IT firm Mphasis has reported a 10.2 percent decline in its consolidated net profit to Rs 316.9 crore in the March 2021 quarter.

The company's net profit stood at Rs 353.2 crore in the year-ago period, the company said late Thursday night.

Its revenue from operations grew 7.5 percent to Rs 2,524.2 crore in the quarter from Rs 2,346.1 crore in the year-ago period, it added.

For the full fiscal 2019-20, Mphasis' net profit was up 2.7 percent to Rs 1,216.8 crore from Rs 1,184.8 crore. Excluding one-time income tax benefit of Rs 42.4 crore in FY20, net profit grew 6.5 percent.

Revenue from operations was higher by 9.9 percent to Rs 9,722.3 crore in FY21 from Rs 8,843.5 crore in the previous financial year.

Mphasis board of directors has recommended a dividend of Rs 65 per share (inclusive of special dividend of Rs 27) for FY21. This is subject to shareholders approval at the ensuing annual general meeting.

During the March quarter, new TCV (total contract value) wins stood at $245 million in Direct business, of which 69 percent was in new generation services.

In addition, Mphasis has closed a deal of $250 million in the first quarter of FY22.

For the full year, the company clocked $1,112 million TCV wins in Direct business, of which 73 per was in new-generation services.

"The accelerated digital transformation journey for businesses globally has translated to continued growth for Mphasis in FY21. This has been a break-out year in terms of growth. Mphasis has recorded the highest-ever TCV wins in Direct of $1,112 million and our Direct business growth of 22.5 percent on a reported basis, was a historical high," Nitin Rakesh, Chief Executive Officer and Executive Director of Mphasis, said.

Rakesh added that the company's engineering-led DNA and client centricity has helped it stay consistent with its performance and Mphasis continues to invest in accelerating its targeted go-to-market and delivery guilds.

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