Mphasis dips after lacklustre Q1 show

The Bengaluru-based company posted sales of Rs 3,252 billion in the quarter ended June, down 4.6% year-on-year.
Mufasis shares fell nearly 1% in morning trading on July 21 after the IT services firm reported disappointing first-quarter results amid global macroeconomic headwinds.
Mufasis shares were trading at Rs 2,195.80, down 0.83% at 9:55 am BSE.
The Bengaluru-based company’s revenue for the quarter ended June fell 4.6% year-on-year to Rs 3,252 billion, according to its IPO filing on July 20.
Net profit fell by 1.2% to Rs 396 million compared to Rs 410 million in the first quarter of FY23.
EBIT margin remained stable at 15.3%. The total value of the new business is $707 million. A CNBC-TV18 poll showed that the company’s net profit was expected to be Rs.
Mufasys shares are up 13% year-to-date.