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Motilal Oswal Report
Mphasis Ltd.'s Q4 FY21 revenue growth was led by 3.5% constant currency QoQ growth in the direct business, while DXC vertical (12% of revenue, down 7.7% QoQ constant currency) remains a drag.
Ebit margin dip of 30 basis point QoQ was due to higher sales investments.
It won $245 million of new deals in Q4 FY21, and announced its largest ever single deal of $250 million (banking financial services and insurance, 10-year duration), which will count in Q1 FY22 total contract value.
The company's direct business continues to deliver standout growth (FY19-21 U.S. dollar compound annual growth rate of 19%) among stocks in our coverage universe.
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