Mphasis surges on 2% revenue growth in Q1

NEW DELHI: Shares of Mphasis surged over 3 per cent on Thursday after the IT firm reported a revenue growth of 2 per cent sequentially, while the company's net profit rose by 1.7 per cent as compared to the previous quarter.

Following the development, the stock gained 3.18 per cent to close the session at Rs 613.70 on BSE. It opened at Rs 602 and touched an intraday high and low of Rs 650.25 and Rs 601.55 respectively.

The company saw new deal wins worth $183 million TCV in Direct International business for the quarter ended June 30, 2017. Of the $183 mn, 88 per cent of wins came from focus areas of Digital, NextGen and Governance, Risk and Compliance (GRC), ET reported.

Commenting on the development, Nitin Rakesh, Chief Executive Officer of Mphasis said, "Our pipeline of new deals and innovation has never been more robust, and we continue to emphasize on delivering elevated partner experience."

The stock touched its 52-week high of Rs 654.35 on June 5, 2017 and its 52-week low of Rs 425 on November 7, 2016.