Mphasis has reported a revenue decline of -4.5% QoQ CC and -4.1% QoQ US$, much lower than our and consensus estimates (vs ISEC: -0.5% QoQ US$, BBG cons: -0.3% QoQ US$) in Q4FY23. Direct revenue growth declined 3.4% QoQ CC and DXC declined 24.8% QoQ CC.