A director at Mphasis Ltd sold 4,680 shares at 2,495.000INR and the significance rating of the trade was 51/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly s...
The independent financial analyst theScreener just downgraded the general evaluation of MPHASIS (IN), active in the Software industry. As regards its fundamental valuation, the title loses a star(s) and now shows 1 out of 4 stars. Its market behaviour is also negatively reassessed and may be considered as moderately risky. theScreener believes that this double requalification keeps the title under pressure and justifies an overall rating downgrade to Neutral. As of the analysis date November 30,...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
MPHASIS: Exceptional performance in Direct business (MPHL IN, Mkt Cap USD6.4b, CMP INR2526, TP INR2770, 10% Upside, Buy) Diminishing DXC impact a positive Mphasis (MPHL)'s 1QFY22 performance was led by 9.8% CC QoQ growth in the Direct business, while the DXC vertical (
Mphasis: DXC overhang remains, to weigh on multiples (MPHL IN, Mkt Cap USD2.4b, CMP INR936, TP INR980, 5% Upside, Downgrade to Neutral) Weak growth in key service offerings 3QFY20 revenue growth of Mphasis (MPHL) (4% QoQ, CC) was largely in line with estimates; however, growth within key offerings like Application Development and Maintenance (~61% of revenue) remained tepid. Growth was largely driven by low value offerings like Technical helpdesk, transaction processing and KPO. On a seq...
MPHASIS: Core momentum intact; risk-reward favorable (MPHL IN, Mkt Cap USD2.5b, CMP INR930, TP INR1120, 20% Upside, Upgrade to Buy) Steady revenue; margins correct due to out-of-turn hikes: MPHL's 1QFY20 USD revenue grew 11% YoY (+1.8% QoQ; our estimate: 12.3% YoY/3.5% QoQ) to USD297m, EBIT increased 6% YoY to INR3,193m (in-line) and PAT was up 2.5% YoY (our estimate: -1.4% YoY) to INR2,647m. In CC terms, revenue growth stood at 2.0% QoQ (our estimate: +3.6% QoQ). EBIT margin shrank 30bp ...
Mphasis: Revenue growth steady; Profitability beat led by SGA leverage (MPHL IN, Mkt Cap USD2.5b, CMP INR952, TP INR1070, 12% Upside, Neutral) 4QFY19 Gross margin below estimate: For FY19, revenue grew 13% YoY, EBITDA was up 25% YoY and PAT increased 26% YoY. Total payout for the year, including buyback, stood at 141%. 4QFY19 USD revenue grew 10% YoY (our estimate: +11% YoY) to USD292m, EBITDA increased 10% YoY (our estimate: +8% YoY) to INR3404m, and PAT was up 6% YoY (our estimate: - 1%...
Q3FY19 result highlights Strong growth and & Inline margin performance: Mphasis reported Q3 revenue growth of 2.6% QoQ (3.1% in CC terms, ~2.6% organic) at USD 282.6 mn (IDFCe: USD 279.2 mn) aided by healthy growth in both DXC/HP (6.4% in CC terms) and Direct core (6% in CC terms) despite ~USD 2 mn impact due to decline in Digital Risk. EBITDA margin was lower 60 bps QoQ at 16.8% EBITDA margin was lower 60 bps QoQ at 16.8% (IDFCe: 15.5%) due to wage hike in the quarter. HP business traction ...
Mphasis: Strong performance in core segments dragged by Digital Risk (MPHL IN, Mkt Cap USD2.5b, CMP INR920, TP INR1050, 14% Upside, Neutral) 3Q Operational performance in line: MPHL's 3QFY19 USD revenue grew 12% YoY (2.6% QoQ) to USD283m, in line with estimate. EBITDA grew 21% YoY to INR3,306m (estimate of 26% growth) and PAT grew 29% YoY to INR2,709m (estimate of 16% growth). EBITDA margin declined 60bp QoQ to 16.8%, below our estimate of 17.2%, primarily due to lower margins in BFS busi...
Q2FY19 result highlights Steady operational performance: Revenue growth of 2.6% qoq to US$275.6m (IDFCe:US$ 273.7m) , led by growth in HP/DXC (6.4% cc qoq), while EBIT margins decreased by 29bps qoq 16.4% (IDFCe: 17.6%). EPS grew by 3.6% qoq to Rs13.8 (IDFCe:Rs14.2). Hedging adjustment was at Rs -330m in Q2FY19 as compared to Rs-16 m in Q1FY19. HP business traction continues: Direct International revenues grew on constant currency (cc) basis at 0.7% qoq and 10.3% yoy. DXC/HP revs grew 6.4% q...
