Mphasis Q1 Results Review: Dolat Capital Revises Rating To 'Add' On Recent Stock Run-Up

Mphasis reported revenue of 1% CC QoQ (in-line), while INR revenue grew 0.6% QoQ. Growth was led by Direct biz (98% of rev.), which grew 1.1% QoQ in constant currency terms. Operating profit margin was flat at 15.3% (our estimate: 15.4%).