Mphasis Ltd. will continue to invest in the artificial intelligence space, and is presently witnessing a strong momentum in its banking and financial services segment, according to the company’s management.
Mphasis’ Chief Executive Officer Nitin Rakesh said that his company will continue to “drive opportunities” around AI-based themes, focusing on them more in fiscal 2026.
“The way we are focusing and positioning is fairly forward-leaning on continuing to make investments around AI platforms,” he told NDTV Profit.
Notably, Mphasis posted decent year-on-year growth in a seasonally weak quarter for India’s $250-billion IT services industry. The company logged a consolidated net profit of Rs 427.8 crore in the quarter ended Dec. 31, 2024, higher by 14.5% as against Rs 373.6 crore in the corresponding period of the last fiscal.
The revenue of the Bengaluru-based IT firm rose 6.7% to 3,561.3 crore during the third quarter, as against Rs 3,337.9 crore in the year-ago period.
BFS Seeing Momentum
Speaking to NDTV Profit, the company’s Chief Financial Officer Aravind Vishwanathan said Mphasis’ performance has been in line with the company’s commentary.
“I think we are probably the first to call out the bottoming and stabilisation of the BFS space. Our performance has been very consistent with our commentary,” he said.
Incremental spending is being seen in the segment, proving that there is momentum in the BFS space, the CFO mentioned.
“We have been seeing a pickup in incremental spending, and a couple of the large deals that we announced in the quarter were BFS. We are seeing momentum, and it’s in line with our expectations,” he said.
Shares of Mphasis on Friday closed 3.07% higher at Rs 3010.25 apiece on the BSE, compared to a 0.43% decline in the benchmark Sensex.
. Read more on Business by NDTV Profit.The company will continue to ‘drive opportunities’ around AI-based themes, focusing on them more in fiscal 2026, according to Mphasis CEO Nitin Rakesh. Read MoreBusiness, Markets
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