Mphasis stock gains over 3% on signing pact with MoneyGram Haas F1 Team

Shares of Mphasis rose 2.54 per cent at Rs 68.95 per share on the BSE in Friday’s intraday deals. The information technology (IT) firm's share price surged after the company was named the ‘Official Digital Partner’ of MoneyGram Haas F1 Team. 

 

Haas Formula LLC, operating as the MoneyGram Haas F1 Team, is a US-licensed Formula One team founded by Gene Haas, co-owner of a NASCAR Cup Series team, in April 2014.

 

Mphasis said that it will collaborate closely with MoneyGram Haas F1 Team to develop solutions aimed at enhancing the team's performance on the track and driving operational efficiency off the track. 

 

 

“Through this partnership, Mphasis will bring its expertise in Data, Automation, Analytics, Cyber security, and Artificial Intelligence (AI) to empower MoneyGram Haas F1 Team in areas such as real-time data analysis, predictive modeling, and performance optimisation,” the company said in a statement on Thursday.

 

Mphasis is a global IT solutions provider specialising in providing cloud and cognitive services that apply technology to help enterprises transform businesses. 

Q2 results

Mphasis reported an 8 per cent year-on-year (Y-o-Y) rise in net profit at Rs 423.3 crore for Q2 FY25, with a 4.7 per cent sequential increase. Revenue for the quarter stood at Rs 3,536 crore, up 7.9 per cent Y-o-Y and 3.3 per cent quarter-on-quarter (Q-o-Q). 

 

The company secured new deals with a total commercial value (TCV) of $207 million in Q2 FY25, 88 per cent of which were in NewGen Services. However, TCV declined 18.8 per cent Y-o-Y from $255 million in Q2 FY24 and dropped 35 per cent sequentially from $319 million in Q1 FY25. Mphasis signed three large deals in Q2 and six in the first half of FY25, with 35 per cent of its deal pipeline AI-driven, according to its investor presentation.

 

Operating margins stood at 15.4 per cent for the quarter. Segment-wise, the banking and finance sector grew 8 per cent Y-o-Y, insurance by 11.8 per cent, technology, media, and telecom by 2 per cent, and logistics and transportation increased by 5.2 per cent.

 

At 10:49 AM; the shares of the company were trading 2.36 per cent higher at Rs 2,852.50 a piece. By comparison, the BSE Sensex was down 0.49 per cent at 77,536.03 level.