BackFY22 is about clients budgeting for digital transformation: Mphasis' Brar
FY21 has been a breakthrough year for Mphasis, as it currently has a market capitalization of over $8 billion, Brar said.
PremiumBENGALURU : If FY21 was all about resilience and continuity of business, FY22 is about clients starting to form and budget for medium-to-long-term plans around digital transformation, Davinder Singh Brar, chairman, Mphasis Ltd told shareholders at the 30th annual general meeting (AGM) held on Wednesday.
Mphasis sees the opportunity in digital transformation broadly fitting in four buckets, Brar said. These are customer engagement using digital channels and design, use of data in driving customer and operational analytics, adoption of infrastructure and application transformation elements using cloud, and investments to transform core operations.
“The pandemic has resulted in new business opportunities across the world, resulting in an accelerated adoption of the gig economy and mitigating risk of geographic concentration. Your company’s client centric delivery strategy of proactive technology solutions, tapping into scalable talent pool closer to client markets, has helped tremendously in this changing environment," Brar said.
The long-term stakeholder value creation that drives business decisions made it extremely critical to have access and be close to sales and delivery hubs, Brar said. Therefore, Mphasis has diversified its sales and delivery functions in multiple geographies.
Mphasis recorded the highest ever total contract value (TCV) of $1.1 billion in direct business in FY21. “The growth of 22.5% in the Direct Business on a reported basis was historic despite the pandemic. FY21 has been a breakthrough year for your company, as it currently has a market capitalization of over $8 billion," Brar said.
Last week, Mphasis announced the acquisition of Blink Interactive Inc., a US-based design consultancy services firm, for a total consideration of $94 million. The acquisition is expected to boost Mphasis's experience competencies with end-to-end capabilities in user experience research, strategy, design, and implementation. “The acquisition is expected to be revenue-accretive and in line with Mphasis's Front2Back transformation and growth strategy," Emkay Research said.
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