Mphasis, a Bengaluru-based provider of cloud and cognitive services, announced on Friday its net profit grew 37% year-on-year to ₹270.92 crore during the second quarter ended September on higher revenue from its partnership with DXC Technology.
DXC Technology, an end-to-end IT services firm and Mphasis had signed a solution partner relationship “to modernise enterprise applications for the public, private and hybrid cloud.”
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DXC/HP revenue rose 34.7% year-on-year on a reported basis and 24.7% in constant currency.
Revenue of Mphasis grew 24.5% to ₹1,914.84 crore and total contract value of new deal wins stood at $210 million in the second quarter, according to a company statement. DXC/HP business contributed 28% of the overall gross revenue.
Operating profit jumped 36% to ₹3,145 million while operating margin improved by 200 basis points year-on-year.
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“We are pleased with the health of our pipeline and continued strong execution across multiple sectors especially in new generation services,” said Nitin Rakesh, chief executive officer and executive director of the BSE-listed company.
Americas accounted for 80% of its revenue. For on site application services, its mainstay, Mphasis charged $86 an hour and $22 offshore compared with $83 and $21 a year earlier. The company has hedged $529 million against $417 in the same period of the previous year.
Mphasis had cash and cash equivalents of ₹2,518.5 crore at the end of September up from ₹2,108 crore last year.