Board approves buyback of shares at `635 per Share
Bengaluru, 31 January 2017: Mphasis Limited (BSE - 526299; NSE - MPHASIS), a leading Information Technology (IT) services provider today announced its financial results for the third quarter ended 31st December 2016. Recently, Mphasis announced the appointment of Mr. Nitin Rakesh as its Chief Executive Officer and Additional Director on the Board with effect from 29 January 2017.
Highlights for Q3 FY17
· Direct Core revenues grew 1.2% QoQ and 8.4% YoY
· Robust new deal wins with $ 96 million TCV in Direct International business of which 51% in new generation services
· HP business grew 1.8% QoQ
· Operating margins expanded 140 bps YoY to 14.7%
· Net profit margin improved 220 bps YoY to 13.3%
· DSO improves by 7 days QoQ to 60 days resulting in strong operating cash generation of `2,601 million during the quarter
· Board has approved a buy-back at maximum price of `635 per share, aggregating to ` 11,030 million, pending shareholder and regulatory approval.
“We are pleased with the performance this quarter, especially with strong TCV wins. We will continue to build on these and position the company for greater acceleration,” said Nitin Rakesh, Chief Executive Officer and Director, Mphasis.
About Mphasis
Mphasis enables chosen customers to meet the demands of an evolving market place. Recently named by American Banker and BAI as one of the top companies in FinTech and as the “Most Distinguished Digital Company in 2015” by The Economic Times, Mphasis fuels this by combining superior human capital with cutting edge solutions in hyper-specialized areas. Click here to know more.