Mphasis: Traction intact in Direct and HP channel (MPHL IN, Mkt Cap USD2.8b, CMP INR1069, TP INR1150, 8% Upside, Neutral) Marginal miss on margins: MPHL’s revenue grew 3% QoQ CC (our estimate: +3.4%) in 2QFY19. EBIT margin of 16.4% (-20bp QoQ) came in below our estimate of 17.2% due to pressure in Digital Risk and costs associated with ramp-up of new deals. PAT of INR2.7b (+5% QoQ) was in line with our estimate; miss on operating margins was made up for by higher other income. Strong gro...
Q1FY19 result highlights Strong operational performance: Revenue growth of 2.9% cc qoq to US$269m (IDFCe:US$ 226.7m) , led by growth in HP/DXC (4.5% cc qoq), while EBIT margins decreased by 5bps qoq, but were above our estimates to 16.7% (IDFCe: 15.9%) driven by lower SG&A .EPS grew by 2% qoq to Rs13.2 (IDFCe:Rs12.4). Hedging adjustment was at Rs -16m in Q1FY19 as compared to Rs412m in Q4FY18. HP business traction continues: Direct International revenues grew on constant currency (cc) basis ...
Mphasis: Both engines feeding into strong traction (MPHL IN, Mkt Cap USD3.2b, CMP INR1150, TP INR1100, 4% Downside, Neutral) In-line quarter: MPHL's revenue grew 1.7% QoQ to USD269m (est. of USD268m) in 1QFY19. EBIT margin shrank 20bp QoQ to 16.6% (est. of 17.1%). However, there was a one-time gain in the previous quarter because of revenue from the India government business, excluding which the margin expanded by 40bp (in-line). PAT of INR2.5b (+3% QoQ) was below our estimate of INR2.8b ...
We visited Mphasis Analyst Meet & key highlights of meet are:- Strategy to focus on digital: The company’s new strategy will focus on expanding in European geography, proactive sales, focus on Blackstone portfolio execution and expand HP relationship in new geographies and entities. Overall the company is focussed on executing on 4 growth engines 1) Strategic accounts, 2) HP/DXC channel , 3) Blackstone portfolio and 4) new client additions. MPHL focus on increasing the NewGen revenues comes at ...
Mphasis: Outperformance through Front2Back transformation; All strategic imperatives coming together (mphl IN, Mkt Cap USD2.8b, CMP INR988, TP INR960, 3% Downside, Neutral) We attended MPHL’s analyst meet, where the company [1] demonstrated its Front2Back Digital transformation framework to stay ahead of the curve in new technologies, [2] elaborated various growth drivers that have been leading to an improved performance and [3] discussed the multitude of opportunities for a continued outpe...
Q4FY18 result highlights Strong operational performance: Revenue growth of 4.4% cc qoq to US$264m (IDFCe:US$ 256.9m) , led by growth in HP/DXC (8.3% cc qoq), while EBIT margin expanded by 130bps qoq to 16.8% (IDFCe: 15.5%) driven by lower SG&A and 50bps impact of one-time India revenue. EPS grew by 10.5% qoq to Rs12.4 (IDFCe:Rs11.55). Hedging adjustment was at Rs412m in Q4FY18 as compared to Rs390m in Q3FY18. Growth was driven by bill rate increase in ITO (+10% QoQ growth in onshore) and App...
MPHASIS: Strong traction coupled with robust deal wins (MPHL IN, Mkt Cap USD2.8b, CMP INR998, TP INR960, 4% Downside, Neutral) In-line quarter: MPHL's revenue grew 3.6% QoQ to USD261m, as against estimate of USD259m. EBIT margin expanded 130bp QoQ to 16.8% (v/s est. of 15.8%). However, this included a one-off bump from a Government of India contract, benefiting revenue by USD2m and margins by 50bp. Growth in 4Q was largely contributed by the HP channel (+8.3% QoQ CC). Direct Core grew 2.1...
Q3FY18 result highlights Strong operational performance: Revenue growth of 3.8% qoq to US$251.6m (IDFCe:US$ 245.2m) , led by growth in HP/DXC (3.2% qoq), while EBIT margin expanded by 104bps qoq to 15.5% (IDFCe: 14.3%) driven by lower SG&A. EPS grew by 7.8% qoq to Rs11.32 (IDFCe:Rs10.54). Hedging adjustment was at INR 390m in Q3FY18 as compared to 397m in Q2FY18. Growth was driven by bill rate increase in ITO (+12% QoQ growth in onshore) and Application (+1% QoQ growth onshore and 5% QoQ gr...
Mphasis: Above estimate, but lopsided; profitability beat led by SGA pruning and one-time settlement (MPHL IN, Mkt Cap USD2.7b, CMP INR822, TP INR800, 3% Downside, Neutral) Strong growth and deal wins: MPHL's revenue growth of 3.8% QoQ to USD252m was better than our estimate of USD246m. Both HP channel (+3.4% QoQ) and Direct Channel (+4.0% QoQ) contributed to growth. In 3Q, it reported deal wins TCV of USD130m, taking YTD wins to USD435m (+58% YoY). 83% of the deal wins in the quarter and ye...
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