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Mphasis - Q4FY21 first cut: Muted performance - YES Securities

Posted On: 2021-05-16 06:44:39 (Time Zone: UTC)

- Reported revenue growth of 1.8% QoQ (up 2% QoQ in constant currency). It was led by 3.1% QoQ growth in Direct revenue. However DXC revenue continued to decline (as has been the trend after the expiry of contract period) as it declined by 7.2% QoQ. In terms of segment, BFSI revenue declined by 4.3% QoQ

- DXC contributed 12% to revenue in Q4; while Direct contributed 86% to revenue in the quarter.

- Offshore revenue mix improved by 100 bps QoQ to 43%.

- Deal win remained strong with net new TCV wins of $245 mn in Direct segment.

- EBITDA margin declined by 31 bps QoQ to 18.5% , led by higher other expenses.

- Excluding trainees, offshore employee utilization increased by 500 bps QoQ to 85%, which is expected to come down with higher hiring going ahead.

- PAT declined by 2.7% QoQ to Rs 3,169mn

- Cash and equivalents increased by Rs 3 bn to Rs 29.8 bn in the quarter

View: Overall performance has been muted for the company. The DXC segment continues to decline after the end of the contract period with DXC Technology and even the growth in the Direct segment has moderated recently. Though deal win has been strong for the company but it needs to be seen how sustainable is the trend in deal booking. Trades at 22x on FY23 earnings

Shares of MPHASIS LTD. was last trading in BSE at Rs.1801 as compared to the previous close of Rs. 1797.85. The total number of shares traded during the day was 14979 in over 1090 trades.

The stock hit an intraday high of Rs. 1801.4 and intraday low of 1764. The net turnover during the day was Rs. 26696000.

Source: Equity Bulls

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