Mphasis is a mid sized software company, majority owned by Blackstone a leading global private equity fund. A sizable share of the revenues (12%) of the company are from its erstwhile owner HP (DXC) which is guaranteed till 2027. In light of this deal, Mphasis has been aggressively trying to diversify its revenue base. We have an over weight rating due to reasonable valuations, confidence in the management to transition away from HP clients and Blackstone’s value creating track record. Post corona virus pandemic, spending on technology, particularly digital projects has increased as enterprises have adopted digital transformation at a faster pace. Recent deal wins have been impressive and should get reflected in better performance in future quarters – 26-07-2021 Price: 2590.15 Rating: Over Weight Recommendation: Buy
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