Please refer to important disclosures at the end of this report
MphasiS Limited (MPHL) is an India-based information technology (IT) services
and solutions provider. The Company is engaged in offering applications,
business process outsourcing (BPO) and infrastructure services. Management
remains hopeful of achieving industry leading growth in the Direct Core
International business with opportunity to tap business within the Blackstone
portfolio. The Direct International has been growing above industry average and
with healthy deal wins in direct business and visibility seen in HP business can
improve its growth and improve the company’s profitability in years to come.
ith the improved revenue mix, MPHL has significant scope to improve its
margin profile. The company signed deals with a TCV of USD96m during the
quarter, taking the total for 9MFY17 to USD351m. Moderate growth is expected
to continue in HP going forward and the business has now stabilized. New wins
and gain in wallet share have been fueling growth, and no problems are seen in
the business. The Company is virtually debt free and has been maintaining a
healthy dividend payout of 29.35%. Hence Buy.
CMP `576
Stock Info
Bloomberg Code
Shareholding Pattern (%)
Promoters 60.4
MF / Banks / Indian Fls 10.2
FII / NRIs / OCBs 20.8
Indian Public / Others 8.6
Abs. (%) 3m 1yr 3yr
Sensex 8.2 16.7 32.0
MphasiS 11.3 29.5 42.7
52 Week High / Low 622/425
Avg. Daily Volume 18,161
Market Cap (
cr) 12,109
BSE Sensex 28,929
Nifty 8,927
Face Value (
Reuters Code MBFL.BO
Vaibhav Agrawal
022 – 3935 7800 Ext: 6808
Others | I
March 10, 2017
MphasiS | IT
March 10, 2017
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website:
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Disclosure of Interest Statement MphasiS
1. Financial interest of research analyst or Angel or his Associate or his relative No
2. Ownership of 1% or more of the stock by research analyst or Angel or associates or relatives No
3. Served as an officer, director or employee of the company covered under Research No
4. Broking relationship with company covered under Research No
Ratings (Based on expected returns Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
over 12 months investment
: Reduce
-5% to -15%
< -15