Mphasis Q4 net profit down 10% YoY to ₹316.9 crore

Bengaluru: IT services firm Mphasis Ltd reported a 10.2% year-on-year (YoY) decline in net profit to ₹316.9 crore during the fourth quarter ended March. For FY21, Mphasis’ net profit was up 2.7% to ₹1,216.8 crore. Excluding a one-time income tax benefit of ₹42.4 crore in FY20, net profit grew 6.5%.

Its revenue from operations grew 7.5% to ₹2,524.2 crore in the March quarter from ₹2,346.1 crore in the year-ago period driven by broad-based growth aided by Europe and Hi Tech vertical in addition to banking and capital markets. For FY21, revenue from operations was up 9.9% to ₹9,722.3 crore.

“The accelerated digital transformation journey for businesses globally has translated to continued growth for Mphasis in FY21. This has been a break-out year in terms of growth,” said Nitin Rakesh, chief executive officer and executive director of Mphasis.