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Mphasis - Q2FY22 First Cut - YES Securities

Posted On: 2021-10-23 09:22:26 (Time Zone: IST)


Revenue above estimate; EBIT margin below estimate on higher general and administrative expenses.

  • Reported revenue of Rs 28.7 bn (up 6.6% QoQ in INR terms) which was above estimate. The growth was led by strong sequential growth of 9.8% QoQ in the Direct segment which contributed 92% of revenue. In terms of verticals, the growth was led by BFSI segment (55% of revenue) grew 13.3% QoQ.
  • DXC segment revenue declined by 25.5% QoQ as per the trend and it contributed 6% to revenue.
  • EBIT margin declined by 81 bps QoQ to 15.1% (below expectation), on account of higher general and adminstrative expenses to 5.6% of revenue from 4.2% of revenue.
  • Deal momentum remained strong with New TCV wins of $241 mn.
  • Onsite revenue mix was flat QoQ at 59%.
  • Added 841 employees QoQ to reach 32,295 employees
  • Offshore utilisation including trainees decreased by 100 bps QoQ to 80% on higher hiring.
  • Overall, the revenue growth was strong, while the margin came below expectation. Now, the Direct segment has been powering the growth of the company, while DXC has become insignificant. We currently have ADD Rating on the stock.

Shares of MphasiS Limited was last trading in BSE at Rs. 3256.10 as compared to the previous close of Rs. 3396.40. The total number of shares traded during the day was 82136 in over 9928 trades.

The stock hit an intraday high of Rs. 3513.90 and intraday low of 3056.80. The net turnover during the day was Rs. 266878888.00.


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