Mphasis hits 7-month low as deal wins-to-revenue conversion takes longer; Citi says ‘Sell’

The company is also facing ire of freshers on Twitter regarding delay in onboarding

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Midcap IT firm Mphasis‘ management has said that deal wins are taking longer to convert into revenue in the current macro environment, following which foreign brokerage firm Citi has given a ‘Sell’ rating to the stock.

Adding to the woes, the company is also facing ire of freshers on Twitter regarding delay in onboarding. Many have received LoI (letter of intent), which are about to expire soon, but there has been no progress on the hiring front.

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At 10 am, the stock was quoting Rs 2,091 apiece on the BSE, 4.8 percent down from its previous close. This is the stock’s biggest intraday fall in seven months. The scrip has declined 7 percent in the last five trading sessions and lost 28 percent in the past one year.

Citi interacted with the company’s CFO Manish Dugar who said that mortgage business will likely remain muted in Q4 and overall growth will improve only from onset of FY24.

He indicated that the company will remain within margin guided range of 15.25-17 percent in FY23, said Citi.

In Q3, Mphasis reported a 15.3 percent on-year rise in net profit at Rs 412.3 crore. On a sequential basis, the profits fell by 1.5 percent from Rs 418.5 crore in the last quarter.

Revenue grew 12.2 percent YoY to Rs 3,506.2 crore but declined by 0.4 percent on a sequential basis.

According to Bloomberg, the stock has 18 buy calls, 12 hold and 4 sell calls. It is trading at a price-to-earnings multiple of 24.4x. In Q3, it recorded new TCV (total contract value) wins of $401 million, which was second-highest on record for the company.

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