Indian IT services firm Mphasis has delivered an impressive financial performance for the second quarter, showcasing resilience and growth momentum in a challenging global market environment.
The company reported an 11% year-on-year increase in net profit, reaching ₹469 crore for the quarter ended September 2024. This marks a significant improvement from the ₹422 crore recorded during the same period last year.
Revenue Shows Steady Growth
Mphasis demonstrated strong revenue performance with a 3.4% increase in total revenue, which climbed to ₹3,536 crore compared to ₹3,420 crore in the corresponding quarter of the previous year. The company's sequential revenue growth stood at 1.6%, indicating consistent upward momentum.
Dividend Declaration Delights Shareholders
In a move that will please investors, the Mphasis board has approved an interim dividend of ₹65 per share for the financial year 2024-25. This substantial payout reflects the company's strong financial health and commitment to shareholder value.
Management Optimistic About Future Prospects
Company executives expressed satisfaction with the quarterly results, highlighting that the performance exceeded market expectations. The management attributed this success to strong client relationships, strategic account mining, and effective cost management despite global economic uncertainties.
The results come at a time when the Indian IT sector is navigating challenges from global macroeconomic pressures, making Mphasis's performance particularly noteworthy. The company's ability to maintain growth trajectory while managing operational efficiencies has positioned it well in the competitive IT services landscape.
As Mphasis continues to expand its service offerings and strengthen its market position, industry analysts are watching closely to see if this growth momentum can be sustained in the coming quarters.
