on-quarter (q-o-q) foundation. The corporate has introduced a dividend of ₹55 per share for FY24, in comparison with ₹50 per share in FY23, topic to shareholder approval.

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“We’re experiencing robust progress momentum in synthetic intelligence (AI)-powered deal archetypes as we glance to seize the enterprise demand for AI adoption. Our capability to orchestrate the ecosystem by bringing know-how and folks collectively to resolve buyer wants strongly positions us for progress in FY25, whereas we proceed to work across the uncertainties within the general financial setting,” mentioned Nitin Rakesh, Chief Government Officer and Managing Director, Mphasis.

Mphasis recorded new complete contract worth (TCV) wins of $177 million in This autumn FY24 in Direct, of which 77 per cent in new-gen providers. For the total 12 months, new TCV stood at $1.38 billion in FY 2024 in Direct. The web revenue margin stood at 11.5 per cent, or ₹393.22 crore, in This autumn FY24.