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Prabhudas Lilladher Report
Mphasis Ltd.'s strong beat on revenue growth, 7.5% QoQ U.S. dollar (our estimate: 5.4%, 6%) was led by strong growth in direct business (~8.7% QoQ USD, 9% QoQ constant currency) while digital cross connect system continued to decline (down 10.5% QoQ USD, down 10.4% QoQ constant currency).
Blink acquisition contributed $9 million implying overall organic revenue growth of 5.1% QoQ USD.
Growth was strong across all verticals led by banking and capital markets aided market share gains.
Mphasis reported strong growth in new total contract value wins $335 million 39% QoQ, 35% YoY in Q3 and $1.08 billion, 25% YoY in nine months FY22. Despite strong bookings deal pipeline is up 7% QoQ and 10% YoY. Proactive new deal hunting has led to impressive four large deal wins for the company unlike small size short cycle deal wins by mid-cap peers.
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