IT Consulting & Software company Mphasis announced Q1FY24 results: Gross Revenue declined 3.5% QoQ and 3.5% YoY in Q1FY24 on a reported basis and declined 3.5% QoQ and 8.4% YoY in Constant Currency Direct revenue declined 3.2% QoQ and 2.1% YoY on a reported basis and declined 3.2% QoQ and 7.2% YoY in Constant Currency New TCV wins of USD 707 million in Q1FY24 in Direct; of which 71% in new-gen services. Net profit declined 2.3% QoQ and 1.5% YoY to Rs 3,961 million in Q1FY24. EPS declined 2.3% QoQ and 1.8% YoY to Rs 21 in Q1FY24. "We are very pleased with the record-breaking TCV as well as large deal wins this quarter, aided by strong wins in the newly launched Mphasis.ai Business Unit. While the macro-economic environment is still uncertain; we continue to broad base our growth across client segments, verticals, and geographies, with strong pipeline growth. We also believe that based on improved visibility driven by deal wins, bottoming of the mortgage cycle, and early signs of increased activity, we should see revenue growth pick up progressively through the remainder of FY 2024", said Nitin Rakesh, Chief Executive Officer, and Managing Director, Mphasis. Result PDF